The Professional Forex Trading Course - Lesson 4 - Forex Basics Part 1

in #finance7 years ago (edited)

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What is Forex?

  • The Foreign Exchange (Forex) market is one which a nation’s currency is traded for that of another at a mutually agreed rate.
  • Forex market is run electronically within a network of banks, 24 hours, 5 days a week.
  • Largest market in the world - $ 3 trillion per day versus $ 500 billion for stocks

What we need for The Business of Forex Trading

  • Minimal Investment
  • Mini trading account starts at USD 200 at least
  • Minimal time commitment
  • 3 – 6 hours a day is more than sufficient
  • No need any employee, office or inventory.
  • Recession Proof!
  • To succeed, you must be willing to work hard and master this professional skill
  • 24 – Hour market gives flexibility
  • Build your business from anywhere in the world. All you need a laptop or internet connection.
  • Plan your daily routine. Always pay attention at the time of American market, Europe market and Asia market.

FOREX BASICS

Forex is quoted in currency pairs. Each currency is given a 3 – letter code.
Here I am showing you 8 most currency symbols

  • EUR Euro
  • USD US Dollar
  • GBP British Pound
  • JPY Japanese Yen
  • CHF Swiss Franc
  • AUD Australian Dollar
  • CAD Canadian Dollar
  • NZD New Zealand Dollar

Other currency symbols

  • SEK Swedish Krona
  • DKK Danish Krona
  • NOK Norwegian Krona
  • SGD Singapore Dollar
  • ZAR South African Rand

A Professional Trader only trades the most common & liquid 7 Pairs:
EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD, ANS USD/CAD

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