Forex or currency trading has really become a popular form of online trading. You can get started with a lot less money in your account (as little as $100 with many brokers), and you have the opportunity to earn a ton of profit. At least that is the lure, but for most Forex players, that dream never does materialize. In this article we will explore some of the reasons why.
There are many reasons why I like index trading or binary options over Forex plays, but there are two main reasons.
With the Forex market you are dealing with banks around the world. Banks have their own professional traders who are very active in currencies. While their are Pro traders in any market, I just don’t trust banks or bankers.
I think that most folks in the United States (or anywhere in the world for that matter) would agree with me here. The bankers play with our money and constantly look for ways that they can take more of it away from us. Their professional traders LOVE it when rookie traders enter the currency market! They smile and make their plans to empty your trading account, and they are really good at it!
With Forex, you are dealing with governments. I don’t trust govenors or governments. Do you? If you do, why not invest your money with them. I think they are paying one percent these days.
The currency wars are ongoing worldwide, and I don’t care to get caught in some big ponzi scheme on the world paper money. Who knows what we may see in the years ahead with the world powers, IMF, World Bank, and other international playes on currency and prices!
Binary Forex Is Better
If you must trade currency, why not trade binary options on currency. These little options are not controlled by banks or goverments and you won’t be competing with their professional traders. In fact, you are not competing with anyone when you trade binary options. They are not like ordinary market trades. Anyone who trades them are just trying to make winning plays, and it does not matter to them if you win or not. Unlike Forex and other markets where Pros and floor traders are making a living picking off your stops and limit orders.
I could give you a ton of other reasons why I prefer binary trading to Forex, but then it would become a book instead of an article.
Doug West has worked in Financial Planning and Investment training for over 20 years. He has helped thousands of folks earn a living at home and online
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