The Foreign Exchange market (also commonly referred to as the FX, Forex or currency markets) is the single largest market in the world with an average of approximately $6.0 trillion worth of currency traded every day. The market exists whenever one currency is traded for another and consists of transactions between large banks, central banks, currency speculators, multinational corporations, governments and other financial markets and institutions. The FX market is an OTC (Over the Counter) market, in which participants’ trade via telephones and computer connections. One Financial Markets is one of the market makers that offer their own prices which are derived from various reputable counterparty feeds. We do not physically deliver currencies, but offer them on contracts for difference basis, so that clients can speculate on the relative strength or weakness of a particular currency against another.
What you need to get started
- Computer or good phone device; you need the computer or a device that is compatible with internet facility to trade forex. This transaction is done electronically so the computer play the essential role.
- Internet connection; without a good internet connection your decision to trade in forex will land you into financial wreck. Good internet services are relevant in trading forex, for obvious reasons. You need speed of execution to enhance timely trades.
- Funds; you need funds to trade. It is international flow of money chasing money. Without funds you cannot trade. You need to fund your brokerage account for you to start trading. Trading is not difficult if you have money in your account.
- Training; this is very important for every business. Knowledge is the key to every successful venture. For you to succeed in forex you need training, at least the basics, because your journey alone to success is your experience.
- You need constant power supply; the trading business is 24hours, therefore you need power to work. You must monitor the global economy activities to determine market direction at all times.
- Source of information; this business cannot work for you without trusted information. As beginner in forex trading a genuine information is key to your success.
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