The fascinating world of forex. You see, it’s super easy to find the pros because there’s no shortage of “Forex Gurus” out there telling you they’re the greatest thing ever!
Let’s cover some of the pros of the forex markets.
Well, the first one that everybody tells you is that it is open round the clock.
It’s not like trading stocks where you have regular trading hours and then a few extended hours. No, it means that you can trade it 24 hours a day through the business week. It is the market that never sleeps. Now, we are trading from 5:00 pm on Sunday until 4:00 pm on Friday and these are Eastern times. But as you can see, it is open all the time. And this is intriguing to many people because they have still a daytime job and then they want to trade at night or in the evening or early morning. And this is one first pros you hear often about the forex market.
There is another pro, this is where people say, “It is the most liquid market in the world.” What do they mean by this? It means there’s a lot of volume going on.
I found that the average trading volume in the forex market is around $5 trillion everyday.
Now, in comparison, the New York Stock Exchange is making around $160 to $200 billion. It’s peanuts compared to what’s happening in the forex market.
This is why the forex brokers tell you, “Why wouldn’t you participate in the most popular market in the world,” right? The most liquid market in the world.
And if you’ve ever been caught in a trade that you couldn’t get out of, you understand what a plus it is to have a very liquid market.
What is another advantage here of trading forex? Well, you have absolutely no commissions. These days, as you know, commissions have gone away for trading stocks. They are still there when you’re trading options and when you are trading futures. So, of course, it is super attractive when forex trading says that there are no commissions, why wouldn’t you do this?
When most people start trading, they’re trading for growth typically due to their account size (or lack thereof). Because of this, doing anything you can to preserve capital (i.e., no commission) can be very appealing.
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