What you need to know about forex trading

[Deleted member 62875]

As a matter of fact, many people don't know what forex trading is,i was also included but that was then.with a little research I did on the network, I found what forex trading is all about and it was interesting.
What Is the Forex Market?
Forex market is a foreign exchange market where currencies are traded. Currencies are important because they allow us to purchase goods and services locally and across borders. International currencies need to be exchanged to conduct foreign trade and business.
If you are living in the United States and want to buy cheese from France, then either you or the company from which you buy the cheese has to pay the French for the cheese in euros (EUR). This means that the U.S. importer would have to exchange the equivalent value of U.S. dollars (USD) into euros.
The same goes for traveling. A Nigerian tourist in Egypt can’t pay in naira to see the pyramids because it’s not the locally accepted currency. The tourist has to exchange the Nairas for the local currency, in this case the Egyptian pound, at the current exchange rate.
One unique aspect of this international market is that there is no central marketplace for foreign exchange. Rather, currency trading is conducted electronically over the counter (OTC) , which means that all transactions occur via computer networks among traders around the world, rather than on one centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the major financial centers of Frankfurt, Hong Kong, London, New York, Paris, Singapore, Sydney, Tokyo, and Zurich—across almost every time zone. This means that when the U.S. trading day ends, the forex market begins anew in Tokyo and Hong Kong. As such, the forex market can be extremely active anytime, with price quotes changing constantly.

 

[Jack Reacher]

Thanks for your basic info on Forex market! Basically, that’s the power of this forum community! Number new traders are seeking valuable info, and here you are sharing costly info so willingly! I’m sure new traders will be benefited by reading this thread! Keep digging bro!

 

[Setho]

There are a lot of misconceptions about the forex markets at a lot of people have been having . Not having the right information is definitely not a good thing because the forex market is volatile and you cannot be solely depending on luck .

It is very important that when you are trading the forex market you should know that it is not a get-rich-quick scheme . You can be able to make millions from it which is true but that is not going to come overnight and it has to come from years of consistent hard work.

You should also know that you cannot just be making money by being lucky . This means that you really have to bend it down to put in work if you want to really be successful . You should take time to research about the market and constantly build on your own knowledge with the new materials that are coming every day to match the changing environment .

Risk management is the most important thing in forex market and sometimes even when your setup is good , you can be able to fail and lose money if you do not know how to manage risk appropriately.

 

[Lemy1985]

Fear is a characteristic feeling that individuals face a great deal all through their life. What's more, since Forex is still a seriously unsafe business, numerous merchants, the two fledglings and experienced ones, need to manage their apprehensions in exchanging. Would you be able to dispose of this inclination and transform into a totally dauntless broker? Barely. However, there is most certainly a method for limiting the fear and furthermore become more impervious to it. fear itself isn't quite so awful as the effect that it has on merchants: fear deadens some of them, handicaps their sharp personalities and influences the choices. Yet, when you figure out how to control your feelings of trepidation, you get to the new level of the market open doors.

 

[Asahi]

Well, you can start with the technical analysis but to be a consistent player, you need a combo skill on the technical & fundamental! On the other hand, money management is another important consideration here! So, if you are newbie, just focus on learning! Wish your luck!

 

[Ponmo]

Before venturing into the forex market, it is important to know what it really is about and how it can help you achieve your financial goals. Forex trading refers to the act of buying and selling global currencies. Spot contracts, swaps, forward trades, and options are the four types of currency trading.

 

[Sotherefore]

That is really a nice explanation of what the forex market is all about, so many people are just interested in the forex market just like you said . And these people who knows how to trade perfectly can be able to earn money with it and I have seen a lot of them who even considers it to be their full such of income.

Is just the trading aspect that seems like it is something difficult for people to do because considering the fact that you have to trade an extreme volatile market really shows that you must be very careful of what you're doing , if not you might be at risks of losing your money.

A lot of people are always losing their money even up to this day especially those that don't really understand the market perfectly . From what I have research , it requires a serious understanding of technical analysis and also the fundamental analysis to stand a good chance of making money on the system .

I have attempted forex trading before using a demo account , that was long time ago and I wasn't really satisfied with my results, That's why I have to give up on it.