Learn to trade
What is forex
The forex market
The foreign exchange market, technically operates 24/7 with a $5.3 trillion trading volume day to day. In fact, it has the largest daily transaction turnover among all the financial markets including the stock market.
Did you know the daily volume of the New York Stock Exchange is only around $55 billion?
Foreign currency trading (a.k.a. Foreign Exchange, forex or FX) may sound extremely sophisticated when you see the word in the financial news or headlines on financial websites. But it’s actually fun and rewarding experience that can possibly have long-lasting positive impact on growing your wealth.
Forex trading is the act of exchanging one currency for another, with the aim of turing a profit as the exchange rate between the two currencies fluctuates.
Forex is everywhere
Foreign exchange can not only be seen on a forex trading platform such as Hummingbird Trading. It occurs 24 hours per day, everyday throughout the world.
Let’s say there is a guy named Albert. He lives in Switzerland and is planning on taking a trip to Japan. Naturally, Albert wants to use Swiss Francs to buy Japanese Yen, the local currency, for use while traveling. This is one example of foreign exchange.
Later, if Albert wants to make a bit of money, he can consider buying yen at one rate, and later selling it at a higher rate. Additionally, if the business-savvy Albert has an oversea office that report earnings in currencies other than Swiss francs, he can take multiple positions in different currencies, (a.k.a. hedge) at the same time to prevent any losses from forex rate changes.
Check out this next page to learn why you should trade forex
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