Forex Trading is one of the biggest financial markets globally compared to bond, stock, and commodity markets. The forex market is approximately three times bigger than other derivative markets. People are adopting forex trading tremendously as it has about million of uses from all over the world.
FX’s most common reason for its popularity is its 24-hour market except on weekends. People are making comparatively high profits and enjoying the best of their lives. The global forex market is worth about $2.4 quadrillion. Here we tell out how much money is in Forex trading? So, you can estimate the worth of the forex market and can make a nest decision about your career.
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World’s most popular forex currencies
There are about 170 currencies from all over the world that make forex trading today. And the United States Dollar (US) is the most traded currency in the world. Here is the list of most traded currencies below.
United States Dollar-USD 72%
Euro- EUR. 39.7%
Japanese Yen- JPY 25.7%
British Dollar-GBP. 20.7%
Australian dollar-AUD. 11.8%
Canadian Dollar-CAD. 8.0%
Swiss France-CHF. 7.0%
New Zealand Dollar-NZD 5.7%
Most popular forex trading currency pairs
There are about seven currency pairs that consist of 70% forex trading from all over the world that include EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, USD/CAD, and NZD/ USD if you are a beginner trader, trade-in one of these currency pairs and make high profits.
Can you get rich through the forex market?
As we learned earlier, forex trading is the most dominating market in all over the world. That means that people adopt it as a career and make comparatively high profits with low minimum deposits. That encourages the thousands of people to start trading.
There are hundreds of stories about the successful people of forex trading, including George Soros and Stanly Druckenmiller as well. But keep in mind forex trading is not for everyone, where thousand people get successful at the time thousand confront failures. It’s all about one’s resources, attitudes, and consistency. However, 88% of people said that one could be a rich by investing in the forex market.
Is a forex market a good career?
As we discussed earlier, forex trading is the biggest market from all over the world as it is a 24/5 market and requires a comparatively small investment. Bud, if you are a newbie and nothing know about FX, we recommend you learn basic knowledge and skills before investing.
It is reported that a day trader can make 5% to 15% of a month. However, it proves a good career for traders who acquire interest, aptitude, and consistency in their trade. Most of the people reviewed affirmative to this question.
Final Verdict
Forex trading is the most dominating market globally and growing day by day. Thousand of people are making high profits and now becoming professionals. No doubt, you can be the next if you follow the strategic steps and if you invest wisely. So, first, learn, then earn.