In the game of day trading there are copious amounts of cash ready and available to be gained or lost, and the best part is that traders can get a piece of the pie at home in their jammies while the kids are playing, on a tropical beach while the palm trees are swaying, they can even do it on a boring date with an Blackberry, iPhone, or PDA.
Forex in a Nutshell
Forex, the term for the worldwide over-the-counter foreign currency exchange market, is the most liquid of all markets. With over $2.5 trillion dollars in daily average turnover, forex is available for traders, investors, and hedgers 24 hours a day continuously from 5pm EST on Sundays until 4:30pm EST on Fridays, which is enticing to traders interested in using forex as a second or third source of income. Experienced traders are notorious for making forex their sole source of work-from-wherever income. Novice traders benefit greatly from perusing a few books on forex, taking in webinars, and testing out demo accounts on various trading platforms to get their toes sufficiently wet prior to commencing live trading. Before cannon-balling into the waters, new forex traders should have the following key points tucked into that Speedo to make sure profits don't get sunk in the deep end.
The Trend is Your New BFF
Learning to understand and follow trend lines is a skill that can make or break any trader, newbie and seasoned pro alike. Trend lines, support and resistance, and breakout signals tell a trader with a clear trading plan when to buy or sell a currency pair.
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