Forex Trading For Beginner | What is Forex Trading ?
What is Forex Trading ?
Forex is short for foreign exchange. The foreign exchange market or Forex or currency market is the market where one currency is traded for another. Forex is acronym of Foreign Exchange. You can earn money with this technique. Daily turnover in global foreign exchange markets is estimated at $4 trillion. It is one of the biggest markets in the world.
Forex is one of the best business opportunities online. Buy other countries money when they get lower, sell other countries money when they get higher. Currency market works 24-hours a day. Because world turns and some country goes night and other country goes noon at the same time.
Each currency is represented by 3 letters: JPY for the Japanese Yen, GBP for the British pound, USD for the US dollar, CAD for the Canadian dollar etc. The first currency in a currency pair is the “base currency” and the second currency is the “counter currency” or secondary currency.
Of course, Forex trading is a very risky business. Remember, This is not a market for beginners. The price movement could go against you and then you would end up with less money instead of more when converted back to your own currency. It is definitely advisable to research considerably before trying this type of investment.
Trading currency in the foreign exchange market (forex) is fairly easy today with three types of accounts designed for retail investors: standard lot, mini lots and micro lots. Beginners can get started with a micro account for as little as $5
If you are new in forex market and If you meet with scammer they can easily understand you are new. So be careful about that scammers. New starters always easy fish at this market.
There are many broker’s available on the internet. All forex trading done by investors and retail traders must be facilitated by a forex broker. If you want to know more about trading in Forex, please search. Thank you for reading.