Fun facts about forex industry
1. Not many people are aware that forex trading dates back to ancient times. The first currency transaction can be traced back to the Talmudic writings. Money changers were people who used to help others change their currency, while taking a commission for their services.
2. Did you know that the GBP/USD currency pair is known as the Cable in the forex market? Amused? The reason why the pair is called the Cable is that before the advent of satellites and fibre optics, the London and New York Stock Exchanges were connected via a giant steel cable that ran under the Atlantic.
3. Another interesting fact about forex is the way the traders are categorised. Traders are categorised into bulls – or those who are optimistic and believe the market will go up – and bears – the downbeat ones, expecting the markets to fall. The names are derived from the fact that a bull strikes upwards and a bear swipes downwards.
4. Nearly 90% of forex trading is speculative trading.
5. I am sure most people think that the US is the center of forex trading, since maximum transactions involve the US dollar. That is not true. In reality, 41% of all forex transactions occur in the UK, with only 19% taking place in the US. So, the London Stock Exchange is the trading hub for forex deals.
How to choose the right broker for yourself
There are several qualities you should look for before finding yourself the correct forex broker.
The most important thing for a good broker is that they MUST have a high level of security. They must be trustworthy and reliable. Also, they must be a member of the regulatory bodies such as FCA, PRA, ASIC, CFTC and so on.
2. Transaction Costs
Make sure you know if you need tight spreads for your type of trading, and then review your available options. It’s all about finding the correct balance between security and low transaction costs.
3. Deposit and Withdrawal
Good forex brokers will allow you to deposit funds and withdraw your earnings hassle-free. Your broker only holds your money to make trading easier so there is no reason for you to have a hard time getting the profits you have earned. Your broker should make sure that the withdrawal process is speedy and smooth.
4. Trading platform
When looking for a broker, always check what its trading platform has to offer.
Does it offer free news feed? How about easy-to-use technical and charting tools? Does it present you with all the information you will need to trade properly?
It is mandatory that your broker fills you at the best possible price for your orders.
Under normal market conditions (e.g. normal liquidity, no important news releases or surprise events), there really is no reason for your broker to not fill you at, or very close to, the market price you see when you click the “buy” or “sell” button.
For example, assuming you have a stable internet connection, if you click “buy” EUR/USD for 1.3000, you should get filled at that price or within micro-pips of it. The speed at which your orders get filled is very important, especially if you’re a scalper.
6. Customer Service
Brokers aren’t perfect, and therefore you must pick a broker that you could easily contact when problems arise.
There are many people who live their lives looking for happiness.
It's a very subjective thing.
To me - happiness is something that you do what you love and bring value to other people.
Finding your passion is something that I comprehend as trying many things.
So my questions on this topic are:
Are you still looking for that passion?
What have you tried so far?
How is/was it so far?
What are/were your biggest roadblocks/fears?
How did you overcame them?
Have you got any support from your friends/relatives?
Does your age make a difference? Too old or young to do it?
And if you found your passion:
I'm so so so happy for you! I'm unbelievably grateful that you can finally enjoy everyday of your life, doing what you love, helping yourself or others and just feeling happy.
Please please please share with us some of your story/answers here. Because I want to help my mom too.
She's suffering minor depression working in the job she hates and blaming herself that she's unable to learn/too old for new things and overall she's sad.
I love her so much and she's the kindest person I know. Seeing her like this everyday just breaks my heart...
So in order to get some ideas I would be enormously grateful if I could help someone and my mom to get some courage to start and DO.
And if you found that sparkle of yours, please share:
How did you find it?
Where did you get this idea?
Who turned you on?