You may be new to forex trading or very experienced. Whether you’re an old hat or a new comer, here are some facts and figures that you may or may not know about. In any case, this should be an interesting read.
The forex market is traded over-the-counter, or OTC, on the spot, futures and forward markets. You can trade 24 hours a day, six days a week. Trading starts in Asia on Monday morning going until Friday at the closing bell of the NYSE.
An estimated 70-90% of forex trading is done by speculators. These are trader who use a variety of forex trading strategies to profit from exchange rate fluctuations. They have no interest in using the foreign currencies except to buy, hold and sell for profit.
This market is the largest financial market in the world. It currently trades a daily volume of $4 trillion per day. There are many players in this market including day traders, hedge funds, investment banks, central banks and corporations that engage in international trade.
forex investing
You can get a lot of leverage with forex investing through margin accounts. You can get as high as 200:1 leverage with a forex broker. That means you could trade as much as $1 million for a $5,000 initial deposit.
Most traders use technical analysis to track price movements. They try to identify chart patterns and formations to find trading opportunities. An example might be entering a trading position once a breakout occurs after a period of hitting a resistance level.
Traders and investors can also use fundamental analysis to find trading opportunities. With stocks you would analyze companies, including their financial statements and earnings reports.
With currencies you analyze economic reports of entire countries. These reports include the GDP, retail sales, and any consumer confidence reports. It will also include interest rate adjustments and announcements by the central banks.
These are some random facts that I thought might be interesting to those in the forex market. This was just a general overview of what this market looks like.
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All About Forex Trading (All About Series)
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An Introduction to Forex Trading – A Guide for Beginners
This is the Ebook version of the extremely popular ‘An Introduction to Forex Trading – A Guide for Beginners’.
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