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January 22, 2013 by · Leave a Comment
Filed under: Forex, Make Money 

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How Forex Works: Currency Trading Exposed

February 3, 2011 by · Leave a Comment
Filed under: Forex, Make Money, Reviews 

What is FOREX?

Currency Forex Trading, also known as FX Trading is an alternate way you can make money in a trading environment. Everyone has heard of the New York Stock Exchange (NYSE) or the Chicago Mercantile Exchange (CME), each featuring either stock trading or options and futures trading. Forex or FX Trading involves the buying and selling of currencies instead of stocks, bonds, options or futures.

FOREX stands for the FOReign EXchange market, which is the international financial market where currencies are traded. The foreign exchange market began in the 1970s and is now the largest financial market in the world, with an average daily turnover of US $1.9 trillion. That’s 30 times the amount of daily activity on all of the US stock exchanges combined.

FX trading is also very different, in that, there is no physical floor or exchange area like there is in New York or Chicago where the Currency Market is located. The Foreign Exchange Market(Forex) or FX Market can only be accessed by phone or by electronic network.

Forex Market Hours

The advantage of not having a central location, but instead having an electronic network, is that Currency Forex Trading can operate 24 hours a day. In fact, the Currency Exchange is open for trading all day and night during work days, roughly 5 days a week.

Forex Market hours begin at 7:00 pm each Sunday, New York time, currency forex online trading begins as markets open in Tokyo, Japan. Next, Singapore and Hong Kong currency markets open for FX trading at 9:00 pm EST, followed by the European markets in Frankfurt (2:00 am), and then the currency trading begins in London at 3:00 am. By 4:00 am, all European currency forex trading markets are in full swing, and Asia has concluded their currency trading day. Then the U.S. markets open first in New York around 8:00 am Monday, just as Forex market hours in Europe wind down. Australia will take over with the start of their currency trading around 5:00 pm, and by 7:00 pm Tokyo is ready to re-open. All of the Forex market hours above were quoted in Eastern Standard Time (New York). And so you can see that the trade of World Currencies takes place round the clock basically from Sunday evening until late Friday night.

FX Trading: Buying and Selling Currencies

Since the FX Trading Market is the largest financial market in the world, it is also the most liquid. This means it is easy to get in and out of a position whenever you want. The more liquid a market is, the easier it is to initiate and fulfill a transaction. Of course, the objective when currency trading in any market is to buy low and sell high. With Forex Trading available online, a person buys and sells the currencies of other nations from his or her computer. For instance, if one believes the U.S. Dollar will strengthen against the EURO they can buy Dollars now and sell them later at a profit.

Traders are able to take advantage of intra-day volatility thanks to the low spreads and enter positions for short time periods, such as minutes and hours. Unlike equity trading, where restrictions limit a trader’s ability to profit from a market down turn, there are no such constraints on currency trading. Currency traders can take advantage of both up and down trends thus increasing their profit potential.

FX Trading Market Symbols

The most commonly traded currencies are The US Dollar (USD), the EURO (EUR), the Japanese Yen (JPY), the Pound of Great Britain (GBP), the Swiss Franc (CHF), Canadian Dollar (CAD), and Australian Dollar(AUD).

All currencies are traded in currency pairs and each currency is represented by a 3 letter code. Therefore, a rate, which consists of a pair of currency codes, will end up being a 6 letter code. For instance, USD/GBP is considered a currency pair with each containing three letters for a total of 6 in a rate. The most commonly traded currency pair is EUR/USD.

All Forex trades result in the buying of one currency and the selling of another (currency trading), simultaneously.

Your objective when Trading Currency options is to make sure you can correctly identify the current trend in the currencies you are trading and to make sure you are buying a currency which is appreciating in value and selling a currency which is depreciating.

“Going Long” and “Going Short” in Forex Day Trading

Buying or “going long” the currency pair implies buying the first, base currency and selling an equivalent amount of the second, quote currency (to pay for the base currency). It is not necessary to own the quote currency prior to selling, as it is sold short.

You would buy a currency pair if you believe the base currency will go up relative to the quote currency, or equivalently that the corresponding exchange rate will go up.

Selling or “going short” the currency pair implies selling the first, base currency, and buying the second, quote currency.

You would sell a currency pair if you believe the base currency will go down relative to the quote currency, or equivalently, that the quote currency will go up relative to the base currency.

An open trade or position is one in which you have either bought or sold one currency pair and have not sold or bought back an adequate amount of that currency pair to effectively close the trade.

When you have an open trade or position, you stand to either profit or lose from fluctuations in the price of that currency pair.

Forex Currency Trading Software

Different than stock trading, you will trade using special software programs which allow you to participate in Online Forex Trading. These Forex Trading systems are often referred to as Forex Robots.

Most traders agree that Forex Trading Robots give you an advantage as it removes all “emotion” from the Forex trading platform. The robots rely on proven, tested and quite highly accurate Forex signals to govern their FX trading.

In addition, most of these Forex trading platforms allow you to test your Forex Strategies in a “practice mode” before you actually use your own money.

Currency Forex Online Trading

Forex trading is the backbone of all international capital transactions. Compared to the slim profit margins rendered in other areas of commercial banking, huge profits are generally produced in a matter of minutes from minor currency market movements. Some banks generate as much as 60% of their profits from trading aggressively.

Trading volume has been growing at a rate of 25% per year since the mid-1980s and therefore it makes it true that the currency market is one of the world fastest growing industries.

Technology is having a huge effect on the FX market and millions of Dollars are moved from one currency into another every second of every day by banks and financial institutions through computers and, for the savvy investor, with the touch of a computer key.

Currency Trading can be an exciting alternative to the stock, bond, option or commodities markets. To some, it is a simpler way to trade and profit. To others it is a welcome break from disappointing corporate news that can drive a stock down dramatically within a few short minutes, even in seconds.

Whatever your reason, Forex currency trading may be just the break you need from other investments you are tired of watching do nothing or, worse yet, continue to decline in value. After all, this is money! You like money, don’t you?

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