Forex or Foreign Exchange , Quite simply, it's a Global Market that allows you to trade two Currencies against each other . For example : If you ever traveled to another country, you usually have 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. You go up to the exchange counter and you notice a screen displaying different exchange rates for different currencies. You find United States Dollar (USD) and you notice that if you wanna get a Dollar you must have at least 75 Rupees. That means the value of USD in India is above 75 Rupees. Then you Exchange the Currency for another and you automatically participated in the Forex Market !
Forex or Foreign Exchange, Quite simply, it's a Global Market that allows you to trade two Currencies against each other.
For example : If you ever traveled to another country, you usually have 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.
You go up to the exchange counter and you notice a screen displaying different exchange rates for different currencies. You find United States Dollar (USD) and you notice that if you wanna get a Dollar you must have at least 75 Rupees. That means the value of USD in India is above 75 Rupees.
Then you Exchange the Currency for another and you automatically participated in the Forex Market !
What is Forex Trading ?
In Forex trading terms, assuming you are a Indian visiting United States, you have sold Rupees and Bought Dollars at the rate of 75 ( 1 USD = 75 Rupees). You bought 1000 Dollars with 75000 Rupees. But fortunately you didn't spent a single money and have the all 1000 Dollars as it was.
Before you fly back to home you stop by the currency exchange booth to exchange the Dollars you have into Rupees and there you notice the rate changed. And you got 77000 Rupees with the 1000 Dollars you had at the rate of 77 ( 1 USD = 75 Rupees).
Now you will understand that how you got profit of 2000 Rupees by the changes of exchange rates. By the process mentioned above, you participated in Forex Trading Market ! Simply, Forex Trading is the changes between the currency exchange rates that allows you to make money in the Forex Market.
The Foreign Exchange Market or, which is usually known as "Forex" or "FX", is the largest liquidity or financial market in the world with its $6.6 Trillion a day trade volume.
Aside of its size , the maker also rarely closes! it's open virtually round the clock.
The Forex Market is open 24 hours a day and 5 days, only closing down during the weekends (Saturday, Sunday).
The FX market is a Global, decentralized market where the world's currencies change hands. Exchange rates change by seconds so the market is constantly in flux.
Now, if you know how to make money from Forex or FX Market and you start trading them, you became a Forex Trader.
Traders buy currencies hoping that they will be able to sell them in higher price in the future.
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