Forex is an acronym for Foreign Exchange and is the worldwide currency inter-bank or inter-dealer market that uses a floating exchange rate system. Most people have little knowledge of Forex. Yet, it is the world's largest financial market with an estimated daily average of more than $2 to $3 TRILLION. Some estimate that it would take the New York Stock Exchange about 2-3 months of trading to equal one day in Forex!
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How
does FOREX trading work? |
It is quite simple. Currencies are traded in pairs – for example, USD/JPY (U.S. dollar verses Japanese yen), EUR/USD
(Euro dollar verses U.S. dollar), etc. Every position
involves simultaneously buying one currency and the selling
the other. The goal is to buy low and sell high or sell high
and buy low.
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How fair is the FOREX market? |
The Forex market is so large and is composed of so many participants that no one player, not even a large government, can completely control the long-term direction of the market. So, many experts have called Forex the “most level playing field” on earth.
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Where is the central location of the FOREX market? |
The word market is a bit misleading in describing Forex trading because for most currency instruments there is NO central location where trading takes place. The bulk of Forex trading is between a few hundred large banks that process transactions for large companies and governments. These institutions continually provide exchange rates for each other and the broader market. The most recent quotation from one of these banks is considered the market's current pricing for that currency. Trading occurs over the Internet, by telephone and through computer terminals at hundreds of locations around the globe.
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What are the primary currencies traded in Forex? |
Currency that trades against the USD is the most practical. It is the most liquid and volatile, which allows you as a trader to have a better opportunity to make a profit.
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How often does a person have to trade? |
The beauty of self-trading Forex is that a person can trade as occasional or often as they want. They can learn to trade longer-term strategies that may require checking the market as little as once or twice a week. Or, they can learn to trade shorter-term methods that may require watching the market a few hours a day.
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How much money does it take to open a real money trading account? |
A new student should first practice with a free demo-trading account to learn dealing station skills. When they feel comfortable they can then move on to real money. A “mini” account can be opened with as little as $300-$500 USD. However, we suggest for proper money management a $1,000 minimum account.
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Why is Forex so popular? |
Forex trading is attractive because it offers unparalleled freedoms. A Forex trader can live almost anywhere as long as he/she is within reach of the internet. A Forex trader can work from home or office, and in some cases, even trade while traveling! A Forex trader can usually choose his/her own hours to work since the global foreign exchange market is open 24-hours a day. A Forex trader avoids many common headaches associated with running a business because there is NO inventory, NO shipping, NO billing, NO collections, NO employees, NO commuting and NO dress code. It also offers unlimited earning potential.
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When is the Forex traded? |
It is open 24 hours a day from Sunday night until Friday late afternoon.
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*Disclaimer: Unique experiences and past performances do not guarantee future results! The testimonials herein are unsolicited and are not representative of all clients; certain accounts may have worse performance than that indicated. Trading stocks, options and spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have extra capital you can afford to lose, you should not trade in the foreign exchange market. No "safe" trading system has ever been devised, and no one can guarantee profits or freedom from loss.
