But you can bet that these recent economic events are topic 'number one' on our Platinum Membership forums…and that [members are helping] each other process and adequately respond to any negative effects on Forex by the recent economic crisis.
Boulder, CO (PRWEB) December 28, 2008
Beginning in 2008, world financial markets began to bottom out, unemployment skyrocketed, foreclosures dotted the landscape, and economic depression loomed. Indeed, sixty percent of American polled by CNNMoney in October 2008 stated that they believed that a depression on par with the Great Depression of the 1930s was "likely." Yet many traders in the foreign currency exchange, known as Forex, have reported solid data to industry insider Trading Mastermind (http://www.forextradingseminar.com) suggesting that Forex trading may be immune from such adverse conditions.
In the last ten years Forex, the purchase and sale of foreign currencies, has exploded not only as a form of facilitating investment but as a cultural phenomenon attracting the interest of day traders. Between 2004 and 2007 Forex has expanded 69% to an average daily turnover of $3.2 trillion. The normally staid Bank of International Settlements, trusted bellwether of all things Forex-related, breathlessly stated that during 2007 the market was "vibrant" and that the growth was "unprecedented."
Since everything from mortgages and foreclosures, to blue-chip Wall Street investment banks, have been negatively affected by recent economic events, it should follow that Forex trading would also be impacted. Yet, reports Scott Shubert, President of Colorado (US) based Trading Mastermind: "Member Forex traders in our community have related quite a different story…one not of 'retrenching' but of gradual increases in revenues."
George Kfoury is one Forex trader who notes that he has actually "tripled his account."
When asked if he had seen an increase in capital, Mr. Kfoury responded, "I am still getting a constant increase…thirty or forty percent per week."
Mr. Kfoury added that this was only based on a work schedule of isolated "one hour or fifteen minute" trading sessions.
At this time, it may be too early to pinpoint exactly why the Forex market may be protected from the financial markets' "perfect storm." One reason posited by experts is that foreign exchange trading is considered a pure market in which the volume of trading is so immense that the actions of any single participant cannot affect that market as a whole. As a point of comparison, the packaging and exchange of mortgage-backed securities runs in the range of billions per day--a paltry sum next to Forex's daily trillions.
"Since Forex deals with currencies around the globe," states Shubert of Trading Mastermind, "it may simply be so wide-ranging, universal, and essential to human needs that unlike isolated markets, it cannot be affected."
Adds Shubert: "But you can bet that these recent economic events are topic 'number one' on our Platinum Membership forums…and that [members are helping] each other process and adequately respond to any negative effects on Forex by the recent economic crisis."
During these world-wide economic events, the Forex market has returned consistent profits for traders who understand how to take advantage of this opportunity. In addition, the business of Forex trading provides a lucrative option for those who are affected by the current employment shortage in the U.S. and other countries.
To keep abreast of how to deal with the impact of this economic depression on Forex, or for general Forex matters, contact Scott Shubert or visit http://www.forextradingseminar.com.
Trading Mastermind is the worldwide trading community's premier source for interaction and sharing of ideas and trading knowledge. Regardless of level of experience, all Forex traders are invited to participate in the community and improve trading skills through close interaction with other traders.
Scott Shubert, President