subject: Beat The Recession; Trade Forex [print this page] In accordance with information and guidelines adhered to and accepted by all global financial centres (which are a progression of rules explained by the economic statistician, Julius Shiskin, in 1975), as the UK's Growth Domestic Product (GDP) increased for the third month in a row up to January 2010, the UK is officially out of the recession. Smiles all around for some, knowing that things are, for the most part, going to become easier financially in the future, others are less reluctant to jump onto the positivity band wagon, knowing that we are far from shallow water.
After a recession, there comes a recovery period. This varies depending upon the length of the recession, but it is guaranteed that there will be a mixture of increased concern from the consumer and increased spending from the company, as they try to climb the ladder out of this economic mess.
But what about the individual? The sole person who does not have a company that they can rely on to increase their income after the recession? The man or woman who has taken a pay cut last year but their own employer cannot increase their pay to what it was?
For them, Forex trading could be the answer.
For those reading this who have only heard about Forex through a flashing online advert claiming that it can make you an instant millionaire, Forex is the more common phrase for foreign exchange and to trade Forex is to buy and sell different foreign currencies.
The way it works is the same as trading on the stock market. Traders sign up to a broker, download MT4 (MetaTrader 4, the industry standard trading platform) and buy and sell currencies with the intention of making a profit when they increase (or decrease) in value.
It is particularly important to realise that the foreign exchange market is one that is very suited to the masses, unlike stock market trading which is regarded as being a lot more specialist and should largely be left to professional traders. Whilst Forex trading requires the same amount of knowledge and experience, as the individual trading side of it did not start until 1996, it is still relatively young and people are continuing to develop platforms that help novices begin trading.
In addition, there is no formal qualification needed to trade Forex and assuming that you posses the required knowledge and experience, you can begin trading on the foreign currency market straight away. Fortunately, the vast majority of information that is needed can be learnt online, much of it being completely free, showing that anyone, with enough time, can become a Forex trader.
Whether you have been affected massively by the recession or not, it is likely that the state of the economy will have an effect on you in the future. Your job may not be as reliable as you once thought it was or your savings may not be accruing as much interest as you had hoped. Whatever your situation, it is important to look at other avenues of increasing your income and downloading MT4 and starting Forex trading could be the perfect answer.
by: Jeremy Watts
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