what the purpose of trading forex is. Forex trading as you know is the
trading of online currency and the key to success is to buy low and
sell high just as with any other market. You task as a forex trader is
to try to determine the trend of the particular currency you are
looking to either buy or sell and to utilise the forex trading
strategies to ensure that a profit is made.
Now that you know the purpose of forex trading the next step in
knowing all about forex is to understand the codes, definitions and
numbers used when trading. All currencies used in forex trading are
assigned a three letter code. An example of this is the US dollar
which is USD or the Euro EUR. Online currency trading is done in
combinations that are known as a cross and these are represented by 6
letter words with the more expensive currency coming first. An example
of this is GBPUSD which will show you how many US Dollar you will need
to pay for one British pound. These rates are shown as five digit
numbers for example GPBUSD = 1.6262 which means that 1 British pound
is worth 1.6262 US dollars. When the rate changes the change will be
displayed in bold, eg GPBUSD = 1.6264 which will mean that the rate
has moved by 2 points. Knowing this is the key to successful forex
trading and your key to profit.
When you enter the forex trading market you will enter as a buyer or a
seller of a particular currency. If you are a seller you price is
known as the ASK price and the buyers price is known as the BID. You
can only buy currency from a seller with an asking price the same as
the BID price.
These are the main beginner's points to note when it comes to forex
trading and knowing what the purpose of trading forex is and knowing
all about forex before you enter into the market can make a big
difference when it comes to your profits.
Learn to trade Forex like a Bank Trader: http://fxbrksys.cjb.net/
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