blogsfxtrading

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Forex Trading - Learn How To Trade The Forex Market

What is Forex?

Forex is short for foreign currency exchange. It can also be shortened to FX but, in essence, it is the marketplace in which currencies are traded. This, of course, is an extremely broad description of it. These encompass something as simple as exchanging your local currency to a foreign one for a holiday trip, or something even more complex!

Forex trading involves the trading of one currency against the other. Similar to other financial markets, the goal in any forex trade is to make a profit.

The forex market is the largest trading market in the world, boasting a daily volume of approximately $6.6 trillion. The global forex market completely dwarfs the world’s equity markets, which trade around $200 billion each day.

In the stock market, a trader will buy and sell the stock of a particular company, such as Amazon or Facebook. However, in the forex market, traders buy and sell currency pairs; a single currency cannot be traded ‘by itself’. Examples of a currency pair are EUR/USD (Euro Dollar), GBP/USD (Pound Dollar) or USD/JPY (Dollar Yen).

Why Trade Forex?

01. Lifelong Skill

Forex trading is a skill that can be developed, mastered, and put to good use. To become a successful forex trader, you must be willing to educate yourself, work hard and adhere to certain guidelines, which we call a trading strategy. Trading will inevitably have its ups-and-downs, but as you develop your trading techniques, you are learning an important skill that will last you a lifetime. As a trader, you will develop attributes such as patience, mental toughness, and adaptability. These traits are certainly beneficial in all aspects of life.

02. Time vs. Money

Every day, each of us must deal with the issue of time vs. money. Time is a finite resource, so when you are paid for your job, you are trading (no pun intended) time for money. The income that you are earning is limited by the number of yours that you work. As a trader, however, your profit on a single trade could be as much as your income from hours of work! Thus, forex trading enables you to increase your money at a much faster rate than if you were working. Trading has its risks of course, but as you develop a successful trading strategy, you will increase your earning potential.

03. Extra Source of Income

It is no secret that many workers do not like their jobs, and it is certainly a blessing if you wake up with a smile as you think about the workday. Even if you do enjoy work, it is always a good thing if you can develop an additional source of income. Do not expect to get rich off forex and quit your day job, even if you pass a forex course with flying colours. At the same time, if you become successful at forex trading, you will have developed an additional source of income and become more financially independent.

Pips, Points, and Ticks

Pip

A pip is the basic measurement used in forex. On most currency pairs, a pip would be referring to the figure in the fourth decimal place (X.XXXX), however on other currency pairs, such as those involving the Japanese Yen, this refers instead to the second decimal place (XXX.XX).

A lot of brokerages now offer quotes to the fifth decimal place, this fifth decimal place is then referred to as a ‘fractional pip’ (X.XXXXx).

Point

A Point is like a Pip; however, it is not used within the Forex Market. It is a term which is used in trading Futures, Commodities, and Indices. Some may refer to a Pip in a currency pair as a ‘Point’, however this is an incorrect use of trading terminology.

Tick

A Tick is the very smallest change that can be measured in a quote. Many markets have different ‘tick sizes’, for instance some markets may have price fluctuations measured in increments of 0.25, while others may have price fluctuations measured in increments of 0.1 or 0.01, all of these would be considered Ticks so long as they are the smallest change possible within that specific market.

Forex vs Stocks: Which is better?

There are many global markets to choose from when it comes to trading; two of the most tradeable markets are Forex and Stocks.

It is particularly important to understand these two markets before jumping in blindly as both markets may follow similar technical trends but are vastly different when it comes to the fundamentals that are behind their market fluctuations, and therefore inherently different when it comes to financial risk.

Below, we will try to briefly lay-out the major differences between these two markets.

MARKET VALUE

From a purely monetary standpoint, the Forex Market is a behemoth when compared to the Stock Market.

The Forex Market’s total world-wide value as of 2019 is worth $2,409,000,000.

The Stock Market’s total world-wide value as of 2019 is worth $90,000,000.

The Daily Trading Volume of the Forex Market as of 2019 is valued at $6,600,000.

The Daily Trading Volume of the Stock Market as of 2019 is valued at $250,000.

Read full article on our Forex Trading Blog <-- Click Here

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The Million Dollar Forex Strategy: Learn How To Trade Extreme Volatility

Good evening,

I hope you have been trading well through the summer doldrums and taking advantage of these rangebound moves.

The famous saying still applies to date “Bulls Make Money”…”Bears Make Money”, and Pigs get Slaughtered.

I learnt this phenomenon very quickly while mastering the art of trading. If it was not for me trading with veteran traders in the CME and UBS, I don’t think I would be where I am today.

Summer has been hard for retail traders to get a grasp on the trend as “ONE DOES NOT EXIST” Period.

Through summer and beyond, we use a strategy called “Extreme Zone Trading Strategy” This Strategy averages around 1800 Pips per year.

Before I get an email saying only 1800 pips a year, this is on average 150 pips per month. This strategy strikes less than 15 times a month but has a 90% win Ratio!

As a lot of you may have seen, the markets have been going Crazy on Monday’s and this strategy will keep you out of danger and ensure you trade without fear and excellent risk.

Click Here to Watch Video of How We Traded The Markets Yesterday

We are already in the 2nd half of the year, and I assure you, my team and I are ready to whip the markets into gear with our 6 Strategies that average serious pips.

I have spent 20 years mastering the art of trading; if you would like an insight into how I trade if trading is for you, then speak to a senior trader today on a free consultation, and let’s see if we can change 2021 and have an excellent Year of profitability.

Please feel visit our website or sign up to our forex blogs to stay informed and see our trading Analysis and our professional traders trade the market live!

Website — https://www.platinumtradingacademy.com/ Forex Blog — https://www.platinumtradingacademy.com/best-forex-blogs-to-follow/

CALL +44 0207 193 2931 to know more about our Forex Trading Programmes!!

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Hopefully, you have enjoyed today’s article. Thanks for reading!

Have a fantastic day!

Nisha Patel

Live from the Platinum Trading Floor.

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Euro or Pound - Which one to trade? In Today's Videos, we would like to show you how Platinum Traders should be trading and how we call levels with perfection!

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How To trade the Australian Dollar

Today's video talks about a similar setup on the Aussie Dollar and how we took +100 pips by swing trading.