Forex Trading For Beginners
The Forex market is a foreign exchange market where one buys and sells currencies on a worldwide basis. Being the largest and most liquid market in the world, it operates 24/5, with the volume exceeding $6 trillion per day. To the uninitiated, Forex seems to be some sort of incomprehensible thing, but mastering the basics is actually the first step to success.
In the Forex market, the trade is executed in currency pairs; for example, EUR/USD. The first one is a base currency, and the second one is a quote currency. The traders will buy, if they think that the base currency will increase its price in relation to the quote currency or sell, in case of expecting its decline.
Some basic terms to be remembered are:
PIP: This is the minimum movement in pricing for a currency pair.
Leverage: Note that with a smaller investment, one may also have a bigger position.
Spread- the difference between prices of buying and selling.
Learn the basics first, choose a good broker, and open a demo account where you can improve your skills without losing real money. You have to create a trading plan, manage your risks with care, and scale up your account after some time. Forex trading is profitable if you have knowledge combined with discipline.
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