Forex and what heck is it?
what the heck is currency pair and how the heck does it work?
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This entry was posted on Tuesday, January 13th, 2009 at 6:42 am and is filed under forex trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
January 13th, 2009 at 6:42 am
Forex is the currency exchange market, the place you buy and sell currencies against one another.
A currency pair is the rate of exchange of two currencies, i.e. one apples buys you x oranges, where apples and oranges are currencies, like dollars, euros, yuan, yen, etc.
Trading currency is a game of betting on the rate of exchange changing and making money based on it, essentially a form of arbitrage.
January 13th, 2009 at 6:42 am
haha currency pair. for example, USD and Aus Dollar. Of course i would use US Dolalr to buy aus dollar. let's say i used 10 us money to buy 15 aus dollars. Now if USD goes down, i would buy more us dollar with australian money than i originally bought
$10 (US) = $15(aus)
now us goes down which means aus now goes up
so 15 aus dollar now can buy more US money, definitely more than $10
January 13th, 2009 at 6:42 am
Forex trading is basically buying one currency against another. Every currency has a code. For example:
U.S. Dollar = USD
Japanese Yen = JPY
Euro = EUR
British Pound = GBP
In order to execute a trade, you have to pick a pair. The most traded pair is the U.S Dollar/Euro pair (USD/EUR). And the way it works is if one currency of a pair goes up, the other currency goes down. And to make money you have to pick the currency that's going up. It's that simple.
The good thing about Forex trading compared to the stock market is that Forex is practically open 24 hours a day (except on the weekends). A good number of trading starts Monday 9:00 AM Japan time (which is Sunday 7:00 PM in New York) and continues throughout the week non-stop and ends the week about 5:00 PM New York time Friday night.
Compare that to the stock market, which is open 9:30 AM to 4:00 PM New York time Monday thru Friday.
January 13th, 2009 at 6:42 am
short question but needs profound answer but to make it also short, register to this site to download a Free Forex Ebook and a Free Demo account. these two will help you a lot in understanding how what and how forex works. all the best.
January 13th, 2009 at 6:42 am
have organized a course on Forex this weekend let me know if u r interested.
http://www.trade.hashcod.com/
percy3687@gmail.com