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FOREX MADE EASY FOR YOU TO MAKE PROFIT

2007-11-20T08:30:00.000-08:00

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FOREX MADE EASY FOR YOU TO MAKE PROFIT

Foreign exchange market

1)The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest financial market in the world, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The average daily trade in the global forex and related markets currently is over US$ 3 trillion according to (BIS) Bank for International Settlements. traders (individuals) are a small fraction of this market and may only participate indirectly through brokers or banks, Trading this market involves buying and selling world currencies taking the profit from exchange rate differences. Forex trading can yield high profits, but it is also very risky. Everyone can participate in Forex trading via Forex brokers.

ABOUT PAGE

Market size and liquidity

The foreign exchange market is unique because of

its trading volume,
the extreme liquidity of the market,
the large number of, and variety of, traders in the market,
its geographical dispersion,
its long trading hours: 24 hours a day (except on weekends),
the variety of factors that affect exchange rates.

According to the BIS, average daily turnover in traditional foreign exchange markets is estimated at $1,880 billion. Daily averages in April for different years, in billions of US dollars, are presented on the chart below:

This $1.88 trillion in global foreign exchange market "traditional" turnover was broken down as follows:

$621 billion in spot transactions
$208 billion in outright forwards
$944 billion in forex swaps
$107 billion estimated gaps in reporting

In addition to "traditional" turnover, $1.26 trillion was traded in derivatives.

Exchange-traded forex futures contracts were introduced in 1972 at the Chicago Mercantile Exchange and are actively traded relative to most other futures contracts. Forex futures volume has grown rapidly in recent years, and accounts for about 7% of the total foreign exchange market volume, according to The Wall Street Journal Europe (5/5/06, p. 20).

Average daily global turnover in traditional foreign exchange market transactions totaled $2.7 trillion in April 2006 according to IFSL estimates based on semi-annual London, New York, Tokyo and Singapore Foreign Exchange Committee data. Overall turnover, including non-traditional foreign exchange derivatives and products traded on exchanges, averaged around $2.9 trillion a day. This was more than ten times the size of the combined daily turnover on all the world’s equity markets. Foreign exchange trading increased by 38% between April 2005 and April 2006 and has more than doubled since 2001. This is largely due to the growing importance of foreign exchange as an asset class and an increase in fund management assets, particularly of hedge funds and pension funds. The diverse selection of execution venues such as internet trading platforms has also made it easier for retail traders to trade in the foreign exchange market.

Because foreign exchange is an OTC market where brokers/dealers negotiate directly with one another, there is no central exchange or clearing house. The biggest geographic trading centre is the UK, primarily London, which according to IFSL estimates has increased its share of global turnover in traditional transactions from 31.3% in April 2004 to 32.4% in April 2006. RPP

The ten most active traders account for almost 73% of trading volume, according to The Wall Street Journal Europe, (2/9/06 p. 20). These large international banks continually provide the market with both bid (buy) and ask (sell) prices. The bid/ask spread is the difference between the price at which a bank or market maker will sell ("ask", or "offer") and the price at which a market-maker will buy ("bid") from a wholesale customer. This spread is minimal for actively traded pairs of currencies, usually 0–3 pips. For example, the bid/ask quote of EUR/USD might be 1.2200/1.2203. Minimum trading size for most deals is usually $100,000.

These spreads might not apply to retail customers at banks, which will routinely mark up the difference to say 1.2100 / 1.2300 for transfers, or say 1.2000 / 1.2400 for banknotes or travelers' checks. Spot prices at market makers vary, but on EUR/USD are usually no more than 3 pips wide (i.e. 0.0003). Competition has greatly increased with pip spreads shrinking on the major pairs to as little as 1 to 2 pips.

Who owns FOREX and where is it located?
It's not owned by anyone in particular. Forex is an Interbank market, meaning that it's transactions are conducted only between two participants - seller and the buyer. So as long as existing banking system will exist, Forex will be here. It's not connected to any specific country or government organization.

What the working hours of Forex market?
Forex market is open from 22:00 GMT Sunday (opening of Australia trading session) till 22:00 GMT Friday (closing of USA trading session).

What is margin?
Margin is money you need to have in your broker account to secure your open position. Different brokers require different amount of margin money to keep your positions open.

What are the "long" and "short" positions?
Long position is a "buy" position, meaning that this position will be in profit if price goes up.
Short position is a "sell" position, meaning that this position will be in profit if price goes down.

What is the best Forex trading strategy?
There is none. You should constantly develop your own strategies for every possible market situation, if you want to be in profit. Specific strategies can only be good for a certain period of time and for certain currency pairs

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INTRO TO THE WORLD OF ONLINE FOREX TRADING

2007-11-20T08:18:00.000-08:00

INTRODUCTION

Trading the foreign currency market, or the Forex Market, as it is commonly known, is the most developed financial market in the world. The Forex Market is not concentrated in any one exchange, rather the vast majority of forex trades are private deals between two parties in what is known as an 'Over the Counter' or OTC market. The currencies are traded and quoted in pairs such as Euro/U.S. Dollar or U.S. Dollar/Japanese Yen, where a deal is the combination of selling one currency while buying another currency at the same time.

THE RULE

The Rule says that the U.S. Dollar is the base currency against which all other currencies are quoted. In other words the exchange rate tells us how many units of the second currency are worth one dollar. For example, if the USDCHF (U.S. Dollar/Swiss Franc) exchange rate is quoted as 1.2515, each dollar is worth 1.2515 Swiss Francs. The exceptions to the rule where the Dollar becomes the secondary currency and its pair the base currency are: Euro (EUR), Pound Sterling (GBP), Australian Dollar (AUD) and New Zealand Dollar (NZD).

QUOTES

The BID price is the price at which a client can sell a unit of the base currency (in return for buying the secondary currency) and the ASK/OFFER price is the price at which a client can buy a unit of the base currency. For example, if the quote for the exchange rate of the Euro/U.S. Dollar in the market is 1.2581/1.2585, this means that the client can pay $1.2585 in order to buy one Euro (the base currency) and will receive $1.2581 if one Euro is sold. The BID price is lower than the ASK price and the difference or 'spread' between the two numbers is measured in 'pips' (4 pips in this case) and represents the profit of the dealing room.

TRADING HOURS

The major advantage of the Forex market, as opposed to the stock market or other financial markets stems from the fact that it is a continuous global market (trading 24 hours a day). Trading over three continents, Asia, Oceania, New Zealand, Europe, America, New York take it in turns to hold the baton, allows a trader to trade without being time-boutnd and to react immediately to events and new developments (the market opening on Sunday evening and the market closing Friday night).

Average daily trading volume in the Forex Market is estimated at 3 trillion dollars, several times larger than the combined voluem of all the U.S. stock markets. The vast majority of this volume is speculative, thanks to the huge liquidity available. Return to Top

LEVERAGE / MARGIN

The Forex Market, characterized by the high liquidity and continuous trading, allows for unlimited position sizes. This allows the suppliers of liquidity to provide clients with financial leverage. Leverage of 100:1 (ie. a deposit of $1,000 can be leveraged to a position of $100,000) is acceptable ratio in the market.

It is important to appreciate the fact that leveraging increases your risk, but while the stock market can have a daily volatility of 10% or more, the major currencies of the forex market have typically volatility of less than 1%. Therefore, leverage can enable you to make large gains very quickly with the help of relatively low volatility. Return to Top

international-trade

COSTS AND COMMISSIONS

Huge turnover in the Forex market, electronic trading and competition have brough a reduction in the bid-offer spread (the equivalent of commissions). The spread coverst the risk of the market maker. The spread for the majors remain very low, but can increase as the liquity of a specific curreny drops. The Forex Market is considered to have the lowest overall commissions relative to trade size compared with other financial markets. Return to Top

CONTINUOUS FINANCIAL INFORMATION

Exchange rates are supplied real-time by a number of international institutions. As a result of this, news and economic announcements can be transmitted efficiently and immediately. This way trading conditions can be indentical for all traders with no consideration of their trade size. Return to Top

GEOGRAPHIC LOCATION

In contrast with exchange traded securities dependant on the exchanges trading hours, currencies are OTC (Over the Counter) instruments traded electronically at all times and at several locations around the globe at the same time, 24 hours a day, 5 days a week. The main trade centers around the world are Tokyo, London and New York, with no exchange situated at any of these locations. Return to Top

FACTORS AFFECTING THE FOREX MARKET

The massive size of the market means that it is nearly impossible for any one speculator to affect the market. Even central bank activity brings limited volatility and for short periods of time only

2007-11-20T05:36:00.000-08:00

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