Can you get rich by trading Forex?
Yes, you can, on average 5 out of every 100 people who begin to Trade Forex make money, this percentage is the same for every other business. You need a good mentor to speed up your success journey in Forex. Consider getting a Forex Mentor.
What is Forex?
Forex is the purchase or sale of currency’s often termed as CFD’s. You basically place a bet for or against the rise of a currency pair and make money should your bet be correct, and otherwise.
Can you Trade Forex with $100
Yes, you can trade Forex with $100. In fact it is recommended that you start with an amount you can afford to lose while you learn and become a master of trading Forex.
What is leverage and How useful is it?
Leverage is likened to a short term loan which your broker provides you to increase your purchasing power in the Forex market. To fully understand leverage, you need to know what a lot size mean. Basically speaking, if you have a $1000 in your account, and your broker provides you a leverage of 1:100, effectively your $1000 account now has the purchasing power of $100,000 or 1 lot size.
What is a Lot size in Forex
A lot size is the quantity(units) of currency you are purchasing. 1 lot size is 100,000 units of the USD or it’s equivalent in another currency pair.
Who is a Forex broker
The Forex broker provides the platform and the liquidity required for you to place your trades. Without the broker, you would be unable to trade Forex. Read on the best Forex broker’s here.