Don’t waste your time – keep track of how NFP affects the US dollar!
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Forex, FX – short for ‘foreign exchange’ – is trading currencies of different countries against each other. Forex is one of the largest global financial markets for trading various currencies. It assists international trade and investments via foreign exchange transactions. In 2016 daily FX volume accounted for $5.1 trillion, according to data from the Bank of International Settlements (BIS).
There are many different players in the FX market. Some trade to make profits, others trade to hedge their risks and others simply need foreign currency to pay for goods and services. The main participants of trading are commercial banks, that’s why currency quotes are set at the interbank market. Apart from large commercial and central banks and multinational companies, there are also many risk-seeking investors who are always ready to engage in different sorts of speculations. Among them are typical retail traders – individuals, who trade on a daily/weekly basis to snatch lots of money. Many of them scrutinize economic and political news, statistical releases and public engagement of influential persons to decipher the future movement of currency’s prices. Others rely on technical indicators without paying any heed to what is happening in the world of finances. You as well are able to participate in the Forex market and join this class of currency entrepreneurs.
Forex market is decentralized. In other words, there is no physical location where investors go to trade currencies. Forex traders use the internet to check the quotes of various currency pairs from different dealers. Financial centers around the world – London, New York, Tokyo, Hong Kong and Singapore – function as anchors of trading between a wide range of different types of buyers and sellers. To obtain access to interbank currency market you will need to turn to a Forex broker.
FX trading is typically done through brokers. Brokers are companies providing individuals like you with access to the interbank market where all the trading takes place. In other words, a broker gives you a special software program, where you can see live currency quotes and are able to place orders to buy/sell currencies with just a few clicks. When you decide to stop your trade, the broker closes the position on the interbank currency market and credits your account with the gain or loss. It will take you only a couple of minutes to open an account with the Forex broker of your choice and begin your trading career. As a reward for the services, a trader pays to his broker spread or commission.
When choosing a broker, pay attention to the company’s reputation, its history in the market and, most importantly, ensure that the broker is regulated. FBS is providing high-quality services to its clients since 2009 and is widely recognised as one of the market leaders. Its worldwide success doesn’t prevent the company from being extremely customer-driven and meeting the needs of every single trader. FBS support is always ready to help you and is available 24/5. In addition, it’s important which trading conditions a broker offers. In particular, compare the execution speed, spreads, swaps and commission. FBS can boast split-second execution, spreads from 1 pip and many other benefits for traders.
This tutorial is created to acquaint you with Forex basics and explain you in simple terms how to trade currencies. This will be your first step in becoming a successful Forex trader. Please check our next courses to further develop your trading skills.
