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If you’ve ever traveled internationally, whether you know it or not, you’ve touched on the world of forex trading. When you stepped off the airplane, one of your first stops probably was to exchange your money for the local currency. So, what is forex trading all about?
The foreign exchange market, also referred to as forex or FX, is the global currency trading market, and it’s the largest, most liquid financial market in the world.
When trading forex, currencies are actually traded in pairs. For example, the Australian dollar and the US dollar (AUD/USD) or the euro and the Japanese yen (EUR/JPY).
Here are some of the features/benefits of forex trading:
Forex trades are made over the counter, through Forex brokers or dealers, than through a central exchange.
Since traders work across time zones, the forex market is open 24 hours a day, five days a week.
Currencies are always traded in pairs and prices are quoted in pairs.
Unlike stocks, futures, or options, currency trading does not take place on a regulated exchange.
It is not controlled by any central governing body.
There are no clearing houses to guarantee trades and there is no arbitration panel to adjudicate disputes.
To understand this better, we have put together a comprehensive guide to help you through the whole process of forex trading, even as a newbie or advanced trader.
In this audiobook, you'll learn:
What is the ultimate guide for investing
How to trade forex like a pro
How to analyze charts with technical analysis and fundamental analysis
How to reach $10,000 a month in profit from forex
What is the right mind-set to achieve and live the trader's lifestyle
How to manage your capital and risk
What is the power of compound interest
How to leverage your position with margin trading
And much more!
Some of the confusing questions folks ask are:
What is forex broker?
A broker is a place where buyers and sellers go to buy and sell instruments, and these can be currencies. The forex broker operates as a middleman between you and the market.
What are currency pairs?
A currency pair consists of a base currency and a quote currency. It is simply a way to display and price one currency against another.
What are major pairs?
Major pairs are the most frequently traded currency pairs in the world. These pairs all contain the US dollar (USD) on one side. The major currencies include the euro, US dollar, British pound sterling, Canadian dollar, Swiss franc, Japanese yen, Australian dollar, and New Zealand dollar.
What are minor pairs?
A minor currency pair is one which does not contain the US dollar. These pairs are also known as a “cross-currency” pairs or simply as “crosses“. Examples of minor currency pairs include EUR/GBP, EUR/AUD, and GBP/JPY.