Getting Started With Forex Trading
To get started with Forex trading you essentially need three things: trading knowledge, a market broker or trading platform, and some money to start trading with.
Once you have learned the basics of forex trading (from forex trading books or other resources) and have a trading system in place that you wish to work with, you’ll typically do currency trading through a broker using a particular trading platform.
In simplest terms, forex trading involves choosing a currency pair that you expect to change in value and opening a trading position accordingly.
A Forex Trading Platform is a type of trading software provided by your broker, which allows you to execute your trades and manage your account. There are a wide variety of trading platforms available, and this site provides a guide to 5 top FX trading platforms for beginner traders.
Forex Trading Hours
Due to the global nature of currency trading, forex markets are open for business 24 hours a day, 5 days a week.
The major world trading centres are situated in London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris, and Sydney.
While it is possible to trade over the weekend, most major banks and trading entities are closed during this time, and as the trading volume is much smaller there are fewer trading opportunities on offer.
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Ready to start forex trading? Check out these industry leading trading platforms:
In the FX trading world, a pip is considered a point for calculating profits and losses.
In forex trading, the margin is what the forex broker requires you to put up in order to open a trading position, like a good faith deposit.