Everyone can become a Forex participant – a trader does not require any special education, wealth, or degree of employment. The only thing that matters is caution, because you have to deal with the risks associated with trading.
Forex (FX) is an international currency market where participants buy, sell and exchange world currencies, which are its main commodity.
As in any other market, the essence of Forex trading is making profit from price movements. And Forex prices are always in motion and are formed without any restrictions, based on supply and demand.
Forex is the largest financial market in the world, with trillions of dollars of transactions daily. At the same time, Forex does not have any one central exchange, all trading takes place through a global network of dealers, banks and brokers, 24 hours a day, on any day of the week, except Saturday and Sunday.
Trading in financial markets is always carried out either through exchanges or without an intermediary.
The main participants in the Forex market are large banks, insurance companies, funds, exporters, which have a need for real currency exchange. Hundreds of thousands of traders use this to earn profits on exchange rates.
There are different types of traders. Someone adheres to certain assets and trading tools, others try a variety of ways and strategies. Some are immersed in the study of new financial information, analyze the news feed, rumors, predict the volatility of prices due to recent political events. Others trade, studying price histories and statistical information.
In Forex trading, there is no one exact and verified strategy for making a profit; participants are free to choose their trading method. But it is necessary to remember the inevitable risk, therefore, all traders in one way or another try to choose for themselves such methods and strategies in order to reduce the risk without losing profit.
In total, there are three key types of trading strategies:
tracking a price fluctuation by a trader for no more than a day. Usually, a trader makes several such transactions in a day. Such a strategy does not require a large investment.
holding an open position for a period of up to several days to a couple of weeks. Suitable for more experienced and patient traders.
the trader keeps trades open for several months. Usually, such a strategy requires large financial investments and is suitable for experienced traders.
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