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).
Benefits of forex trading:
Forex trades are made over the counter - through forex brokers or dealers - than through a central exchange.
Because 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 also 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.
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 10K a month in profit from forex.
The right mind-set to achieve and live the trader's lifestyle.
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.
How to manage your capital and risk.
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.