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

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