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Intro to Forex

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Avatar for Ezzyoj
Written by   17
2 years ago

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.

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Comments

Forex trading is not a quick means of sudden wealth. This is what makes many people lose money in it

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2 years ago

I've always want to go into forex trading but needed indept info and knowledge so as not to lose money, thanks for the intro, but would be glad if you can still explain more

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2 years ago

I will keep dropping more

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2 years ago

Forex a good way to make money and be your own boss at the comfort of your home if you know the A-Z of it

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2 years ago

Well you have don't well to introduce Forex, this is like the basis or pre nursing .

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2 years ago

Sure, I will keep dropping more

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2 years ago

I have already loves forex till the day I got my finger burnt and since that day I dont ever wish to invest in it again

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2 years ago

No doubt it is but it is too volatile so at such one needs to be very careful to avoid loosing ones money

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2 years ago

For you to make money in forex, you must master the act of trading. Keep it up bro

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2 years ago