If you are searching for a money-making hobby similar to the stock market, then the Forex market could be what you are looking for. Forex is an acronym of ‘Foreign Exchange’ and is occasionally written as FX. The Forex market deals with all the currencies of the world and their correlation with each other. The Forex operates on a similar basis as the stock exchange.
If you want to get involved with foreign currency exchange or Forex you will need a Forex account. That is obvious enough, I think, because it is just too costly, the overheads are just too high, to just go into the bank and buy a few thousand dollars worth of whichever currency you think will go up.
Gambling on Forex is all about forecasting and the only tools you have to help you predict are news and charts, both being ways of representing historical data. Therefore, if you want to make money out of currency dealing, it follows that you will have to be able to understand these data correctly. The news can be falsified by corrupt governments and corrupt officials, but historical charts can not. Therefore, the first undertaking of any would-be currency trader is to come to learn how to read a Forex chart.
The foreign currency trading market, better known as the Forex, is by far the biggest market in the world. In excess of two trillion dollars are traded on it each and every day, whereas ‘only’ 50 billion dollars are traded on the world’s principal stock exchange, the New York Stock Exchange, every day. This actually makes Forex bigger than all the world’s stock exchanges together!
The U.S. economical outlook dimmed after a unsatisfactory reading from the November non-farm payrolls report. The U.S. economic climate increased 39,000 jobs in the month, considerably short of the 150,000 general opinion estimate. The joblessness rate rose to 9.8% from 9.6%, the highest since April.
Questions in terms of a war within the Korean peninsula along with anxieties in relation to Irish and Portuguese debts produced a strong ‘risk off’ tone in markets. The U.S. dollar and Swiss franc ended up the best performers whilst the commodity currencies lagged. There was a focus with Japanese CPI numbers in the Asia-Pacific program although the data ended up being in-line with initial targets and did not move the market. The year-over-year CPI climbed 0.2% and dropped 0.6% excluding food and energy.