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It is the exchange of one currency for another
Locally, when we go to the bank to exchange one currency for another, we just partook in foreign exchange.
But digitally, we trade forex by using a certain
mobile application.
We gain access to the forex market by what we call forex brokers.
These platforms give us the opportunity to create an account with them, verify our Identity and then deposit any amount of money we want to deposit using any of the funding methods available.
Once we have deposited, we will be given a set of login details to now input in a mobile application called Meta trader 4 or 5
Like already said currencies are traded on the
forex market but these currencies are in form of pairs.
Currencies can be categorised differently but these are some examples: Euros, GBP, USD, JPY, CAD, AUD, NZD and so on.
Two currencies are paired together and their
exchange rate is presented as one price on a chart.
META TRADER 4
This is the application that is used to trade the forex market
Pips, Lot size and Dollar Relationship
-Pip is the change in price of an currency pair. They are calculated in 3 different ways depending on the pair.
-Lot size is the amount of any currency pair we are buying. The higher the lot size, the more money involved in Trading.
There are three types: Micro, Mini and Standard Lot Size
HOW DOES PRICE MOVE ON THE FOREX MARKET?
This is due to the law of supply and demand
📌Recommended brokers:
Exness: https://one.exness-track.com/a/vueafqr9
Octafx:
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How to become a successful forex trader part II [from beginner to pro] 2022
(ASK AND BID PRICE IN FOREX,WHAT THEY MEAN). (2022 TUTORIAL) https://youtu.be/Kl2STNJZcSU
ALL FOREX TIMEFRAMES AND INDICATORS, HOW TO APPLY THEM ON MT5 CHART (2022) https://youtu.be/2Dl0ant1bQE
FOREX CHARTS ON MT5 MOBILE EXPLAINED (2022 COMPLETE TUTORIAL) PART C https://youtu.be/hRfUBCCUASo