Foreign exchange market, shortly named just Forex, allows to trade currencies. Foreign exchange market is the largest financial market in the world with an average of $2.3 trillion traded every day.
Foreign exchange market, shortly named just Forex, allows to trade currencies. Foreign exchange market is the largest financial market in the world with an average of $2.3 trillion traded every day. We can find here banks, speculators, governments, financial institutions and others who are involved in Forex market. Foreign exchange helps to convert one currency to another one, this market is still growing and its daily turnover is increasing rapidly.
The modern foreign exchange market started forming during the 1970s, countries did switch from the exchange rate regime to floating exchange rates.
Foreign exchange is working 24 hours a day, except weekends starting from Sunday at 22:00 UTC, and finishing off on Friday at 22:00 UTC.
The Forex market is so large and consists of so many participants that none of them, or government, can control the direction of the market on the world.
Companies that have large financial exposures in overseas economies participate in the foreign exchange market to offset the risks of international investing. Speculator traders, investors and traders invest money to buy and sell foreign currencies, hoping to profit from price fluctuations.
These banks continually provide prices (“bid” to buy and “ask” to sell) for each other and the broader market. Various private data reporting services provide this “live” price information via the Internet.
There are brokerage companies that allow individuals to trade currencies over the internet. Most of these companies have started servicing clients over the internet. The internet is a tool used to facilitate trading and open live accounts for their customers.
Everyone can get involve into this business quickly, it attracts, it is new, lots of money, make easy money. Especially the idea of making lots of money in fast way, usually bring us to losses. Lots of emotions are around us while trading in Forex market. Those ones who have strict rules of trading, are more confident and they know what they are doing. The most important advice is, do not enter the foreign exchange market with closed eyes not being familiar with foreign exchange. The second advice is based on the first one, find your trading methods which suits you the best. And the last one – keep your rules and trading method.
All of this looks simple and very easy to grasp, but it requires determination, experience and time.
It is not important where the market goes, it is important how you follow it.
Thank you and good luck!