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Discussion in 'Researching & Planning your new business' started by Twinflower, Sep 4, 2018.
What are the best strategies for it? And how much money is it possible to earn with it?
It's a foreign exchange market. Forex is based on an exchanging of one foreign currency for another, considering that your profit will be always connected with difference in exchange rates. It's simple, you need to find profitable ones for you and sell certain currency at higher prices and then buy another one at the lower prices. Because of that forex system is based on trading of currency pairs (for example EUR/USD) and you need to monitor always changes for the exchange rates, they're strongly connected with economic and political situation in certain countries.
The other important thing is finding a good broker, there's a plenty of them but it's recommended to work only with checked and reliable ones from special lists https://fx-list.com/binary-options-brokers and regulatory agencies, in other cases there's a great risk for scam. All your financial operations will be managed by your broker, you also need to open your own forex account. Also it's better to start from a mini account or a small amount of your capital, such strategy will save you from possible big money loss in the beginning because of various mistakes.
Never tried it but I suppose that it's not the best idea for earning good money