What is FOREX?
FOREX defined is ‘foreign exchange’ and is usually used as a term to describe trading currencies on the foreign exchange currency market. With forex trading you are essentially trading different currencies from countries against each other.
An example of a currency trade might be trading the US Dollar against the Japenese Yen. You could buy the dollar while at the same time selling the yen, and making profit on the trade. This is also known as a ‘currency pair’.
The seven most commonly traded currencies include USD, EUR, JPY, GBP, CHF, CAD, and AUD, although most major countries have a currency that can be traded.
One unique aspect of the forex market is that it is open everyday and never closes, and there is no centralized government that regulates it.
Forex trades can be placed through a broker, like traditional stock investing or directly with a market maker with your computer at home.
FOREX trading can be more difficult to learn and that is why it is usually recommended to learn how to trade the proper way through training materials or by opening a demo or ‘paper’ account to try using play money before diving right in.
Forex trading can be very lucrative if done correctly and gives you access to to most active trading market in the world. Anyone can open a forex account with a broker for as little as $50.
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