What is Forex?

Forex, also known as foreign exchange, FX or currency trading, is a decentralized global market where all the world's currencies trade. The forex market is the largest, most liquid market in the world with an average daily trading volume exceeding $5 trillion. All the world's combined stock markets don't even come close to this. But what does that mean to you? Take a closer look at forex trading and you may find some exciting trading opportunities unavailable with other investments.

Three Types of Forex Market Analysis

To begin, let’s look at three ways on how you would analyze and develop ideas to trade the market.There are three basic types of forex market analysis:

                      Technical Analysis

                      Fundamental Analysis

                      Sentiment Analysis

Let’s take a look at the three most popular types of forex charts:

                      Line chart

                      Bar chart

                      Candlestick chart

"The gold market is clearly lacking direction at the moment. There is uncertainty in financial markets, which is positive for gold. At the same time, the gold market continues to face headwinds from a stronger U.S. dollar," Julius Baer analyst Carsten Menke said.

"Despite these trade tensions, gold is not attracting any safe-haven flows at the moment."

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Forex Market Players

You are betting that the Japanese economy is doing well, and will even get better as time goes. Once you sell those “shares” back to the market, hopefully, you will end up with a profit.

                     Major Participant

    

In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country’s economy, compared to other countries’ economies.

By the time you graduate from this School of Pipsology, you’ll be eager to start working with currencies.
Major Currencies

While there are potentially lots of currencies you can trade, as a new trader, you will probably start trading with the “major currencies.”

What Is Forex?

What is forex? Quite simply, it’s the global market that allows the exchange of one currency for another.

If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting.

When you do this, you’ve essentially participated in the forex market! You’ve exchanged one currency for another.

Or in forex trading terms, assuming you’re an American visiting Japan, you’ve sold dollars and bought yen.

Before you fly back home, you stop by the currency exchange booth to exchange the yen that you miraculously have left over (Tokyo is expensive!) and notice the exchange rates have changed.

What is Forex Trading

• What is forex? Quite simply, it’s the global market that allows the exchange of one currency for another.
  If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting.
• The forex market is open 24 hours a day and 5 days a week, only closing down during the weekend. (What a bunch of slackers!)
  So unlike the stock or bond markets, the forex market does NOT close at the end of each business day.
  Instead, trading just shifts to different financial centers around the world.
  The day starts when traders wake up in Sydney then moves to Tokyo, London, Frankfurt and finally, New York, before trading starts all over again in Sydney!
  In the next section, we’ll reveal WHAT exactly is traded in the forex market.

For an Indian trader, there is a difference between domestic and global currency markets in so far as the legal aspect is considered. However, we have covered the currency market as a whole to give you complete knowledge about currency trading.

While you may come across many alternative avenues for trade currencies, before you actually start doing so, you must be clear on the legal aspects. Although Indians can now legally trade in currencies, they can only do so in rupee, and only on exchanges authorized by the RBI.

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