WHAT IS FOREX TRADING

What is forex trading? It is basically a platform where serious investors can make a lot of money trading currencies. Essentially your betting for or against another countries economy vs another countries economy. 

For example the US dollar is widely considered the main currency of the world because they have the strongest economy and most goods are traded via the U.S currency. So people can trade the US Dollar vs Japans Yen, the Canadian Dollar, British Pound and more inside the forex markets.

Just because the US economy is the strongest does not mean it does not get weakened. When it does and other economies get stronger the dollar weakens vs them and people make money by betting for the other economies strong economy. 

WHAT IS FOREX TRADING WITH BROKERS

In order to trade you will need a broker. Thousands of online forex brokers exist and many experienced forex traders go with more than one for a variety of reasons. One reason is to test out a new strategy. A new broker is great for a new strategy due to the work that needs to be done on the charts and utilizing more than one strategy on the same chart can be cumbersome.

The most common broker is MetaTrader4. Most brokers have a minimum amount you can invest and maximum. A forex trading low minimum deposit website can be great for beginners. Certain brokers take a commission up front for each trade depending on what currency pair your trading and some take a commision if you lose a trade and let you keep your winning trades. Even though the broker that takes a commission on your losing trades sounds better it really is not because you can end up losing a lot of money. If your just starting out, try to find a broker that takes money right away for each trade. 

FX TRADING HOURS OF OPERATION

What is forex trading hours of operation? Forex trading is essentially a 24 hour 5 days a week open for business world market. The only time the worlds currency markets are closed is Saturday and Sunday. 

FX TRADING CHARTS

Forex trading consists of various charts of currency pairs for various timeframes like 1 minute, 5 minute, 4 hr, 1 day to name a few. Each time frame can be traded. With so many different time frames for each of the various currency pairs that can be traded, you basically have thousands of different trade opportunities at any given time. 

forex chart timeframes

In order to trade the charts correctly for any given currency pair you need to come up with a trading strategy. This part is the most troublesome for beginners and the main reason why people are unsuccessful. It does take time to come up with a strategy however it is not difficult to develop one. You just have to stick to it even through the bad times. A simple forex line chart trading system strategy is great for beginners.  

BECOMING SUCCESSFULL

If you want to learn the fx markets you will be successful. Develop a mindset that you want to know everything and anything about the forex markets. I think its impossible for one person to know everything, however it is possible to want to strive for that type of mindset to know what is forex trading in and out. 

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