Forex is the largest financial markets in the world. When I mean *MARKET* . It is not the local market in your country or community. The meaning of forex is *FOREIGN EXCHANGE* .
So when you hear about forex or fx, it means foreign exchange. A person who travels to another country must in one way or the other practice forex trading.
Trading the financial market can be done anywhere irrespective of the country of your residence allows you to trade in the market at the comfort of your home with your smart phone or laptop.
Now, The foreign exchange markets is the largest financial markets with a volume of about 5.3 trillion dollar traded daily compared to the stock market which is 22.4 billion dollar.
It is open 24hrs a day, 5 days a week and closed at weekends. That's to show you how large it is.
Now you ask yourself what is traded in the forex market. It is simply currency pairs....
We have the following currencies
EUR, USD, AUD, JPY, GBP, CHF, NZD, CAD.
EUR- European dollar
USD- United states dollar
AUD- Australian dollar
JPY- Japanese yen
GBP- Great British pounds
CHF- swiss France
NZD- New Zealand dollar
CAD- Canadian dollar
E.g GBPUSD, EURGBP, USDJPY etc. Now if you sell GBPUSD, It means you are selling GBP and buying USD.
The first two letters represents the country's name and the last letter represents the currency Like GBP GB is the country's name which means Great British and P is the currency which is pounds. Very simple
Forex is interesting and you can make millions of money every day of the week.