Forex and forex trading are terms you hear every day but neglect to know more in depth. Short for foreign exchange, forex and all its aspects are more important to traders than to the ordinary citizen. If you are planning to be a trader, then this article is for you.
For a more comprehensive study, forex seminars are available in Singapore. Forex expert Phillip Futures Pte Ltd says there are workshops specially tailored for traders with different levels of experience, knowledge and interests.
What Is Forex?
Forex, or FX, is the largest financial market in the world. Traders place and trade currencies all over the world in this market. It is even bigger than the New York Stock Exchange (NYSE) and has a trading volume of up to $5.3 trillion a day.
As an ordinary individual, you take part in Forex whenever you travel abroad. You can also take part by joining the trade. Companies need to exchange their home currencies to transact with other business around the world.
There is a need to change currency on a daily basis. This is the reason Forex is the largest trading market in the world.
How Do You Participate in Forex?
You need to open a trading account to take part in the market. Then, you need to choose a pair of currencies to exchange (i.e. EU and USD). Buy currency by placing your order through a broker or market maker.
They would be placing your orders and passing it to the Interbank Market. With just a few clicks, your deal closes, and you can determine whether your trade was a gain or a loss.
It may look easy, but there is more to it. Expand your forex knowledge and be able to take part in the trade.