Investing / Traded Forex
K
Jan 17, 2023
Traded Forex
What is traded forex? Should we invest in it?
Replies (4)
J
2,881
Jan 17, 2023
@KimsenIJC, simply stated it's trading currencies, and it's a huge and liquid market. However, whether or not investors should invest in currencies really depends on your personal financial circumstances and your tolerance for risk. And since in forex trading the exchange rate constantly fluctuates based on supply and demand, it takes not only skill to be able to consistently make money-making trades, but it also is time-consuming. Do feel free to share more about yourself and happy to share additional thoughts!
Jan 17, 2023
@KimsenIJC, if you're new to foreign currency investing, one way to dip your toes is to go the path of currency ETFs. All the established ETF issuers have a suite of such ETFs - both single currency and multi-currency. If you have got your basic stuff down like path to paying down all your high interest debt, emergency savings packed away, doing all you possibly can towards putting away $ into your work retirement plan, dabbling here could be fruitful and a good learning experience. I was blown away last summer when the USD was on par with the Euro and was thinking the same as you.
J
2,881
Jan 18, 2023
@Holly740, @KimsenIJC our team was actually writing up a piece on the basics of Forex today! Take a look at the bite-sized pieces from today here.
Jan 27, 2023
@KimsenIJC, if only I knew how! It does seem there is an opportunity to trade in foreign currencies but would not even know where to start.