Thanks to the viewers that I had on my topic yesterday, may we all be blessed by this online mentoring, and may the green pips be with us all.

BASIC FACTS ABOUT FX CONT'D:

The Forex market or Forex, as it is referred to in general, is a thriving financial hub where daily cash flow runs into trillions of dollars, as earlier mentioned. Several large banks, financial giants, insurance companies and their like have hedge funds invested in the Forex market. The network formed between them, through Forex deals is the “interbank network” which ensures huge trade volumes and liquidity in the market. This in turn encourages small time retail investors (Retail Traders) to play and make money in the Forex market.

A Forex transaction involves two currencies – one is bought with another or one currency is sold for the other. To take an example, in a Japanese Yen – US dollar transaction, a person has bought Japanese Yen using US dollars. This transaction is said to be liquidated or offset when the reverse sale is also put through; that is the person sells the Japanese Yen and gets US dollars in return. The above trade results in a profit or loss depending on the US dollars the investor spent during the buy phase and got back during the sell phase.

The currency exchange rate fluctuates endlessly which is what makes the Forex market function. But it is the same volatility that makes it a risky proposition too. Investors, large or small, typically offset this risk by having a diversified Forex trading strategy.

Large companies are authorized to trade directly in the Forex market. Individual investors have to go via dealers registered as Contract Participants(FOREX BROKERS, e.g FXCM, Alpari FOREX, e.t.c), hence, the need to find reliable dealers.

FOREX TERMS:

FOREX, as every other professional field, has many terminologies which are to be well understood, so as to help an intending FX trader fully grab the basics of FX. Below are some of the very important terms and their definitions:
* Fundamental Analysis: In FX, analyzing the market is the basic key to success. Analyzing the market simply means discerning what the market is trying to do on a particular currency pair, either going short or long (selling or buying). Now, doing this fundamentally is trying to interpret the would be impact of the daily Economic News of a particular country on its currency and its partner, such economic news are the Non-Farm Payroll of the US, EUR economic summit minutes, Rate Decision and Monetary policies of major countries Central Banks, e.t.c. Check www.forexfactory.com for more.
*Technical Analysis: This are predictions on FX market done by your trading Indicators and software. They signal you on when to buy or sell a particular currency pair.
* Currency pair: The quotation and pricing structure of the currencies traded in the forex market: the value of a currency is determined by its comparison to another currency. The first currency of a currency pair is called the "base currency", and the second currency is called the "quote currency". The currency pair shows how much of the quote currency is needed to purchase one unit of the base currency. An example is EUR versus USD (EURUSD).
* Lot Size/Volume: A volume of trade you are trading at a time, on a particular pair, e.g 0.1
* PIP: This is the smallest price movement on a particular pair. Visit www.investopedia.com or www.babypips.com for more.
Thanks everyone for your patience in completing the 2nd series, the real training starts tomorrow with Series 3, you can't afford to miss that.
Thanks and God bless you all!

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