The foreign exchange (also known as FX or forex) market is a global marketplace for exchanging national currencies..
The global foreign exchange market is one of the fastest, most liquid and exciting markets
Global FT Market, a Global forex broker, offering over 60+ fx pairs in all the major currencies 24 hours a day, 5 days a week.
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Trading forex involves buying one currency and selling another simultaneously Forex, or foreign exchange, can be explained as a network of buyers and sellers, who transfer currency between each other at an agreed price. It is the means by which individuals, companies and central banks convert one currency into another – if you have ever travelled abroad, then it is likely you have made a forex transaction.
Australia, the US and UK, shift to/from daylight savings time in October/November and March/April. So, plan your trades accordingly.
Once you know when to trade, the next step is to learn the jargon. So, here are some terms and concepts you will come across in the market.
Unlike shares or commodities, forex trading does not take place on exchanges but directly between two parties, in an over-the-counter (OTC) market. Forex trading is decentralized and trading can take place 24 hours per day. There are 4 main trading sessions, namely Sydney, London, New York and Tokyo. The forex market is run by a global network of banks, spread across four major forex trading centres
Currencies are denoted in 3lettered ISO codes. Examples of how major currencies are denoted are USD (US dollar), AUD (Australian dollar), EUR (Euro), JPY (yen) and GBP (British Pound).
Currencies are denoted in 3lettered ISO codes. Examples of how major currencies are denoted are USD (US dollar), AUD (Australian dollar), EUR (Euro), JPY (yen) and GBP (British Pound).
For instance, say the EUR/USD is trading at 1.1086. This means to buy 1 unit of Euro, you will need $1.1096 US dollars.
So in the example above, GBP is the base currency and USD is the quote currency. If GBP/USD is trading at 1.35361, then one pound is worth 1.35361 dollars.
If the pound rises against the dollar, then a single pound will be worth more dollars and the pair’s price will increase. If it drops, the pair’s price will decrease. So if you think that the base currency in a pair is likely to strengthen against the quote currency, you can buy the pair (going long). If you think it will weaken, you can sell the pair (going short).