Forex trading

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[regal_aeros]

honestly can someone please explain in layman's terms how forex works?? i have been doing all sorts of research and still don't get it...

i don't understand what is buy and sell & the whole notion of it all... i'm such a country pumkin

[mianghuei]

You buy money in another currency using your currency. For example, I use MYR3.50 to buy USD1.00. I will sell the USD 1.00 for MYR 3.60 when it increases to that rate. This way I earn MYR 0.10 ped USD. When you go to foreign exchanges at the airports, you will see on the board that "we buy" is less than " we sell". That is the way people profit. "we buy" means they buy a particular currency for your currency. "we sell" means that you give them your currency in exchange for another currency.

[iamshooter498]

So all it is, is trading currencies and basically luck? But it can also be a win-win if you just be patient?

[mianghuei]

Originally Posted by iamshooter498

So all it is, is trading currencies and basically luck? But it can also be a win-win if you just be patient?

Yes, I think you got it...

[iamshooter498]

Lol before I heard of Forex, I was wondering if It would be possible to start a forum where you trade money like that. I might still do that, its the same idea but you just do it with other forum users. And there would be a reputation system where the scammers and trustworthy people could be told apart. After a while of negative reputation, there would be an automatic ban to the scammer. Now if only Forex didnt exist, people would recognise me xD
~No joke when I say that either
I got inspired by news

[mianghuei]

Originally Posted by iamshooter498

Lol before I heard of Forex, I was wondering if It would be possible to start a forum where you trade money like that. I might still do that, its the same idea but you just do it with other forum users. And there would be a reputation system where the scammers and trustworthy people could be told apart. After a while of negative reputation, there would be an automatic ban to the scammer. Now if only Forex didnt exist, people would recognise me xD
~No joke when I say that either
I got inspired by news

You get scammed easily if you do that.

[iamshooter498]

That would just be part of the forum. And if you get scammed, it is probally more likely to get scammed on a HYIP. You can figure out wich members to trust over time.

[redbox]

it's good that you are making forex blog but that kind of explanation is not enough for someone who wants to start on forex.more info pleae