Forex trading 101
Do you know what the definition of forex is, and what exactly is currency exchange rates? Here we define some basic concepts you need to understand in order to start trading forex.
Forex stands for Foreign Exchange (foreign currency trading).
Currency is defined as a country's money. The monetary unit a country has chosen to use for transactions. Countries can have one or more official currency. We have also seen examples of cities have reintroduced currency, although it has not been recognized as a public currency at the national level. An example is a reintroduction of pesetas in a few cities in Spain. In March 2011, we read in the newspaper that "more than 60 stores will have agreed to accept the old Spanish pesetas currency as legal tender."
Exchange rate is defined as the price of the currency of one country relative to the price of the currency of another country. The exchange rate represents the exchange rate between two currencies. It is important to be aware of the exchange is that there are two actual prices: a bid, and a selling price. Based on these two courses, one can get a variety of other courses, such as the average exchange rate of buying and selling courses, and a course that is the median of selling and buying price.
Exchange market is the largest financial market. It is characterized by trade between borders, low transaction costs, low or no fees, like often without commissions (but beware: some commercial services are greedier than others, see my list of services I have positive experiences here). In the currency market, it is almost impossible to make money on arbitrage, they serve primarily to make money on sound analyzes that predict price movements. In the currency market, one can engage in intraday trading ("daytrading") or investment / monetary instruments with a certain time horizon.
Get real-time currency quotes for free
Exchange rates can be obtained in real time from a variety of sources. For those who deal actively with money is probably the most likely to benefit from courses that are implemented in commerce solution to your broker. That way they all gathered in one place.
I use easyMarkets and then have full control over exchange rates in real time to a variety of currency pairs. Then I do not need an extra service in addition to keeping me informed of any exchange rate.
Course in currency trading
Learn more about forex and trading: If you reached this page because you searched for "courses in foreign currency " we recommend the following theme pages:
- English guide to forex trading from trading platform easyMarkets (free, but also requires registration)
- Personally I would recommend easyMarkets if you are looking to " learn as you go." They have no specific courses that I know of, but they have a very good commerce solution to trading in CFD, ETF, stocks, commodities, indices and currencies. Feel free to read what I have written about easyMarkets here.