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Is This Forex Thing For Real?

Probably the most common question from the beginning forex trader, and even people who have traded forex before but not gained success, goes a little something like this:

Is this forex thing for real?

By this people mean to ask such various more specific questions as whether or not FX trading can be a real career, whether or not foreign currency exchange trading has any social value, and whether or not it’s worth investing any money into the FX game.

Let’s take each part of that larger question in turn to see if, in the process, we can answer the fateful, incisive query: Is this forex trading thing for real?

Is Forex Trading a Real Career?

So let’s say that you are a kid fresh out of college and you hear about this whole online forex trading deal and you’re good at math and you like money. Is FX trading something that you should tell your nosy uncle you are going to do as a career?

The short answer is probably not.

The slightly longer answer is that no one who has not enjoyed considerable success as a part-time forex trader should quit their day job and start trading forex full-time.

FX trading is not the kind of thing that allows people to jam square pegs into round holes. There are certain people who will display a knack for forex trading and be able to turn it into a real career, and then there are other people who have no chance of that. You can’t force it, you can’t just sit down at the computer and expect automatic success.

The best way to see whether or not foreign currency trading can become a real career for you is to use practice accounts and part-time forex trading to gauge your skill level and dedication. There are definitely people who make a handsome living trading the currency markets, including people who work as bank traders and those who are individuals.

There are forex-related careers to be had, too, in working at a forex broker or for a forex training provider. These outfits have sprung up into a veritable cottage industry online.

In other words, forex trading is kind of like a lot of other half-real careers that have emerged in the Internet economy: it kind of is a real job, and kind of isn’t, and it doesn’t really matter if it’s a “real job” if you’re able to make a living at it.

Does Forex Trading Have Any Social Value Beyond Making Money?

The stock market enables growing companies to gain financing so that they can bring their goods and services to more people. What about forex trading, though? Does this activity have any social value beyond the value of you hopefully making a lot of dough?

These are excellent questions to ask in a world where the gambling-like business models of banks brought the entire global economy to its knees in 2008 and 2009.

Fortunately, the morally-concerned forex trader can rest assured that there is social utility to the forex markets. In simple terms, the forex markets allow the free flow of money from country to country, which helps stimulate growth in the overall global economy.

In past days, when the forex markets were not so huge and roaring, it was quite a difficult endeavor for, say, an American company to invest in a small startup in Asia. Now, an investment of millions of dollars is easy, thanks to the FX marketplace.

Likewise, British companies can always find someone to buy their pounds, Japanese companies someone to buy their yen, and Australian companies someone to buy the Australian dollar.

The forex markets are the lifeblood of the global economy. And yes, the global economy has down definite cons to go with its pros—but would the world be better off if the global economy died or suffered a severe impairment? It’s hard to argue that.

Do Forex Brokers, Trainers, Schools, Etc. Deserve a Dime of Your Hard-Earned Money?

Part of the reason why the typical new forex trader is rightly skeptical is because in today’s forex world, someone is always trying to sell you something.

Maybe it’s the hot new forex tutorial, maybe it’s the currency picks of a particular guru, or maybe it’s the totally revamped trading platform of the latest, greatest forex broker, but it’s always, always, always something.

In fact, the non-stop hard selling of forex-related services is a main reason why we founded to give forex traders a place to get information that is not totally predicated on selling you stuff. Yes, we make money when you buy stuff through our site, but our real product is our credibility with you, the trader.

But enough with the self-promotion and let’s get to the point: yes, it can be highly worthwhile to spend some money on learning forex and getting good enough at trading forex to make money at this game. There are great forex products out there that, if you don’t look into them, you are most likely missing out on serious profits.

However, you are well-advised to thoroughly vet any forex sales pitch for signs that these hypesters might be thinking you’re a sucker and looking to take you for a ride.

Your best defense against the hype so many forex salespeople throw at you is to keep it real on your side at all times. If someone’s making claims, seek to verify those claims. Don’t just take people’s word for it. Get evidence before coughing up money.

When you keep it real, you ask other people to do the same.

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