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Trading 101 the basics

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In this presentation we will talk about the basics of forex trading. We will start by answering the auestion: What is Forex?

Veröffentlicht in: Wirtschaft & Finanzen
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Trading 101 the basics

  1. 1. Trading 101: The Basics No matter what your approach to trading is, there is a basic knowledge that you need to have in order to navigate your way through easily and professionally. After all, when trading you'll be dealing with money. It could be your money or, why not, other people's money, in case you want to become a proprietary trader. So, it's clearly a lot of responsibility. And you don't want to lose it all just because you didn't know how to set your parameters before entering a trade. That's where "Trading 101" comes in. This series will be comprised of articles about all the basics, from A to Z. There are multiple reasons why people skip this part. First of all, it can be tedious. But, don't try to convince yourself that it's not important or it's not that hard to understand, it can be done later.
  2. 2. It's true! It can be done later. Heck! It can be done anytime. But it will hinder your performance and come back to bite you again and again till you decide to rip that Band-Aid off. Also, if you want to take advantage of this subject and for it to serve your interests in the most effective way, treat it seriously. Try to take notes and apply what you learned on a regular basis. It will save you so much time and do nothing but help you along the way. “Give me six hours to chop down a tree and I will spend the first four sharpening the ax.” Abraham Lincoln • The first order of business: What is Forex? As human beings, we have difficulty comprehending and wrapping our heads around very big numbers that deal with magnitudes outside of human perception. So, when I tell you that the Forex market is the largest and most liquid financial market in the world, with trillions of dollars’ worth of transactions each day, you should take a minute to let that sink in. It's impossibly huge. The Foreign Exchange (FOREX) is where currencies are traded against one another. Operating 24 hours a day, 5 days a week, it dwarfs other markets like the New York Stock Exchange and the London Stock Exchange. In April 2019, the FOREX market had a daily trading volume of $6.6 trillion, against $22.4 billion for the NYSE and
  3. 3. just $18.9 billion for the London Stock Exchange. It's a difference by orders of magnitude. Everybody, with no exceptions, has participated in this exchange at some point of their lives. Each time you need to purchase goods from another country or travel you need to trade currencies in order to have smooth and fast transactions. Countries do the same, on a large scale. That exchange doesn't always happen with the same exchange rate. It's different, every time. To see this in full action, you can visit any bank, currency exchange booth or airport and go up to the counter. It's the screen displaying different exchange rates for different currencies. In the next article of this series we will talk about the instruments traded and know exactly what they are and how they are used. Visit this link: https://financialmarketjunky.blogspot.com/