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If you didn?t know this already, The word ?Forex? stands for: Foreign Exchange. The Foreign Exchange is the platform in which one currency is exchanged or traded for another . Therefor, Forex trading is the exchange of foreign currencies . The Forex trader makes his or her profits from timing the market as to get the most he possibly can of one currency by exchanging it for another.
Forex currency trading wasn?t always as easy to get into as it is today. Before the barriers were broken down and tossed aside in the Forex market, smaller investors who wanted to compete in Forex currency trading couldn?t.
For years, the Forex market was only for the banks to make their profits, the little guy just didn?t have the tools or the funding to play in this game.
By now, when you surf the Internet and see the word Forex, you may also see the words currency pair along with it . Just know that the currency pairs are what Forex currency trading consists of . Forex traders are taking currency pairs (they are always in currency pairs, never just one) and buying one while at the same time selling the other.
Some currency pairs are more popular than other currencies and you may see those referred to as the ?majors.? This is information that you will need to know a lot about when you want to be a part of Forex currency trading, so learn as much as you can about currency pairs.
Learn all the currency pairs, but concentrate mainly on the ones that trade most often and then when you?re ready to start in Forex currency trading, and trade the currency pairs that you have done your research on. .
Your strategy should be to buy the currency that is making it?s move higher then the other currency. It?s sort of like a horse race . When you?re at the track, you want to bet on the horse that you know the history on and feel is a winner. The same principle applies to Forex currency trading. Pick the currency pairs that are going to make you a winner.
Well, how do you know what currency pair is going to make you a winner? You go over your charts, you study trends until the images are imprinted on your eyelids when you fall asleep. .
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Source: http://bestmortgageratetips.info/blog/2011/05/20/how-does-forex-currency-trading-work/
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