Forex Market Backstory
Here is an old tale for beginners. Every time you start digging into information about forex, there would be millions of resources waiting to be explored.
Don't worry, though! We've managed to capture the essence and roll out the way to learn forex easily. So, let's cut to the chase and make the story short and effective.
What Is Forex?
Forex (foreign exchange) is the global decentralized market where currencies are traded. As such, forex trading involves pairs of currencies, where one currency is exchanged for another at an agreed-upon exchange rate.
The forex market operates 24 hours a day, five days a week. It is the largest and most liquid financial market in the world, with trillions of dollars worth of transactions happening every day.
Learn further:
- Forex Trading: 10 Things Beginners Must Know
- The Structure of Forex Market
- 5 Ways to Get Free Trading Education from Brokers
What Are Forex Brokers and Why Are They Important?
Forex brokers are financial companies that facilitates the buying and selling of currencies on the forex market.
They are very important especially to individual traders because they act as the intermediary between you and the vast, global forex market, where you can trade currencies. They essentially provide you with a platform to buy and sell currency pairs.
Learn further:
- The Importance of Forex Brokers and How to Choose Them
- Beginner's Guide to Choose Forex Brokers
- Best Forex Brokers For Beginners
How to Get Profit from Forex?
The simple answer is: buy a currency from a low price and sell it at a higher price, or sell a currency from a high price and buy it at a lower price.
The real practice is not that simple because you need to know what currency to buy/sell, where is the best price to buy/sell, and when is the right time to close the trade.
Learn further:
- How to Earn Consistent Profit from Forex Trading
- Learn How To Take Profit Professionally In Forex Trading