Posted by forex at 7:28 AM
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1. Open your Internet browser and navigate to a foreign currency trading website, such as Forex.com and X-rates.com.
2. Create an account through the webpage. Enter your home address information, email account, select a password, type in your Social Security Number and add a banking account router and bank number. The banking account information is so you can transfer money from your bank account into the currency account. Note it takes a few days for the site to verify your checking account.
3. Log onto your account after a few days. Select the 'Transfer' option and transfer money from your checking account to the online account.
4. Choose a foreign currency you want to purchase. You want to find a currency that is down on its luck. This is usually a country that has just has a large natural disaster that takes a sudden toll on the currency, such as tsunamis and earthquakes.
5. Type in the amount you want to purchase and click 'Buy.' Once the trade goes through you are told you now own the foreign currency and the amount.
6. Wait for the foreign currency to rise in value and sell the currency as it increases in value. However, note that if the currency you purchased is not increasing in value but your home-based money is losing value you can still sell the foreign currency for a profit.