Why Foreign Exchange (Forex)?

Submitted by Craig Strzelecki on 17 January, 2006 - 22:56

This is MyShareTrading.com - Why in the world am I talking about Foreign Exchange? There is a good reason why I'm blogging about trading the foreign exchange currency markets mostly instead of the Australian Share Market. There is nothing special happening in that market at the moment - its going about its normal business.

The reason why I'm blogging about forex trading in MyShareTrading.com is because Forex trading uses similar if not the same techniques to trade. And since I've been scratchy with my share trading experience, due to my lack of participation for 6-7 months I just want to come to terms with putting money on the table, monitoring the trade and then exercising the exit plan at the right moment. The forex market is a great place to test out your trading skills as it's open 24 hours a day 7 days a week, although technically it is at its most active when each market opens up... Still you can open trades whenever you like. I like it's simplicity (well it's actually very complicated when you start off, easier the more trades you do), and the liquidity of the market.

So hopefully I can carry on the trading skills I gain from this time in the forex market and apply it to the booming ASX market, which today closed again at all time record highs.

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