Currency day trading was essentially a non-existent market less than 10 years ago. It's a unique demographic too. Currency traders are increasingly younger - with two-thirds of them under the age of A higher percentage of females trade currencies than stocks as well. EU summit on Greece: High stakes, few options Traders' reasons for switching over to currencies vary.
Finkley said she found tracking a single country's economy easier than trading stocks, where an investor has to monitor economic conditions but also the details of what goes on in a major corporation. Others said they like the off-market hours that forex trading allows as well. How to trade currencies without losing your shirt Stevens said this is due in part to the fact Americans are still new to currencies.
Currency trading is far more common outside the U. For those interested in attempting currency trading, many U. Joseph Ortiz, who began trading currencies six months ago, said he "blew up" three trading accounts before he was able to get a handle on currency trading. Like any other market, currency trading carries substantial risks. But currency trading can be even riskier than stocks because it's common for currency traders to use large amounts of leverage, essentially borrowing money from brokers to make investments, in a trade.
Regulators capped leveraged bets in the forex market at last August, but it still remains well above the or ratios that stock traders have when buying on margin. Ortiz said it's pretty common for rookie traders to think the only strategy is leverage. They want you to believe that you -- as a layman, in your spare time -- can learn this tricky business by taking their course, watching their tape or completing their "webinar. It's not the "insta-business" it seems, and the risks typically outweigh the benefits for the individual investor.
Even if you're dealing with a pitchman who is legit, you're still likely to get burned in this high-risk game. Currency trading is the ultimate in speculation and the complete opposite of the long-haul investing approach that I prefer. The New York Post recently ran a story about the currency trading frenzy. Those kinds of numbers really get your attention and make you think that you can make real money, too. But don't believe the hype.
I want you to stay safe and preserve your capital.
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