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Pinoy forex tips
One of the biggest trends on the Internet nowadays is FOREX. There’s a lot of talk about this way of making money online–buying and selling currencies. Lots of people are getting into this. In 2007, the daily turnover of foreign exchange positions is $3.2 TRILLION. It is a global phenomenon–Japanese housewives make a lot of money working from home just by betting against or for the yen.
According to some large pinoy forums, many pinoys are claiming to be making THOUSANDS OF DOLLARS monthly in the forex market. That’s quite a return for only a few hours of work, if these posts are to be believed.
Before you get into foreign exchange, here are some basic information you will need.
Forex is NOT gambling but you are betting on the health of a currency. Why don’t government entities consider forex gambling? Unlike gambling where the results of your efforts are based completely on chance, forex is based on your ability to RESEARCH and forecast economic trends. Bloomberg and Yahoo Finance list all the info people need to make an informed decision on currency fluctuations. It takes insight and skill to transform these into market bets that MAKE MONEY.
It’s all about the health of the dollar. Forex ultimately involves betting on how the health of the US economy (eg. the dollar) impacts particular currencies.
The dollar usually moves against the price of oil. If oil goes up, the dollar goes down. This is not always the case but this is the general rule.
The DEBT LOAD of a country influences its currency. The higher the debt as a percentage of GDP, the more the impact on currency performance. Keep in mind that debt ratio is not the only factor since the forex market is all about RELATIVE HEALTH. If economy A sucks but economy B sucks worse, traders will still favor Economy A’s currency OR Gold.
If you have any further questions on this way of making money online, please post your questions in the comments section.
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