What Is Forex Trading ?
****Definition & Introduction ****
What is the Forex market?
• What is Forex? – The basics…
Basically, the Forex market is where banks, businesses, governments, investors and traders come to exchange and speculate on currencies. The Forex market is also referred to as the ‘Fx market’, ‘Currency market’, ‘Foreign exchange currency market’ or ‘Foreign currency market’, and it is the largest and most liquid market in the world with an average daily turnover of $3.98 trillion.
The Fx market is open 24 hours a day, 5 days a week with the most important world trading centers being located in London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris, and Sydney.
It should be noted that there is no central marketplace for the Forex market; trading is instead said to be conducted ‘over the counter’; it’s not like stocks where there is a central marketplace with all orders processed like the NYSE. Forex is a product quoted by all the major banks, and not all banks will have the exact same price. Now, the broker platforms take all theses feeds from the different banks and the quotes we see from our broker are an approximate average of them. It’s the broker who is effectively transacting the trade and taking the other side of it…they ‘make the market’ for you. When you buy a currency pair…your broker is selling it to you, not ‘another trader’.
What Is Forex Trading ?
Reviewed by kj
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Reviewed by kj
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ReplyDeleteThe Forex trading market is incredibly complex. While some traders prefer using robots and software programs in order to buy or sell their currency pairs, others prefer making trades based on their own analyses or intuition. However, nobody broke the bank sitting at their computer waiting for a software program to give them a signal to buy or sell. No trader can also claim to have made a fortune having studied charts again and again and waiting for the perfect indicators to line up. Successful traders were quick to realize that while these indicators and mechanical Forex trading systems can complement a person’s trading strategy, your whole trading strategy cannot be based on such indicators.
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