Is there any risk in forex trading?
Yes there is risk in forex trading, like very other investment in the world. But it is less risky than trading in orher markets. In facts, you can only loose what you decide to: the system of stop loss let you choose before the trade, how much you want to risk. you have a minimal risk for unlimited potential.
Can I try first for FREE?
You can try forex for free trading a demo account. Majority of brokers one month free trading without any obiligation. In most case you will have $50,000 to start (not real money). Once you are profitable move into real account with small investment.
Is forex trading too difficult?
No, trading forex is not too difficult anyone can do it. You don't need to watch blooberg TV every morning or to buy every financial newspaper to determine the trend. The forex market is highly predictable.
When does forex trading occure?
Forex begins from Tokyo session each week from Monday morning in the Asia-Pacific region (Sunday evening in the Americas). Trading continues none stop, moving into the London Session and on to the New York Session untill market close on friday afternoon.
What are the primary currencies traded in forex?
For most online brokers, there are six main curreny pairs that are heavily traded and that offer immediate liquidity most of the time. These are:
EUR/US Dollar
US Dollar/Japanese Yen
British Pound/US Dollar
US Dollar/Swiss Franc
Austrian Dollar/US Dollar
New Zeland Dollar/US Dollar
Who participate in the FX market?
Central,comercial and investment banks have traditionally dominated the forex market. Others includes international money managers and brokers, multinational corporations,registered dealers, option and futures traders and private investors.
What are foreign currency exchange rates are what it costs to exchange one country's currrency for another country's currency. For example, if you go to England on vacation, you will have to pay for your hotel, meals, admission fees souvenirs and other expences in British pounds.
Aussum you go to your bank before you leave and buy $1000 worth of British pounds. If you get 565.83 British pounds (GBP 565.83) for your $1000, each dollar is worth .56583 British pounds.
If GBP 565.83 is not enough cash for your trip, you will have to exchange more US dollars for pounds while in England. Assume you buy another $1000 worth of British pounds from a bank in England and get only GBP 557.02 for your $1000. The exchange rate for converting dollars to pounds has droped from .56583 to .55702. This means that the US dollar are worth less compard to the British pounds than they were before you left on vacation.
Assume that you have GBP 100 left when you return home. If the bank give you $179.31, each British pounds is worth 1.7031 dollars. This is the exchange rate for converting pounds to dollars.
Theoritically, you can convert the exchange rate for buying a currency to the excange rate for selling a currency, and vice versa, by dividing 1 by the known rate. For example, if the excange rate for buying British pounds with US dollars is .56011, the exchange rate for buying US dollars with British pounds is 1.78538 (GBP .56011 = $1.78536). This is how newspapers often report currency exchange rates.
I have always been afraid of Forex because people have made it look like lost, lost, lost. But you are presenting it in another format now, thanks.
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Is true when you are in another country you have to change the currency to what they are using
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I don't really know much about forex trading. But with your explanations, It's something every one can do. Please, I will like you to guide me on how to go about it.
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@noble316, we are happy to read this well arranged post from you educating us on forex trading. Many always say, there is no disadvantage in forex trading. But you opened our eyes to know its advantage and how to deal with it. Thank you, keep posting
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Hi @noble316,
Thank you for educating us on the meaning of forex and how it is done.You have also made us to know about the primary currencies in forex.Setting stoploss is a very nice feature because it will help to minimize loss in the event that the market goes against the direction of the investor.
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@noble316, thanks for this tutorial on forex trading. At least with your help, i have come to know that i can set or control my loss. Thank you
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