Forex Trading

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What is Forex Trading? How to trade Forex

If you have been opportune to travel out of America to any other country, you have definitely engaged forex. Forex basically, means the exchange of foreign currency. Let’s say you travel out of America to Japan, you would have to convert your US dollars to Japanese yen at the airport or any exchange outfit. There are two types of people who make use of forex, regular travelers who have to change currencies across borders matters and investors who simply want to make gains on the value rise of currencies. Now that the basic idea about forex is addressed, let’s go further into the “juicy stuff.”

What is Forex?

Forex otherwise known as the foreign exchange market or currency market is a decentralized global market for trading currencies. Unlike the stock market which trades stocks over exchanges, forex is more over-the-counter (OTC) focused, and the currency exchange rates are determined by the fall or the rise of the market. Because of its across-borders nature, the forex is open 24hrs for trading. It can be said to be the largest market globally in terms of its trading volume.

What is Forex Trading?

In the introduction, we stated that there are two types of people who use forex, travelers, and investors. The trading aspect of forex concerns the investors more than the regular traveler who just needs a currency exchange. Forex trading is the buying and selling of foreign currencies over the foreign exchange market. Forex trading is highly lucrative and beneficial for institutional or wealthy investors compared to average investors. For individual investors who would like to engage in forex trading, especially new investors, it is best to get proper education on how the market works as forex is highly speculative and complex. Most forex firms open dummy accounts for new-time investors to practice until they gain a good level of mastery. It is better to lose fake money in a dummy account than actual money in a real account.

Currencies are traded in pairs on forex—that is traders are either buying one currency and selling the other or vice versa. The most popular pairs of currencies are called the major pairs which are made up of highly traded currencies that are paired with US dollars. The major currencies are euro (EUR), U.S, dollar (USD), British pound (GBP), Canadian dollar (CAD), Australian dollar (AUD), Swiss franc (CHF), and Japanese yen (JPY).


Source: https://www.investingport.com/what-is-forex-trading-how-to-trade-forex/


 
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IamSlater

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Aug 14, 2020
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From start, Forex is Global market that allows you to trade two currencies between each other.
If you think that one currency (USD) will be stronger versus the other(RUB), and you end up correct, you make profit afterwards. If you know about currency exchange booth like in Europe, when you exchange your American dollar to Czech Crowns in Prague as example.
 
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Abrahamus

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Dec 16, 2020
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The thing that you need to get is that it's just exchanging currencies again and again until you make a profit. It can be quite a good deal if you research the market properly. For a beginner, the best way to go about it, in my opinion (and I've been around the market for a while now) is to find a broker and open a forex trading account. It's the best way to learn about the industry if you never had any experience with it before. I'm open to any other questions that you might have, so just DM me.
 
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SorenRojas

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Jun 19, 2023
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I'm sorry to hear about what happened with Excentral International. That really sucks. To answer your question, yes, you can file a complaint against the account manager or with Excentral International. However, it might be tough to win without legal help.