Forex Basics - What is Forex?

[ali222]

Generally speaking, the most active forex trading hours all around are between the London markets opening around 8:00 GMT and end with the markets in the US closing around 22:00 GMT. The absolute busiest time in the forex markets are during the London to US overlap between 13:00 GMT to 16:00 GMT. These are the hours that are the most liquid or when the most traders are in the markets making trades. If your intention is to do daytrading, these are key hours!

 

[riddick09]

Of course, these are simply the biggest market sessions we have in the world. Obviously, we can see how these in the major pairs we are trading and going to see they are volatile at those times. The overlapping of these two market sessions is the time mostly traders start monitoring the market.

 

[Cutiekc]

Thats right forex is a very recongnized business all over the world and well reputated bucause it is very transparent,well forex has so many definitions because we have different view to it,some people will say that forex trading is an unpredictable market where cureency are being sold simutaneously by buying and selling.

 

[Achiever2015]

That was really an elaborate post on forex as it concerns preliminary knowledge. These aspects as discussed above is fundamental for every would-be forex traders to know before getting to know the depth and intricacies of forex.

 

[usman khan]

good question Forex is a world wide money exchange business in it trader trade on currency because he is market of currency exchange in it discussion of gold and silver analysis and fundamental analysis.this is a basic Forex.thanks

 

[glucoseguy]

I'm a newbie to Forex although I'm yet to consider practicing it because I have little or no knowledge of Forex but from the article provided by our Mod, I've learned that it has to do with exchanging/buying and selling of different currencies and the profits gained by a trader depends on the value of the exchange rate of the currencies involved.
My question is as thus: "is it possible for someone to get scammed if he intends to buy or exchange a currency?"

 

[Achiever2015]

[MENTION=482]glucoseguy[/MENTION]: From knowledge and experience, scamming in forex is not common though it exists. However, most scamming occur through transaction with uncertified forex brokers. Thus, newbie should not just register under any broker. He/she must ensure there's enough proof that the broker in question is certified by recognized regulatory bodies. These regulatory bodies differ from one country to the other

 

[Taha Nizam]

forex trading is a good avenue that is why its good to follow up with things here.so for the reason why brokers really reside in Cyprus I don't know the exact reason but I know that its from the tax which they have and the low charges.

 

[budado]

Forex is a simple exchanging of one currency to another and the spread or the difference of the price is what exchanger earn. I do like to earn good amount of money doing exchanger also. Sad to say we really need to have big capital if we want to put up money exchanger.

 

[Achiever2015]

Forex trading has come to stay and its growing by the day, both in the volume of trades and its increasing popularity among youths. Forex actually has provided great opportunities to a lot of people to make money.

 

[glucoseguy]

[MENTION=482]glucoseguy[/MENTION]: From knowledge and experience, scamming in forex is not common though it exists. However, most scamming occur through transaction with uncertified forex brokers. Thus, newbie should not just register under any broker. He/she must ensure there's enough proof that the broker in question is certified by recognized regulatory bodies. These regulatory bodies differ from one country to the other

I appreciate your reply as I find it very informative. I've learned that the key to avoid getting scammed as a newbie to Forex is to ensure that we register under a legit Forex Broker. I'm just wondering if there's any way to know if a Broker is a certified one

 

[hadg33]

Of course,one needs to register under a legit and recognised forex broker so that the trader won't get scammed,but i think joining the right broker is nor the real forex basics,knowledge can be said to be the forex basics,without having knowledge about forex,there is no how that one would be able to trade

 

[Achiever2015]

I agree with hadg33 on the fact that registering with a good or reliable broker is not primary to forex. Rather acquisition of knowledge that informs us of what forex is about should be seen as basic to any other thing.

 

[budado]

The most basic principle of forex trading is buying and sell. So simple that if the price goes up and you have buy position you make profit. If the price goes down and you have sell position you make profit. And the view or thinking like this means that theirs a 50-50 chance that we can make profit. Then how come that most trader earn up losing in forex? in fact 90% loss in forex.

 

[riddick09]

Definitely it is. And the result of your trades can either be profits or losses. Not easy to determine which the market direction will be. Since, it's the basic thing about Forex trading that it can go uptrend or downtrend as it's all up to us how good and feel the market condition and analysis.

 

[hadg33]

Know when the currency is going up and down is part of knowledge,if you don't know about that,that means you would trade in the wrong way and that would result to trade,so we all are still saying the same thing

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Knowing when the currency is going up and down is part of knowledge,if you don't know about that,that means you would trade in the wrong way and that would result to trade,so we all are still saying the same thing

 

[Biodun]

great post. it is very helpful for people. i will tell my other friend to visit that site for there help. thanks
for the nice article.

 

[Markllee30]

Forex also known as FX, is short for foreign exchange market. It is the market where all open currencies are traded. So if you are watching the news at night and you hear the financial person on the TV say the US Dollar (USD) has gotten stronger or weaker against the Euro, what they are talking about is the global currencies market known as Forex.

 

[monyitomon]

We just going to predict based on our analysis, that's why it's really important that before we do a trade, we must really thoroughly analyze the market because most of the traders who do don't really spend time doing that.

 

[sindarin]

so that is why we need to be careful here sometimes our analyzation , it will make us loss more if we don't become a careful traders, make sure we know what we take and the risk, and actually market movement is something that is easy while hard to predict, it is so bad if we take wrong move here