Currency trading has always intrigued me. I’ve always thought it sounded pretty cool…as long as you’re good at it. Much cooler to say that with food on the table than begging for change… but I digress.
I haven’t looked much into currency trading until recently, sticking almost exclusively with broad funds like index funds these days.
But I still read up on active and other investing options, and was pretty surprised at what a simple google search revealed about the foreign exchange market.
- You can pretty much trade any currency against another.
One site, for example, offers over 330 currency pairs you can trade, which means you can pretty much put your money where your mouth is no matter what your currency du jour is. Think the Euro is going to go up compared to the US Dollar? There’s a trade there. What about Australian Dollar v. the New Zealand Dollar? Yep. They got you covered. It’s pretty incredible actually.
- You can trade 24 hours a day except weekends.
Landing on the forex wikipedia page was pretty interesting. Yeah, I know… it’s wikipedia… but it’s a great spot to find info and research further. But yeah, you can trade around the clock. Not sure if that’s a good thing or a bad thing…
- 20 years ago you couldn’t participate in currency trading.
Yeah, I spent some time searching these…. It’s a pretty fascinating topic if you ask me. According to one site currency trading was very restricted as recently as the mid 1990s. It’s crazy how much can change since I graduated from high school… either that or I’m just plain old. 🙂
So there you go: 3 interesting things about forex trading that you might not have known. Have any of you traded in currency? I’ve never done it although I did sell some dollars to my family back in the day for drachma when we visited in the summertime. They wanted the dollars. And I wanted to buy gyros. Win/win.
This was a guest post.