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Thread: Basics of the Forex Market - Part 1

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    Lightbulb Basics of the Forex Market - Part 1

    Basics of the Forex Market - Part 1

    About Forex Markets

    Foreign Exchange market better known as the Forex market is an International interconnected market of the International Banks and the Liquidity Providers which operate 24 hours of the day from Monday thru Friday. The Forex market is the biggest financial market of the world and the volume of the transactions that happen in the Forex market are in the range of more than 6 Trillion US Dollars per day.

    There are some major countries whose currencies are dominating the Forex markets.

    The main countries are:

    • United States with US Dollar
    • Europe with Euro
    • United Kingdom with GBP
    • Australia with AUD
    • Japan with JPY
    • Canada with CAD
    • New Zealand with NZD
    • Switzerland with CHF


    The above list of countries is Indicative and not Exhaustive.

    Each of the country has a currency that is paired with the other country currency and thus makes a Currency Pair.

    The Major Forex Currency Pairs are:

    • EURUSD
    • GBPUSD
    • AUDUSD
    • USDJPY
    • NZDUSD
    • USDCHF
    • GBPJPY
    • EURJPY
    • USDCAD
    Last edited by Resolve; 09-20-2020 at 08:20 PM.

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    Thanks for your Information

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    Thanks for your information !

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    Lightbulb Where to start making foundation of forex market

    The First step for making your strong basics of forex market is to know how the forex market works.
    Knowing how it works you can better understand, do the analysis and predicts the future events approximately in the forex market. Thus making you a strong and smart forex trader.
    Last edited by Resolve; 03-10-2021 at 04:38 PM.

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    The First step for making your strong basics of forex market is to know how the forex market works.
    Knowing how it works you can better understand, do the analysis and predicts the future events approximately in the forex market. Thus making you a strong and smart forex trader.

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    Helpful, thanks for the useful post.
    Last edited by Sanyok11; 04-23-2021 at 08:50 AM.

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    Quote Originally Posted by Resolve View Post
    Basics of the Forex Market - Part 1

    About Forex Markets

    Foreign Exchange market better known as the Forex market is an International interconnected market of the International Banks and the Liquidity Providers which operate 24 hours of the day from Monday thru Friday. The Forex market is the biggest financial market of the world and the volume of the transactions that happen in the Forex market are in the range of more than 6 Trillion US Dollars per day.

    There are some major countries whose currencies are dominating the Forex markets.

    The main countries are:

    • United States with US Dollar
    • Europe with Euro
    • United Kingdom with GBP
    • Australia with AUD
    • Japan with JPY
    • Canada with CAD
    • New Zealand with NZD
    • Switzerland with CHF


    The above list of countries is Indicative and not Exhaustive.

    Each of the country has a currency that is paired with the other country currency and thus makes a Currency Pair.

    The Major Forex Currency Pairs are:

    • EURUSD
    • GBPUSD
    • AUDUSD
    • USDJPY
    • NZDUSD
    • USDCHF
    • GBPJPY
    • EURJPY
    • USDCAD
    Hi

    Thanks for the post. You mentioned that there are some major countries whose currencies are dominating the Forex markets. Do you perhaps have a list of them?

    I am new to forex and very keen to start trading. Do you perhaps know where I can start? Should I open a demo account or go straight into live trading?



    Thanks. Hope you can assist.

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    Resolve (06-10-2021)

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    Default

    Quote Originally Posted by MauMar View Post
    Hi

    Thanks for the post. You mentioned that there are some major countries whose currencies are dominating the Forex markets. Do you perhaps have a list of them?

    I am new to forex and very keen to start trading. Do you perhaps know where I can start? Should I open a demo account or go straight into live trading?



    Thanks. Hope you can assist.
    Dear MauMar,

    You should start trading in the Forex markets with a DEMO ECN trading account. Also make sure that you choose starting capital of 1000 USD

    Now you will have to see the Daily Movements in the Major Currency Pairs.

    Also Follow the FXOpen Blog to read the Major Currency Analysis.



    You mentioned that there are some major countries whose currencies are dominating the Forex markets. Do you perhaps have a list of them?
    I have already given them in the starting post.

    Thanks

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    Default Basics of the Forex Market - Part 1

    In the forex market, currencies always trade in pairs. When you exchange U.S. dollars for euros, there are two currencies involved, so the exchange always shows the value of one currency relative to the other. The EUR/USD price, for example, lets you know how many U.S. dollars (USD) it takes to buy one euro (EUR).

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