Can I Profit from Money Exchange Rates?

Mental transitions related to your own financial education began either early in life when your Dad or a helpful mentor handed you a copy of the book “Rich Dad, Poor Dad” or when you got laid off after the age 40+.

Hopefully the former occurred, if not, there is still time. The aware public knows that it is more likely for a person to make money if they already have money. What many people fail to realize is that exchanging different currencies can make money, and that money exchange rates play a role.  Forex (FX) is the currency market where even slight changes in the value of money exchange rates may result in large financial gain for the currency trader.

Study First

  • Open 24 hours a day – what is going on at what hours?
  • Open 7 days a week - what is going on which days?
  • What political moves affect which currencies?
  • What political moves do not affect which currencies?
  • What is the highest and lowest level of risk?
  • How much risk will still keep me in the game?
  • How much risk will send me running away?
  • Is my Internet connection reliable and fast (very fast)?
  • Are my electric power options dependable?
  • Is electrical power back up possible?
  • Do I have the right money management skills?
  • Do I have the experience for this type of exchange?

Take Baby Steps

  • How much money can I afford to lose?
  • What currency should I try first?
  • Would a mentor be a good idea?
  • Can I find someone else to observe trading?
  • Is there a course, a workshop, or video offering?
  • Are there trial software programs with no investment and no risk?
  • Can I make my own trial program on a spreadsheet?

Go For it!

  • Join the Forex Market game of money exchange rates with the smallest trades possible
  • Set specific limits for loss and also for growth
  • Be clear about your personal trade limits
  • Record everything

Evaluate

  • Did you realistically evaluate yourself?
  • Did you stay within yourself-defined parameters?
  • Do you now know what you still need to know?
  • Were the results financially positive?
  • Was it fun?