What is forex
The foreign exchange market is the backbone of foreign currency. It is exchanging one currency toward another currency for various reasons, usually for the activities that involve dealing with foreign countries such as commerce, trading, or tourism. So Forex is the short form of foreign exchange. You can trade in Forex 24 hours and five days a week, i.e. (Monday to Friday). It is the world’s largest traded market with around $5.1 trillion per day turnover. Various
Completely understand how the forex market works
Many people assume that learning how to be successful with Forex is very hard, but that is only correct if you don’t understand what you’re doing. Many people can become successful with Forex if they implement themselves to learn new techniques to be successful in Forex.
When you are trading Forex, make sure to stick with what you know and understand. This is essential to ensure that you are clever with your investments. Rumors and trends may tempt you to go outside of your comfort zone. However, these may often be misguided.
How to choose the right broker
Forex is one of the most popular trading markets today. The fact that it is so popular means that there are many Forex brokers around. And these brokers have their unique features to attract new customers. It is essential to understand each of these popular forex brokers’ basic features depending on the services they offer. This will help you select the most appropriate forex broker for you.
What is PIPs, Points and Lot Size in Forex
A pip, represent the short for “percentage in point” or “price interest point,” shows a small measure of the change in a currency pair in the forex market. You can measure it in terms of the quote or terms of the underlying currency.
A pip is a standardized unit and is the least amount by which a currency quote can vary. It is usually $0.0001 for U.S.-dollar correlated currency pairs, which is more usually applied to as 1/100th of 1%, or one basis point. This standardized size helps to guard investors against huge losses. For example, if a pip were ten base points, a one-pip move would cause higher volatility in currency prices.