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How start FOREX trading.
Posted Date: 29 May 2008 Resource Type: Articles/Knowledge Sharing Category: How things work
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Posted By: jspcodes Member Level: Silver
Rating:  Points: 3
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FOREX this term means FOReign EXchange. i.e trading between two different foreign currencies. A FOREX market functions for 24 hours a day. And it works for 5 week days. The important thing in forex is exchange rate. All selling and earnings are based on "exchange rate " or simply "rate". And every trading is performed via brokers(major banks dealers).world currencies do not have a fixed exchange rate and are always fluctuating being traded in the currency pairs like Euro/Dollar, Dollar/Yen an others.
A rate has two country currency value say EUR/USD it means Euro vs US dollar.
How to trade forex
You have to know the exchange rate first.
For example, the exchange rate of EUR/USD on Aug 26th, 2003 was 1.0857. This number is also referred to as a "Forex rate" or just "rate" for short. If the investor had bought 1000 euros on that date, he would have paid 1085.70 U.S. dollars. One year later, the Forex rate was 1.2083, which means that the value of the euro (the numerator of the EUR/USD ratio) increased in relation to the U.S. dollar. The investor could now sell the 1000 euros in order to receive 1208.30 dollars. Therefore, the investor would have USD 122.60 more than what he had started one year earlier.
Forex Market
Forex market doesn't have any exchange center unlike the stock market.
However, forex too has some risks. But predicting the risks is some what easy compared to other stocks. Hope this will provide you some basics regarding FOREX.
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