Easy Tips For Forex Trading

If you had a PC and internet connection then you are eligible to do forex trading. First you must know
1)What is Forex

Forex is nothing but foriegn exchange. Foriegn exchange means it is 3 times more than stocks and future market combined

2)What do you mean by Forex Trading

Forex trading is the simultaneous buying of one currency and selling of another currency.

3)Which Currencies are traded

United States - USD(Dollar)
Countries Following Euro - EUR(Euro)
Japan - JPY(Yen)
Great Britian - GBP(Pound)
Switzerland - CHF(Franc)
Canada -CAD(Dollar)
Australia -AUD(Dollar)

4) At what time the currencies can be traded

It can be traded 24 hours a day. But with minor gaps. It will start on Sunday Evening
6:00 P.M Based on New York Timing to till Friday Night .


5)What is the Minimum cost to start forex trading

It Depends on the broker. For Example take marketiva.com
They accept from 1$ onwards. But anyway it is better to start with demo account.
After Joining they will give 5$ for us. With that we can start trading any way if we get profits in that they will not give us. Just for practice in the trading they will give us that amount. After getting practice in that then you can start investing as little as 1$. Any way for practice it is better to start with demo trading than live trading.
Here In marketiva.com the payment option is egold.com

For Funding egold and withdrawing from it,there are many exchangers like eforexgold.com

6)What do you mean by buying of one currency and selling of another currency.

Currencies are always quoted in pair like
EUR/USD
USD/JPY
GBP/USD
USD/CHF
USD/CAD
AUD/CAD
NZD/USD
EUR/JPY
EUR/GBP
EUR/CHF
GBP/JPY

Here for example take EUR/USD in this we call EUR as Base Currency(i.e Currency left to the slash) and call USD as Quote Currency or Counter Currency.(i.e Currency right to the slash)

EUR/USD = 1.1200

When buying, the exchange rate tells you how much you have to pay in units of the quote currency to buy one unit of the base currency. In the example above, you have to pay 1.1200 U.S. dollar to buy 1 Euro.

When selling, the exchange rate tells you how many units of the quote currency you get for selling one of the basis currency. In the example above, you will receive 1.1200 U.S. dollar when you sell 1 Euro.

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