The Wolf of Wall Streets

![](https://cdn.steemitimages.com/DQmS7ZXBmTBLMuGCzB9PkCTAmqn7AX5xcgRzQoLEJmi2XqT/image.png)

>"I want you to deal with your problems by becoming rich. (Money may not solve all the problems in life, but it can solve a large number of them)"
What Is Forex ?
![](https://cdn.steemitimages.com/DQmSLe4UpqwEs2bjbw1TXNVthHM9jP1WfYJtDzJSB9MbLjC/image.png) Very Simple! Forex is simply the global market that allows the exchange of one currency for another! So if you are a Nigerian here, and you give your Friend N360 Naira in exchange for $1 dollar...Congratulations! You have traded Forex! You exchanged Naira for Dollar! That is what Forex is! It is the abbreviation for the term "FOREIGN EXCHANGE"!

Take another example!
Let us assume you are an American and you're traveling to Japan, you will not be spending Dollars in Japan! you will have to spend in Japanese Currency which is called the "Yen" you will exchange your Dollars for Yen! so that when you get to Japan, you will have Yen notes instead of Dollar notes! Lets assume 1 dollar is equivalent to 100 Japanese Yen. It means that, for every 1 Dollar in your pocket, you get a fund of 100 Japanese Yen! So if you have $500 dollars, It is equivalent to ¥50,000 Japanese Yen! What have we done here? We have traded Forex! We have traded the Dollar for the Yen! you gave them your Dollars so that they can give you the equivalent in Yen! nothing has changed except the type of money in your hand! So that is what Forex is! >"Its not gonna make you rich, its not gonna make you poor, what this stock will do is serve as a bench mark for future businesses. (There is wisdom in investing)" Another Interesting question is ? Will I be trading these currencies physically? Where am I going to see Dollars to trade for Yen? Who am i giving the Dollars to and who is giving me the Yen? These are very intelligent questions! And the simple answer is: We do not trade currency physically with anybody, That Brings me to explain how exactly the Forex Market Works! Now before we explain how it works, you all need to note a few facts down! >The Forex Market is one among many Markets! Some of you may have heard of Wall Street! Or let me be more colloquial, You may have watched the movie The Wolf Of Wall Street, or you may not have even heard of all this before! Now in that Movie, the People were engaged in trading in Financial Markets! Note the word FINANCIAL MARKETS. IT IS A BROAD CONCEPT! >Now, I do not mean market where they sell pepper and onions (smiles) Financial market are market in which people trade various financial instrument such money, precious metals or even companies, at low transaction costs! Examples of Financial Markets include
The Stock Market

Commodity Market

Crypto Currency Market

our very own Forex Market, to name a few!
So you see Forex Market is just One among many Markets such as the New York Stock Exchange Market! What do we do with all these markets? We Trade in them! Why do we trade in them? To Make Money! >I'm sure nobody will ask me why do we need to make money! So What is so Special about the Forex Market? Why Forex out of all the Markets? What is so special about this Forex? The Forex Market is , and I quote "The largest market in the World with a daily volume of over $5 Trillion Dollars! What does this mean - It means that you and I have the best chance of making money trading Forex than with any other market simply because it is more actively traded and it has the highest trading Volume, meaning that a Whooping $5 Trillion Dollars is Traded every single day in the Forex market while the Stock Market is only about $200 Billion Dollars per Day. >I like to use real life scenarios to explain so my audience can have a better understanding! So picture it this way Assume you are in a wedding party and you observe that in one canopy, they are sharing 100 plates of correct Nigerian jollof rice, and at another canopy they are sharing only 5 plates, my brothers and sisters, which canopy will you likely go to?, is it not where you have a better chance of recieving your own plate? you will go to the canopy where more food is being shared because you know that at the end of the day, 1 plate will reach you hand, unlike where they are they are sharing just 5 plate. >I know Some of you are already hungry (smiles) So I want you to look at Forex like the Canopy where they are sharing 100 plates of jollof rice! It will help you picture it easily, you have a better chance of making lots of money trading Forex than when you trade other markets because of the Large Daily Volume of $5 Trillion. So there is always enough money to go round! I myself i cannot finish the whole $5 Trillion. If you convert that $5 Trillion to Naira, it will Buy Nigeria a thousand times over. So you see how serious this whole thing is. The Stock Market is like a Baby compared to the Forex Market when it comes to daily Volume and Profit Potential! In fact, I can tell you that Most Stock Traders are now trading Forex because there is More Money here! Go and ask anybody anywhere! Tell them I said so! You can confirm that statement from anywhere! So with that explanation, nobody else is a stranger to what Forex is anymore. >"There are two keys to success in the broker business; first of all you gotta stay relaxed, secondly you gotta always get stay high" Why Trade Forex ![](https://cdn.steemitimages.com/DQmSLe4UpqwEs2bjbw1TXNVthHM9jP1WfYJtDzJSB9MbLjC/image.png) There are indeed many reasons to trade Forex. Let's not deceive ourselves, The number one reason anyone would want to trade Forex is basically to make money. There are many benefits and advantages of trading Forex, these are just a few reasons why so many people are choosing this market:
It is cheap to trade:
Gone are those days when trading financial markets was only for the elite, nowadays if you have as little as $10, you can trade Forex. No commissions are paid for your transactions unlike in the stock market! However, in Forex we pay a very small Fee called "SPREAD" as soon as you open a position! What is Spread? Don't Worry! I will Break all these terms down when we are discussing TERMINOLOGIES. I hope you have all gotten those applications? I will show you the Spread there later and how it works!
Forex Market is a 24-Hour Market:
This means that, you can make money trading Forex anytime any day anywhere! Well except on weekends! The Forex Market is Open 5 days a week, 24-hours a day! That is, you can make money from Monday to Friday and partly on Sunday! We will see the meaning of this when discussing Trading Times & Sessions! >I DO NOT ADVICE ANYONE TO TRADE FOREX WITHOUT FIRST UNDERSTANDING WHAT IT IS ALL ABOUT SO THAT IS WHY I'm TAKING MY TIME TO EXPLAIN ALL THESE SO THAT EVERYBODY WILL HAVE SOLID THEORETICAL KNOWLEDGE BEFORE WE BEGIN TO HANDLE SOME MORE TECHNICAL ASPECTS
Forex offers Leverage:
Leverage simply means the Ability to Control Large Sums with a Small amount of Money, this means that with your small $10, you can control up to as much as $1000 depending on what leverage your Broker allows! We will discuss Brokers in our next Class! Follow Closely!
Offers Free Practice Accounts:
Most online Forex Brokers offer “demo” accounts to practice trading and build your skills and guess what? They’re all free!Demo Accounts are very useful for the beginner who is just testing his feet in the waters of trading before going Live! >You can get the trading app platform from the links below:
Metatrader 4 app
The link is https://play.google.com/store/apps/details?id=net.metaquotes.metatrader4 Also, for Iphones it is https://itunes.apple.com/ng/app/metatrader-4-currency-market/id496212596?mt=8 >"There is no nobility in poverty, I have been a rich man, I have been a poor man, and I choose rich every time. (I understand that when we came to this world, we came with nothing, and when we leave, its with nothing thus it wont be a good thing not to read the many books there are in this life or see the beautiful, exotic and exciting places there are in this life and without money, i cannot do that".) What are Forex brokers? ![](https://cdn.steemitimages.com/DQmSLe4UpqwEs2bjbw1TXNVthHM9jP1WfYJtDzJSB9MbLjC/image.png) Forex Brokers are firms that provide traders with access to a platform that allows them to buy and sell foreign currencies. What does this Mean? It Means that Forex Brokers are firms that allow people like You and I trade in the Forex Market and make money. Without Forex Brokers, Retail traders will not find it easy to trade Forex over the counter. Now, When it comes to Forex Brokers, there are lots of them! Just like we have different types of Banks like ZENITH, UNION, UBA, ACCESS. ...and different types of Network providers like MTN, GLO, ETISALAT, AIRTEL, that is how bokers differ too, but what is of importance to you is Which Broker should you choose and why should you choose them? There are certain factors to consider before choosing a broker, her are but a few:
SECURITY:
A reliable Forex broker is one that can guarantee adequate safety of your funds when you deposit them, you don't want to deposit $100 today and find out that they've gone inoperative. Just as you choose to Bank with Zenith instead of Union bank, you have your reasons
TRANSACTION COSTS:
You want to choose a Broker that will not charge you very high when you trade! Brokers usually charge a rollover fee called "Swap" for keeping positions over night, tThey charge What we call "SPREAD" for every transactions! You want to choose a Broker that doesn't charge high fees for all these per trade! *You are trying to make money, not Give Money.
Deposit & Withdrawal:
A Good broker should have a swift Deposit and withdrawal policy, this means that when you request to withdraw all the funds you've successfully traded, it shouldn't take Years to reach your Bank account! It should take a short time like 5 working days at most. Depending on the location of your Broker and how fast your bank is in processing Electronic Transactions.