I will try to make this tutorial as fun as possible so that you can learn about Forex trading and have a good time doing it.
Upon completion of this course you will have a solid understanding of the Forex market and Forex trading, and you will then be ready to progress to learning real-world Forex trading strategies. What is the Forex market? Forex is a product quoted by all the major banks, and not all banks will have the exact same price. Now, the broker platforms take all theses feeds from the different banks and the quotes we see from our broker are an approximate average of them. So here is the history of the Forex market in a nutshell: Insomething called the gold exchange standard was implemented.
Basically it said that all paper currency had to be backed by solid gold; the idea here was to stabilize world currencies by pegging them to the price of gold.
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It was a good idea in theory, but in reality it created boom-bust patterns which ultimately led to the demise of the gold standard. The gold standard was dropped around the beginning of World War 2 as major European countries did not have enough gold to support all the currency they were printing to pay for large military projects. Although the gold standard was ultimately dropped, the precious metal never lost its spot as the ultimate form of monetary value. The world then decided to have fixed exchange rates that resulted in the U. In the U.
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It was this break down of the Bretton Woods System that ultimately led to the mostly global acceptance of floating foreign exchange rates in Forex trading as it relates to retail traders like you and I is the speculation on the price of one currency against another. For example, if you think the euro is going to rise against the U. Being a Forex trader offers the most amazing potential lifestyle of any profession in the world. Money management is key here; leverage is a double-edged sword and can make you a lot of money fast or lose you a lot of money fast.
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The key to money management in Forex trading is to always know the Fordx dollar amount you have at risk before entering a trade and be TOTALLY OK with losing that amount of money, because any one trade could be a loser. More on money management later in the course. Banks — The interbank market allows for both the majority of commercial Forex transactions and large amounts of speculative trading each day. Some large banks will trade billions of dollars, daily. Companies — Companies need to use the foreign exchange market to pay for goods and services from foreign countries and also to sell goods or services in foreign countries.
Getting Started Learning to trade in the Forex market can seem like a daunting task when you're first starting out, but it is not impossible. The Eight Majors In no specific order, the eight currencies every Forex trader should know are the U. Yield Drives Return In every Forex transaction, you are simultaneously buying one currency and selling another. Since every currency in the world is attached to an i nterest rate set by the central bank of that currency's country, you are obligated to pay the interest on the currency that you have sold, but you also have the privilege of earning interest on the currency that you have bought.
Low Spreads Save Money The difference between the price at which a currency can be FForex and the price at which it can be sold is called the spread. It is calculated in " pips ," and this difference is how Forex ilve make their money, since they don't charge commission. Foerx comparing brokersyou will find that the time spent shopping around is worth it, as the difference in spreads can by very large read How To Pay Your Forex Broker. Look For A Reliable Institution Forex brokers are usually tied to large banks or lending institutions because of the large amount of leverage they need to provide. You can find this and other financial information and statistics about a forex brokerage on its website or on the website of its parent company.
These trading platforms often feature real-time charts, technical analysis tools, real-time news and data, and even support for trading systems. Before committing to any broker, be sure to request free trials to test different trading platforms.
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Brokers usually also provide technical and fundamental commentaries, economic calendars and other research. Keep Leverage Options Inntro Leverage is necessary in forex trading because the price deviations the sources of profit are merely fractions of a cent. Leverage, expressed inrto a ratio between total capital available to actual capital, is the amount of money a broker will lend you for trading. For example, a ratio of Many brokerages offer as much as Remember, lower leverage means lower risk of a margin callbut also lower bang for your buck and vice-versa. Avoid Shady Brokers Sniping and hunting — or prematurely buying and selling near preset points — is used by shady brokers to increase profits.
Of course, no broker will admit to committing these acts, and into is no blacklist or organization that reports such activity. Besides, when you are trading with borrowed money, your broker can buy or sell at its discretioneven if you had enough cash to cover. If your position takes a dive before rebounding to all-time highs, some brokers will liquidate your position on a margin call at the low.