For those of you who are still ordinary, of course, wondering about how to play forex? Many people imagine easy ways, buy currencies at low prices, then sell at high prices. In fact, to be able to do it well and achieve profits, an understanding of the rules and methods of forex trading is summarized in the following 10 points. Forex Trading Can Be Done Anytime And Anywhere
The time of opening the forex market is divided into several main trading sessions, namely: Sydney (Australia) Session, Tokyo (Asia) Session, London (Europe) Session, New York (American) Session. These trading sessions open alternately, so as if forex trading takes place without interruption. This fact has a big effect after the birth of online forex trading methods, because it means that forex traders throughout the world can trade 24 hours a day for 5 days a week. You can trade forex before battling to the office, before going to bed at night, or even during work breaks.
2. How To Trade Forex Online Requires Internet Access
Before entering into the discussion on how to trade forex, it is necessary to know what the supporting infrastructure is. To be able to trade forex online, a computer, laptop, or smartphone is needed; and internet connection. In addition, forex trading platform software is also needed which can be downloaded and used for free.
Where can I get software for forex trading? Companies called forex brokers will connect you as a trader to gain access to the market. So, the first step in the procedure for how to trade forex is to register with a particular broker, then download the trading software provided.
If you want to experiment with how to play forex and don't want real trading, you can also register a forex demo account first. Demo forex accounts can be obtained for free from any broker, and you can use them to trade with virtual funds (no need to deposit any real funds). While learning materials on how to trade forex can also be accessed freely and free of charge from the internet, including the site aroundforex.com that you are referring to.
3. Currency traded in pairs
Not only men and women created in pairs. Forex trading is also done in pairs. In forex trading, we will sell or buy currencies, and that is certainly done between two different currencies. Therefore, the mention is always in pairs, where a stronger currency will be in front. For example, the US Dollar with the British Pound abbreviated GBP / USD. Or American Dollars with Japanese Yen to USD / JPY.
Basically there are eight of the most commonly traded currencies in the forex market. These eight currencies are called major currencies consisting of:
US Dollar (USD) is also called "Greenback" or "Buck".
Euro (EUR) is also called "Single Currency" or "single currency 18 countries"
Japanese Yen (JPY)
The British Pound (GBP) is nicknamed "Sterling" or "Cable"
Australian Dollar (AUD) nicknamed "Aussie"
New Zealand Dollar (NZD) nicknamed "Kiwi"
Canadian Dollar (CAD) nicknamed "Loonie"
The Swiss Franc (CHF) is nicknamed "Swissy"
These currencies are usually paired and traded with each other (cross), and are among the most widely traded currency pairs in the world. There are also exotic pairs (eg American Dollars with Singapore Dollars (USD / SGD). However, exotic currency trading is rare in the forex market, because volatility and trading costs are usually very high, so the risk of loss is greater. rather than potential profit.
Because currencies are traded in pairs, then in forex trading, when we buy (Buy) one currency, we automatically sell (sell) the currency that is the companion. For example, on the Euro vs. Dollar pair, as shown in the picture below:
The currency that appears in front of a slash is known as the base currency or in this case EUR, while the currency that is behind the slash is called the counter or quote currency or in this case USD.
If the order we do is "buy", the exchange rate tells us how much we have to pay using the quote currency to get the base currency. More easily, let's use the example above. To buy EUR 1, we have to pay USD 1.4746.
When we do "sell", the exchange rate tells us how many units of the quote currency we will get when selling one unit of the base currency. If you use the example above, that means you will get USD 1.4745 when selling EUR 1.
To make it easier to understand about currency pairs and how to use forex trading, we only need to memorize the key: the base currency is "base"
2. How To Trade Forex Online Requires Internet Access
Before entering into the discussion on how to trade forex, it is necessary to know what the supporting infrastructure is. To be able to trade forex online, a computer, laptop, or smartphone is needed; and internet connection. In addition, forex trading platform software is also needed which can be downloaded and used for free.
Where can I get software for forex trading? Companies called forex brokers will connect you as a trader to gain access to the market. So, the first step in the procedure for how to trade forex is to register with a particular broker, then download the trading software provided.
If you want to experiment with how to play forex and don't want real trading, you can also register a forex demo account first. Demo forex accounts can be obtained for free from any broker, and you can use them to trade with virtual funds (no need to deposit any real funds). While learning materials on how to trade forex can also be accessed freely and free of charge from the internet, including the site aroundforex.com that you are referring to.
3. Currency traded in pairs
Not only men and women created in pairs. Forex trading is also done in pairs. In forex trading, we will sell or buy currencies, and that is certainly done between two different currencies. Therefore, the mention is always in pairs, where a stronger currency will be in front. For example, the US Dollar with the British Pound abbreviated GBP / USD. Or American Dollars with Japanese Yen to USD / JPY.
Basically there are eight of the most commonly traded currencies in the forex market. These eight currencies are called major currencies consisting of:
US Dollar (USD) is also called "Greenback" or "Buck".
Euro (EUR) is also called "Single Currency" or "single currency 18 countries"
Japanese Yen (JPY)
The British Pound (GBP) is nicknamed "Sterling" or "Cable"
Australian Dollar (AUD) nicknamed "Aussie"
New Zealand Dollar (NZD) nicknamed "Kiwi"
Canadian Dollar (CAD) nicknamed "Loonie"
The Swiss Franc (CHF) is nicknamed "Swissy"
These currencies are usually paired and traded with each other (cross), and are among the most widely traded currency pairs in the world. There are also exotic pairs (eg American Dollars with Singapore Dollars (USD / SGD). However, exotic currency trading is rare in the forex market, because volatility and trading costs are usually very high, so the risk of loss is greater. rather than potential profit.
Because currencies are traded in pairs, then in forex trading, when we buy (Buy) one currency, we automatically sell (sell) the currency that is the companion. For example, on the Euro vs. Dollar pair, as shown in the picture below:
The currency that appears in front of a slash is known as the base currency or in this case EUR, while the currency that is behind the slash is called the counter or quote currency or in this case USD.
If the order we do is "buy", the exchange rate tells us how much we have to pay using the quote currency to get the base currency. More easily, let's use the example above. To buy EUR 1, we have to pay USD 1.4746.
When we do "sell", the exchange rate tells us how many units of the quote currency we will get when selling one unit of the base currency. If you use the example above, that means you will get USD 1.4745 when selling EUR 1.
To make it easier to understand about currency pairs and how to use forex trading, we only need to memorize the key: the base currency is "base"
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