Thursday, October 11, 2007

what's the fuss about forex?

the name 'FOREX' is fast becoming a common slang amongst Nigerians both old and young.every body is eager to enter the forex market and start making thousands of dollars as promised by most nigerians who call themselves forex experts.it is no longer news that forex trading is the most sought after information in nigeria and thus,most nigerians have turned it into a money spinning venture by organizing forex seminars with loads of promises on how people can earn money everyday in the forex market,they charge exurbitant fees ranging from 15,000 to 75,000 naira for intensive forex coaching as they call it.some of them offer incentives like free manuals for begginners,comprehensive trading manuals,software and free demo account running into thousands of dollars.
most of these so called forex proffessionals are not really what they claim to be,most of them hold seminars on saturdays when we all know that the market closes on a friday,in a nutshell,forex trading is a geniune and lucrative way of earning income without involving in fraudulent activitie on the internet,but in our quest for information we must be wary of some forex trading proffessionals who claim to know all abot forex but in the realsense have nothing to offer eccept downloaded cd's and training manuals from foreign forex proffesinals.if you need information on how to start trading in forex leave a reply and i will gwt back to you.

the secrets of forex trading

The FOREX or foreign exchange is the planets biggest most liquid market place in the world with an estimated daily turnover of 1.8 trillion dollars.money changes hands in the forex market everyday than all other markets on earth combined.
most people have no idea of what FOREX is and how it affects their lives.the forex market was initially meant for major banks,multinational companies and the mega wealthy because of the amount of money required to fund the trading amount which is up to one million USD or more as at that time.just recently,the internet has made it possiblefor the common man like you and i to partake in the world's biggest financial market.
twelve years ago,it would cost an individual a million or more dollars to participate with the big boys in this lucrative trading bussiness,today you can open a trading account with as low as 250 USD.this opportunity is open to everyone,anywhere in the world.most people lose money trading on forex because of improper education on how the market works.the only way to become a successful trader is to arm yourself with all the neccessary information on how the market operates.

HOW TO OPEN A FOREX ACCOUNT

The first step to joining the forex marketbis to open an account with a forex broker.you need the following to start.

.open a domiciliary account or an e-gold account for free at www.e-gold.com.

these steps are easy to follow,as a nigerian you can open a dollar {domicilliary} account at the following banks

Guaranty trust bank{GTb}
First bank plc
united bank for Africa{UBA}

the minimum opening balance for a dollar account in GTB is 100USD.the e-gold account is an online account which helps you buy and sell online with ease.log on to www.e-gold.com and register for free,then fund your account by visiting www.goldkobo.com.

FOREX PLATFORMS
there are many forex brokers availaible on the internet but i recommend rhe following
www.marketiva.com
www.interbankfx.com
www.fxsol.com
www.fxcmforex.com

These brokers will require the following documents from you to open an account with them
.A good form of identificatin{international passport,national i.d.,drivers licence}
.YOUR UTILITY BILL OR BANK STATEMENT
with these you are on your way to financial freedom.