Forex casinos have opened around the world for currency and oil trading. Forex Gambling has become very popular owing to the advent of the internet. In prior years only the banks and extremely large corporations had the capacity to enter the high stakes gambling arena to trade foreign exchange currencies and oil. Daily over 4 trillion dollars are traded on the forex oil markets. Today even the man in the street can trade these markets from home, office or anywhere in the world.
Trading currencies and commodities is not as difficult as the layman thinks. It does not require a college education or years of apprenticeship. Within a few hours you can open a brokerage account and start trading. There are even automated trading robots that can do all the trading for you. So basically you do not need to know anything about the markets or trading to be able to make money. A word of warning though: trading forex and oil whether by using automated trading robots or doing it manually yourself is still a gamble.
Nevertheless it is a gamble worth taking. While some brokers restrict their clients with minimum amounts of capital for account opening the majority will open accounts for customers with as little as $200 and some have no minimum amount of capital required.
However if you do not have at least $200 to buy gambling chips you might be better off buying some food for the fridge.
The payout to winners in the fabulous forex oil casino is fantastic. This is because of the leverage allowed plus the tremendous volatility the markets have - on an almost daily basis. Leverage enables investors to bet a thousand dollars of their own money but to have a hundred thousand dollars worth of contracts riding on each spin of the wheel. Many brokers provide a leverage factor of between 100 to 1 and some up to 500 to 1. While the majority provide leverage only up to 200 to 1. (Strategies on how to make the best bets on currency trades will be covered in a later article.)
Volatility in these markets often exceeds 100 pips a day. A pip is the measuring unit for price changes in the value of a forex contract. For example, in the Euro/USD currency par a one pip move is a change in the fourth decimal place of the pairs pricing. If the Euro were priced initially at 1.2789 and the price went to 1.2790 there is a 1 pip increase in the value of the Euro. On a $100,000 value currency contract - the standard size lot - every pip is worth ten dollars ($10). Therefore a 100 pip change in price is worth $1,000.
To be able to trade standard lot size contracts brokers will usually insist that you have a minimum of $2,000 in your trading account. Therefore small gamblers must trade mini-lots or fractions of a standard lot. (Not a bad idea if you are a novice just starting out at the forex tables.) So if your stakes were only $200 then with leverage of 100 to 1 you would be permitted trade $10,000 worth of currency and profit 1 dollar (instead of $10) for each 1 cent increase in the price of the currency you bet on. That does not mean though that your betting odds are only 100 to 1 (far from it.) While the potential gain in price is unlimited if you say for the day you might anticipate a 100 pip move then your winnings at $1 a pip would be $1 times 100 but if the move were larger say 200 pips then you would gain $200 profit into your trading account. If you had bet the whole $200 you had with a prudent stop loss plan you could gain $2,000 ($200 X 100 for a 100 move) or $4,000 (for a 200 pip move) in just a single day. If you allowed a winning trade to run then over an extended period of several weeks your profits could be astronomical.
The payout odds in the forex oil casino are far better than in the Las Vegas casinos. Yet the risk odds are less than you have in tossing a coin. If you are a gambler familiar with the Martingale System you might appreciate that the high payouts for a win in the forex casino provide a glorious opportunity to clean up big using the simplest of trading systems. There are many tools available to traders which help improve their win loss ratios and opportunities to trade "News" events also facilitate tipping favorites correctly. However traders must do their homework in order to be able to use the arsenal of traders tools appropriately.
Many traders enjoy the manual approach to forex gambling because of the adrenalin rushes that most gamblers seek apart from the money. However if you are just interested in the money without the thrill of trading then possibly you should employ robots to trade for you while you play golf or go on holidays. The two I utilize are MegadroidFx and FXivybot. Although there is a new batch of trading robots almost weekly coming into the trading arena.
Forex has become very popular since the collapse of share markets and property following the GFC. Throngs of retirees have turned to Forex in Retirement to bolster their nest eggs.
Many average people now have turned to forex trading to supplement their incomes during the economic downturn.
For more information on Forex in Retirement and How to supplement your income click the links in the above paragraphs.
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