Forex Market: what is it?
Well if you knew to forex trading then don’t worry. We will explain what it actually is in the simplest of details. Forex or the so-called currency market Is a globally decentralized market for the express purpose to facilitate trade of currencies of almost all the countries. With an immense trade volume of well over five trillion dollars a day, it is ranked second in terms of value of trade volume per day after the credit market. The big fish in the forex trade are mostly major international banks around the globe. But don’t worry people like you or me can also take part in trading currency pairs using various methods. As most of the trades are made in currency pairs, a factor is computed in order to deduce the relative value of one currency in terms of other. To make it clearer it’s just defined so that we are able to know unit amount of X currency is worth how much in terms of any other Y currency (say USD).
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Most of the time people trade in currency pairs made up with the USD, GBP, YEN etc. That doesn’t mean that you cannot trade in any other currency in the world. We will explain the reason behind why this happens later in this post. Forex market allows certain features which are not quite characteristic to the popular equity markets or stock exchanges. Some of them are actually have immense potential for traders to make phenomenal gain on their respective investments.
Pros of Forex:
The most useful feature of the forex market is its potential for liquidity. The enormous volume of currencies traded on the market per day as we mentioned before make liquidity abundant to those interested in this particular market. As a result of this humungous liquidity, the transaction cost is significantly lower when compared to tradition equity markets. Thereby increasing your net profit. What happens most of time in equity trading markets is that people often find their capital gains significantly eroded due the fact that their charge a high amount of money as transaction fees.
Along with that, forex market are open 24 hours a day for five days of the week. Unlike stock exchanges that just close at the end of the trading day which is usually around evening time. Some exchanges do provide a chance to trade at night time as well but the volume of shares traded is almost insignificant to get the proper amount of liquidity to execute a favourable trade.
Cons of Forex:
But this too comes at a price. If a currency that you are holding in your portfolio collapses while you are sound asleep, there is nothing you can do about it. It so happened with forex traders in the west in 2016 when the GBP fell by a huge margin resulting in trades suffering heavy losses
FX Treasure Hunter: Forex made easy or is it?
FX treasure hunter is a sophisticated software platform developed exclusively for trading in the forex markets. It was created by Brian Anderson with a net price tag of 37 US dollars with a supposed claim of it being able to make around average 125 pips. Yes, you read it alright, it is pips. But then what is a pip? It’s actually an industry jargon to denote a very short change in percentage value of the currency’s actual value. Therefore, it can be said to be an indicator of the amount of return you can expect on your investment. A pip is also said to be the smallest possible change in value a currency can face while being in the forex market.
Cons of FX Treasure Hunter:
The developer claims that he has made use of several so-called untouched algorithms to create this platform but a factual check will reveal an entirely different story. When I decided to do some research on the product, I discovered that the screenshots used by the developer to promote the product were missing a lot of crucial details. Even the date and time stamps of the claimed profitable trades is missing which the basic information that is required when cross checking a trade’s authenticity. So, we can easily conclude that if it is not transparent in the way it is promoting the product, we can probably guess the end result if you decide for buying the product.
We have therefore learnt a very practical lesson. The software solutions claiming to help you make you money without any prior knowledge are many in number. Most of them are just to steal your hard earned by using fraudulent and deceitful means. Therefore, it’s important to pay attention to minor detail like I mentioned to reduce the risk of losing your money. Hence, I would request you to please stay away from the FX Treasure Hunter software platform.
As for the forex market, the opportunity is endless but its only in your interest if you explore it using proper channels. Features like the significant amount of leverage which can be used in a legit way to increase your profits. Yes, I agree that the risks associated with forex is greater than other conventional trades, yet so are its rewards. If you properly study the forex market and develop your own unique trading plan, you shall be able to make significant amount of money. Rather than paying some shady developer 37 dollars.
Doing so is the only way as even if you think rationally if everyone of us could make hundreds of dollars by just buying software claiming to explore previously unknown algorithms just by paying a mere 37 US dollars would have probably made most of the people around us millionaires! But it does not seem to be the case (at least for now). The very fact that some of these fakes claiming that their customers are making over a thousand dollars a day is just rationally not justifiable.
I hope you are now clear regarding the FX ‘Treasure Hunter’. In case of any suggestions or queries, you are most welcome to comment below in the comment section