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An Introduction to Forex Trading |
Forex, also called "FX", is short for foreign
exchange. The foreign exchange doesn't get the big
press like stocks, options, and commodities. But
the foreign exchange is the biggest market in the
world and it offers investors an incredible
opportunity for profit.
FOREX is the world’s largest and most liquid
trading market. Many consider FOREX as the best
home business you can ever venture in. Even though
regular people have had the opportunity to take
part in trading foreign currencies for profit (in
the same way banks and large corporations do)
since 1998, it is just now becoming the cool, hip,
new "thing" to talk about at parties, business
events, and other social gatherings.
Trading Forex
A currency trade is the simultaneous
buying of one currency and selling of another one.
The currency combination used in the trade is
called a cross (for example, the euro/US dollar,
or the GB pound/Japanese yen.). The most commonly
traded currencies are the so-called “majors” –
EURUSD, USDJPY, USDCHF and GBPUSD. The most
important Forex market is the spot market as it
has the largest volume. The market is called the
spot market because trades are settled
immediately, or “on the spot”. In practice this
means two banking days.
Why Trade Forex?
-
24 hour trading
One of the major advantages of trading
Forex is the opportunity to trade 24 hours a day
from Sunday evening (20:00 GMT) to Friday evening
(22:00 GMT). This gives you a unique opportunity
to react instantly to breaking news that is
affecting the markets.
- Superior liquidity
The Forex market is so liquid that there
are always buyers and sellers to trade with. The
liquidity of this market, especially that of the
major currencies, helps ensure price stability and
narrow spreads. The liquidity comes mainly from
banks that provide liquidity to investors,
companies, institutions and other currency market
players.
-
No commissions
The fact that Forex is often traded
without commissions makes it very attractive as an
investment opportunity for investors who want to
deal on a frequent basis.
Trading the “majors” is also cheaper than trading
other cross because of the high level of
liquidity. For more information on the trading
conditions of Saxo Bank, go to the Account Summary
on your SaxoTrader and open the section entitled
“Trading Conditions” found in the top right-hand
corner of the Account Summary.
-
100:1 Leverage
Leverage (gearing) enables you to hold a
position worth up to 100 times more than your
margin deposit. For example, a USD 10,000 deposit
can command positions of up to USD 1,000,000
through leverage. You can leverage the first USD
25,000 of your investment up to 100 times and
additional collateral up to 50 times.
-
Profit potential in falling markets
Since the market is constantly moving,
there are always trading opportunities, whether a
currency is strengthening or weakening in relation
to another currency. When you trade currencies,
they literally work against each other. If the
EURUSD declines, for example, it is because the US
dollar gets stronger against the euro and vice
versa. So, if you think the EURUSD will decline
(that is, that the euro will weaken versus the
dollar), you would sell EUR now and then later you
buy euro back at a lower price. In case that the
EURUSD indeed declines, then you can take your
profit. The opposite trading scenario would occur
if the EURUSD appreciates.
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