Trade Forex On An Award-Winning Platform
What is Forex?
Forex is short for foreign exchange – the transaction of changing one currency into another currency. This process can be performed for a variety of reasons including commercial, tourism and to enable international trade.
The foreign exchange (also known as Forex or FX) market refers to the global marketplace where banks, institutions and investors trade and speculate on national currencies.
What Is The Forex Market?
The Forex market is by far the largest and most liquid financial market in the world, with an estimated average global daily turnover of more than US$6.5 trillion — which has risen from $5 trillion just a few years ago.
The Forex market is open to buy and sell currencies 24 hours a day, five days a week and is used by banks, businesses, investment firms, hedge funds and retail traders.
One critical feature of the Forex market is that there is no central marketplace or exchange in a central location, as all trading is done electronically via computer networks. This is known as an over-the-counter (OTC) market.
What Is Forex Trading?
Forex trading is the process of speculating on currency prices to potentially make a profit. Currencies are traded in pairs, so by exchanging one currency for another, a trader is speculating on whether one currency will rise or fall in value against the other.
The value of a currency pair is influenced by trade flows, economic, political and geopolitical events which affect the supply and demand of Forex. This creates daily volatility that may offer a Forex trader new opportunities.
Harness the Power of BEST FX TRADES in 3 Simple Steps
Open your trading account account and get started in just a few simple steps
REGISTER
Complete the short online application and verify your account
FUND
Deposit your funds to your trading account and you are good to go
TRADE
Take advantage of the next opportunity
Technical Analysis
Forex traders who use technical analysis study price action and trends on the price charts. These movements can help the trader to identify clues about levels of supply and demand.
The aim of technical analysis is to interpret patterns seen in charts that will help you find the right time and price level to both enter and exit the market.
The three most popular charts in trading are:
Candlestick chart Bar chart Line chart
This chart is a favorite amongst Forex traders, as it shows similar information to a bar and line chart, but arguably in a better way.
The chart displays the high-to-low range with a vertical line and opening and closing prices. The difference to the bar charts is in the ‘body’ which covers the opening and closing prices, while the candle ‘wicks’ show the high and low.
If the candlestick is filled, then the currency pair closed lower than it opened. If the candlestick is hollow, then the closing price is higher than the opening price.
Understanding Currency Paris
This ‘currency pair’ is made up of a base currency and a quote currency, whereby you sell one to purchase another. The price for a pair is how much of the quote currency it costs to buy one unit of the base currency. You can make a profit by correctly forecasting the price move of a currency pair.
THE BEST FOREX TRADER offers hundreds of combinations of currency pairs to trade including the majors which are the most popular traded pairs in the Forex market. These include the Euro against the US Dollar, the US Dollar against the Japanese Yen and the British Pound against the US Dollar.
