Forex Trading: How to Trade Forex Beginners 2023!

Those who regularly use the Internet will often have heard a name and that is Forex Trading, which is also known as Foreign Exchange Trading or Currency Trading. Forex market is a worldwide decentralized marketplace where the top level foreign currencies are bought & sold. Meanwhile, the Forex trading market has established itself as the largest liquid money market in the world. According to a study in 2019, it is known that an average of 6.6 trillion dollars is traded in the forex trading market from different forex markets in the world every day.

Forex trading is a popular way to earn online. Many people want to earn money online by working in this sector but many do not know much about how to do forex trading. So our today's forex trading related post is designed for them. Through today's post we will know what is forex trading, how forex trading is done, how does forex trading work, how to earn money from forex trading, is forex trading legal in Bangladesh, is forex trading halal etc. That is to discuss A to Z about forex trading. Will be in today's post. So let's begin-

Special Precautions:

Today's post is not intended to encourage or discourage you from forex but to increase your knowledge so that you know the right information about forex trading.

What is Forex Trading?

Forex Trading Forex means foreign exchange which means foreign currency transaction. That is, in very simple language, foreign currency exchange is considered as forex trading. Exchange rates are also known as FX and Forex. As of April 2019, 6.6 trillion forex settlements take place every day around the world. Forex market is the 1 of the largest financial market place in the hole world.

Foreign exchange or forex is so popular because in popular sectors like commerce, trading or tourism, the conversion of one country's currency to another country's currency can be done very well.

What is the Forex Market?

Forex Trading is an online based international market. In the forex market, trading is done by buying and selling the currencies of the world's most economically powerful countries. These currencies are in the form of currency pairs of one country with the currency of another country.

More than four lakh crores of rupees are traded in the forex market every day. There is no market as big and popular as this market in the whole world. Forex trading is currently very popular in our country.

The Forex market is somewhat similar to the stock market, but has some similarities with the stock market and is different and safer in terms of operation. This market is so big that it is not possible for any individual or country to control it alone.

It runs at its own pace and the amount of losses in Forex Market is very low. It is a market where if you know how to trade, you can profit even if the price of a currency goes down.

How does Forex trading work?

We may have already understood that forex trading means buying one country's currency and exchanging it for another country's currency. But Forex trading is actually not that easy even though it seems simple. After learning forex trading properly, you have to invest in specific areas. Many investors invest here after hearing about the profit of forex. But 95 percent return empty-handed. The main reason behind this is lack of knowledge about forex.

There are several agents, companies or brokers for forex trading. With the help of these brokers you can invest money in forex and trade currencies. So learn forex trading well then with the help of a good broker you can become a forex trader.

The forex market is always updated with the current prices of currencies of different countries. When buying or selling a currency, the trader has to look at the current exchange rate of that currency. The current price of each country's currency keeps updating in the global forex market. You can also use your own country's currency when buying another country's currency in Forex. As a result, Forex traders earn by investing in the currency of a country when it is low and buying that country's currency and selling that currency when the price is high. This has made it the world's largest lending market.

What is required to do forex trading?

First of all you prepare yourself mentally and strategically. Because they will take you far. Here you will need a computer or laptop, an internet connection and some online dollars.

Online dollars or internet dollars you will get from freelancers. Freelancers are people who will work for you on the internet for some money. You need to open an account on the forex broker site and you can open it completely free.

Learn Forex Trading

Before starting any job, one should know or learn about that job well. Forex trading is no exception. Forex trading is very ricks. There is potential for huge financial losses due to a small mistake. Therefore, if you get into Forex trading without learning Forex trading properly, there is a good chance of losing your capital.

There are many ways to learn forex trading in today's modern era. Now there are many institutions that do forex trading that you can join and learn. You can also learn by reading books or articles online, watching video content. In general, no matter how you learn, you need to have a good grasp of all the basics of forex trading. Only then can you profit from this market. Hope you understand the matter.

How to earn by forex trading

You probably already know about how forex trading works. Now the question arises in your mind how to earn from Parex forex trading. N0w I will try fr0m my side to give answer that questions.

If you want to earn from forex trading, first of all you have to open a forex account through a good broker. Some of the names of Forex brokers are – Hot Forex, Trading Point, Delta Stock AD, eToro, Fast Brokers, Tadawul FX, Windsor Brokers etc. A good broker is very important in making money in forex. Because good broker will help you to open account with less money. Besides, they will give you the opportunity to do good forex trading with less investment and they will provide online support as soon as possible.

In order to earn from forex trading, you need to buy the least expensive but most likely currency by looking at the rise and fall of the currency in the foreign exchange. After that, if the price of that currency increases, it should be sold at a good price. You will get a lot of analysis through the websites or apps of the brokers that you will trade with forex, you should basically invest by analyzing them. So to earn money from forex trading you must learn forex trading well.

Forex trading is Halal

If you want to earn online by doing forex trading then two things must arise in your mind. These 2 questions are – is forex trading legal in Bangladesh and is forex trading halal? Point 2 is of considerable importance. A little earlier we have learned about whether Forex trading is legal in Bangladesh. Now we will know about this important issue of forex trading is halal.

There are two types of statements from scholars regarding the question of whether Forex trading is halal or haram Forex trading means buying and selling currencies of different countries. In the case of buying and selling currency, the central bank of different countries has a certain amount of interest rate for that country's currency. That interest rate will also apply to us if you or I start forex trading. Accepting this interest is completely haram for Muslims.

To get rid of this hassle of receiving interest, many Forex brokers nowadays have adopted the method of interest free account or Islamic account or Muslim friendly account. Trading in brokers that support this interest free account will not be prohibited. Because, we are free from the forbidden interest rate given by the central bank.

Moreover, in forex trading, currencies of different countries are bought and sold. Scholars have opined that there is nothing haram in buying the currency of another country by selling it. However, trading currency of the same country may become haram. Because the price of one rupee will always be one rupee. If one rupee note is sold for two rupees, it will be converted into interest. There is also a risk of falling rates when buying and selling currencies of different countries.

Therefore, since there is a matter of effort, risk and investment, this business is halal from the Islamic point of view. But to be more sure you can take the help of a renowned scholar. Below is a video link shared about forex trading halal or haram. Hope you get the right idea.