Did you know there was a time when Forex trading did not exist? It’s true. It wasn’t all that long ago, either. Back in the days before the internet the mechanics of Forex trading were very different.
In fact, it was mostly controlled by governments and giant corporations which would have kept the average Joe like you out of the picture. It wasn’t because you didn’t know how to play, it was because you were not allowed to play. For the select few who could, transaction fees were high and well, there was not a lot of fun or love happening for the small independent Forex trader.
Then The Internet And The 90s Happened
The internet has done a lot in the way of change in the world we live in. Not only has it changed how we communicate, it has contributed to changing how we gather and receive information, how we bank and shop and the different hobbies we pursue. If it wasn’t for the internet, Forex trading would have taken much longer to get in the hands of regular people.
Well, that was the case until the 1990s. It was during that decade when the regulatory bodies stepped in and did something truly amazing. The created the Commodity Exchange Act and the Commodity Futures Modernization Act. What these did was open the floodgates of change in how commodities were traded.
What This Means To You And Me
Changes in how commodities were traded led to the concept and possibility of online Forex brokers becoming a new piece of the puzzle. With the internet already spreading into more and more homes and the advent of smartphones a couple of decades later, it was clearly an opportunity that was too good to pass up.
Online Forex brokers opened up shops where they could be the guides, middlemen or advisors to anyone who was interested in trying the Forex market. That’s right. Anyone with an interest could get involved now. There was no need for a giant corporate connection. The average guy could now become a Forex trader with a broker that could be accessed through the internet.
The Industry Changed Completely
To say the Forex industry didn’t benefit from the internet is like saying cheese and bacon does nothing to enhance a hamburger. The internet can be credited – or maybe even blamed – for a renewed interest in commodity trading. With Forex promoted as a good hobby for most, it has managed to become a magnet for a new kind of trader. The young, casual Forex traders who have a steady job in place but are playing the Forex game for a long-term career on the side started to show interest.
With all kinds of computer technology to use to analyze data for as long as data continued to be spewed forth from the system, the Forex trading world has never been the same since. It’s also an industry that can be as exciting as it sounds as well as great for building a solid portfolio of future opportunities. None of this would have happened without the internet and changes to the commodities market structure.