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Everyone associated with the forex currency
exchange has opinions of how the forex began, and extensive
information is found all over the Internet. Since the forex has
evolved into the largest financial industry in the world, the
daily opportunity to become involved with it has created
unbelievable growth within the exchange, which averages $2.2
trillion
(as of July 2005) with surges in the market toward $6.5 trillion
at times. During a banking symposium held in New York City in
July 2006 (sponsored by the FXWeekly group), it was announced
that the daily volume of the forex had increased to an amount in
excess of $3 trillion per day. This per-day volume of the forex
is much larger than the volumes of traditional trading
industries such as the stock market, which is, as of 2007,
currently averaging approximately $17 billion per day of volume.
For that matter, the forex is greater than all other markets,
including the legal and illegal drug industry. The industry
continues to grow regardless of the number of new traders, fund
managers, and firms that are seeking wealth or increased profits
on their investments. Even with the 80 percent failure rate that
most authors claim exist within the forex, the industry
continues to grow every year.
It is my thought that maybe there were seeds planted long before
the arrival of computers when trading in large quantities began
appearing during the days of Solomon, as found in the number-one
best-selling, most distributed book in the world, the Bible.
Solomon opened many doors of trade and exchange without the
influence of computers, data feeds, news announcements,
political secrets, and spontaneous fundamental announcements.
He was able to accumulate wealth that even modern-day traders
haven’t been able to match. Although Solomon had to use caravans
moving very slowly to transport products from one geographical
region to other regions, the basic trading industry most likely
grew then as it continues to grow even today.
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Regarding commodities, futures, gold
exchange, and so on, Solomon probably did more for the trading
industry, especially futures in grains, cloth, corn, wheat, and
other needed tangible and intangible products, than anyone will
ever imagine.
MAs time passed and verbal exchanges became
available in market facilities such as those on Wall Street,
where the high volatility of the market exchange created quick
profits that made many wealthy, the market began to grow and
continues at an even higher rate. The forerunner of the New York
Stock Exchange on Wall Street was founded in 1792. Traders with
large amounts of funds for hedging could sustain their existence
in the market with lower risk, while those with larger or
smaller margins (but with less industry intelligence) gave up
their trade exchanges with losses.
It was a battle of the bulls against the bears as systems,
theories, and methodologies began to emerge; traders began to
pay fees for personalized mentorship in hopes of finding the
secret grail to successful and consistent trading results. Many
types of howto systems began to develop as a result of positive
trading, while poor trading results could have affected the
growth of mentorship programs as well. Today, you can find (and
in large quantities) numerous books, specialized software,
proprietary systems, entry procedures, forex investment
counselors, trading videos, multilevel deals, and the list goes
on.
Furthermore, many new branches within the industry are
constantly evolving as legitimate systems and procedures of
methodology. Often, though, you will find that mentors and
authors do not even trade and obscure their inefficient trading
abilities or lack of success by running everyone else down but
never proving their own personal ability as traders. They make
their livings from selling systems and books; therefore, I
suggest you avoid them and instead (and as I mentioned in the
Introduction) find a certified mentor.
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