What Is Forex Trading? (For Dummies) 🔎
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- Опубліковано 3 жов 2024
- In this video, we will be taking a look at an overview of Forex trading, the benefits, risks and everything you will need to know about Forex.
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Forex has been around since nations first started minting money.
Each country has their own currency, which means to visit or do business in that country there needs to be a way to exchange the currency from you have for the currency you need. That is Forex.
So, What is Forex trading?
It is when a Forex trader buys and sells currencies with the main aim of making a profit, your profit (or loss) is the difference between the buy and sell rates of the currency pairs traded.
Forex trading in the past was done solely over telephone by professional investors, today there are vast amounts of “normal” ordinary people investing for themselves from their own homes.
The advancement of technology has been the key factor behind the evolution of the trading market. Making it more accessible to more people.
Everyone has a stable, high speed internet connection nowadays and this allows access to this world of trading.
How big is the Forex Market?
It is a thriving market: US$6.6 trillion worth of currencies are traded on average every day.
There are sixteen independent Forex exchanges operating throughout the world and Johannesburg, SA is the newest global Forex exchange market.
These exchanges operate independently, but they all trade the same currencies, effectively dividing the Forex market into sequential (sometimes overlapping) sessions. This means currency trading lasts all day and all night.
For example, when the trading day in the U.S. for example ends, the Forex market begins again fresh in Tokyo and Hong Kong.
Most Forex traders will hone in on the most popular trading periods known as a “Forex 3-session strategy” focusing on Tokyo, London and New York sessions.
The Tokyo Session (also called the Asian Session)
The Asian Session is the world’s third largest Forex trading hub with 20% of all Forex trading taking place during this session made up from trades in Hong Kong, Singapore, and Tokyo.
The London Session (also called the European session)
The London session has nearly 43% of all Forex trades in the world, making London the center of Forex trade in Europe alongside Paris, Edinburgh, Geneva, Luxembourg, Frankfurt, Zurich, and Amsterdam.
The New York Session (also called the North American session)
The New York session is the financial center of trading in the U.S. with around seventeen percent of all Forex transactions taking place there. Because eighty five percent of all Forex trades involve the Dollar, when great U.S. economic data is announced, it can move the markets.
So, What do Forex traders do?
Currencies usually trade against each other as pairs, which are known as
exchange rate pairs, for example, USD and EUR.
Forex Traders look out for certain indicators - from global news and market sentiments to economic data and credit ratings - to determine whether a currency pair will go up or down.
If you exchange US dollars for Japanese yen, for instance, and the yen’s worth appreciates over time, then you can trade it back for US dollars and make a profit on the difference in value. If you are going to become a Forex trader individually you would be known as a retail Forex trader.
Understanding the risks.
It may sound very appealing to trade in Forex because of the potential high gains, but before jumping in you need to understand the risks.
Almost any kind of trading has its own risks; it can also result in big profits which is one of the reasons so many people enjoy trading in Forex.
It is a risky, complex but also exhilarating task (when you are winning).
One of the other risks is one that you are 100% responsible for: not sufficiently educating yourself.
Never jump blindly into Forex trading because a mate said he makes tons of money off it. You must know what is driving movement in currencies, the economic and political landscape in those economies as well as global events, to name a few.
A successful forex trader knows what drives currency values and has access to the best trading platforms and forecasting tools backed up with solid economic models.
It is vitally important to do your homework and choose the right forex broker (and trading platform) for you, to become a more successful, individual trader.
Learn more about forex - forexsuggest.com/
#Forextrading #Forexforbeginners #Forex #Top5brokers #SAShares
In my own opinion.
Trading with experts is not really a bad idea. If I'm to say, it is the easiest way to make profit in forex market because experts use proper risk management. I have seen comments of some people recommending their traders. As you trade and earn with your trader. the most important thing is make sure you learn at thesame time.
Well said. Most traders are only into trading, they do not impact knowledge.
@@kurtsebastian8174 not really....some people are not just eager to trade as long as their profits keep coming.
Some investors are eager to learn forex, just that most of them have a full time job
Seriously...not all traders have time to teach. They are always occupied.
My trader doesn't teach.
@@cyriledward6180 that is the more reason why newbies or regular traders should go for a professional who is more like a mentor than trader.
Nice video
Hello sir...
With the current increase in the market I see Cryptocurrency as ultimately becoming a reserve currency for banks, playing much the same role as gold did in the early days of banking. Banks could issue digital cash with greater anonymity and lighter weight, more efficient transactions
Well, I think it is working. There may be other currencies even better than bitcoin. But in the meantime, the industry keeps expanding by the second
If it hadn’t been for the help of my broker Mrs. Sarah Pearson who I can’t thank enough, I would have completely given up on the crypto market after loosing so much money
Oh my, a bit surprised to know you work with her, I just received my ROI through one of her platforms and I am pretty impressed by her strategies
Oh wow you invest with Mrs Sarah too? I never knew she was much of an experienced trader, been on her telegrm for a while now but was skeptical, guess I’ll have to check her out again because I’m frustrated having to lose money, I need a trusted broker with experience
Very much impressed to see my broker well presented, thanks to her my losses in trading crypto has been below minimum and the best part is the fact that i been able to withdraw my profits without any stress since i started trading
Miss Beckie is legit and her method works like magic I keep on earning every single week with her new strategy
I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert miss Beckie and she has been handling my account for years now
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you don't need to be shock because I'm also a huge beneficiary of expert miss Beckie
she helped me recover what I lost trying to trade for my self
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