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Foreign Exchange, also known as forex, is an international marketplace for trading of currencies. In other words, it is an ever-changing market where various currencies are purchased and sold at fluctuating prices. This is one of the biggest markets in world and larger than the stock markets. A high liquidity exists in the forex market. The currencies come from different types of investors that include governments, banks, currency speculators, corporations and individuals. The growth rate of this market is very high.
Understanding forex currency trading
Forex currency trading signifies online trading of international currencies. The currencies of all the countries around the world are denoted by three letter codes. For instance, USD stands for United States Dollars; Euro is denoted by EUR and GBP stands for British Pound. Forex trading is done in combinations, known as cross.
A cross is created by combining codes for the couple of currencies you are dealing with, forming the six letter combo like GBPUSA. While a combo is done, the more expensive currency comes first in the list. There are four common currency pairs that basically control the forex Market are, USD versus Japanese Yen, USD versus British Pound, USD versus Swiss Franc and Euro versus US Dollar. After the cross, there is a number you will find, such as GBPUSD=1.529. That means it takes 1.529 US dollars to equalize with one British pound. If a rate changes, it is showed in bold print. So if there is a change from 1.529 to 1.531 it will equal to a shift of three points.
Forex currency trading, unlike the stock exchange, functions 24 hours a day. As every nation around the world trades on this market, it is always business hours in somewhere in the earth. So if you want to just research on Forex trading, you can do it any time you like and you don’t have to leave your day job.
How to learn Forex trading
Before you go to the forex market to buy or sell currencies, it is very important to have adequate knowledge about different types of currencies and the trend of the forex market. There are several ways by which you can easily learn the basics of forex trading
Online forex trading course is the most convenient and cost-effective way of learning forex currency trading. This takes minimum tuition-fee but provides full-scale guidance.
By the help of CDs and books you can learn forex trading pretty easily by sitting at your home.
As the currency trading is highly affected by the economic and political condition of a country, reading the relevant articles from newspapers on regular basis can help a lot in understanding the forex trading.
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