Babypips.com and Forex Trading - The Products Blog

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Wednesday, April 13, 2011

Babypips.com and Forex Trading

Foreign Exchange trading or Forex seems to be a bit hard and uneasy but today when one of the founders of BabyPips came to tell us what they do, it seems that it is a lot easier. So what does BabyPips.com do? Well, basically their company helps people do Forex or foreign exchange. They will help you learn the basics and guide you the rest of the way.

Looking at their website, you will really be encourage to engage in this business because everything seems like one fun game to do. Their site is adorned with your favorite cartoon look-alikes and they use terminology grabbed from pop culture.

To start off you can browse their school and undergo training. The format is very familiar since it copies actual education from preschool up to graduation level. These is of course equivalent to the level of knowledge you know about Forex trading. All in all you have to undergo 21 levels of learning to be truly an expert... plus they have Summer School too... online.

Babypips.com founder tells us why Forex rocks

So what is Forex?

According to a definition we found, "The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over-the-counter financial market for the trading of currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies."

Seems very complicated but take a look at how our friends at Babypips defines it.

If you've ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet (if you're a dude) or purse (if you're a lady) or man purse (if you're a metrosexual) into the currency of the country you are visiting.

You go up to the counter and notice a screen displaying different exchange rates for different currencies. You find "Japanese yen" and think to yourself, "WOW! My one dollar is worth 100 yen?! And I have ten dollars! I'm going to be rich!!!" (This excitement is quickly killed when you stop by a shop in the airport afterwards to buy a can of soda and, all of a sudden, half your money is gone.)

When you do this, you've essentially participated in the forex market! You've exchanged one currency for another. Or in forex trading terms, assuming you're an American visiting Japan, you've sold dollars and bought yen.

Before you fly back home, you stop by the currency exchange booth to exchange the yen that you miraculously have left over (Tokyo is expensive!) and notice the exchange rates have changed. It's these changes in the exchanges rates that allow you to make money in the foreign exchange market.

The second definition is longer but it makes it clear to everyone how simple currency trading really is. NOw, why engage in it? We ask that to them and the glaring thing is this one...

The foreign exchange market, which is usually known as "forex" or "FX," is the largest financial market in the world. Compared to the measly $74 billion a day volume of the New York Stock Exchange, the foreign exchange market looks absolutely ginormous with its $4 TRILLION a day trade volume. Forex rocks our socks!

If you want to really know about Forex and possibly have a shot at this market you should start browsing Babypips.com. I am not part of their company nor I am endorsing them but it is worth looking at.

Besides Babypips.com they also have a bunch of website which supports your various needs. These websites includes freshpips.com where you can check about the latest forex news, meetpips.com where you can meet fellow forex traders, reviewpips.com which is a review of forex products and askpips.com in which you can ask anything under the sun just like yahoo answers.

Well, my overall impression of Forex and Babypips.com is that it is worth looking into.  You can also like them on Facebook at http://www.facebook.com/babypips.

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