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Fx market is one of the largest financial markets in the world. It is characterized by its large volume of buyers and sellers coupled with its high liquidity and constant trading. The market is on for 5 days a week and 24 hours each day across the world. You can start trading right now!
Forex trading is one of the few money markets that requires little trading education and does not take too long to master. You can even master the delicate trading transactions with virtual money from various trading platforms through demo accounts. A demo account enables an individual to master trading signals without actually losing any real money.
Online forex trading terminology is quite simple but necessary if you wish to engage in currency trading. As in any profession you are required to know at least the basic terms to be able to understand what someone is trying to communicate to you.
Currency types: major and minor currencies. Strong or major currency that are often traded include: the U.S dollar (USD); Euro (EUR); Japanese Yen (JPY); British Pound (GBP); Swiss Franc (CHF); Canadian Dollar (CAD) and Australian Dollar (AUD). Other currencies that do not have as strong of a presence as some of the above include: the Korean Won, Indian Rupee and the Russian Rouble.
Quote Currency – the currency being offered for exchange of the first one. In a pair like EUR/USD the U.S. Dollar is the quoted currency offered for the Euro
Base Currency – the first currency in the currency pair. USD/JPY = 94.65 is read as one dollar is worth 94.65 yen
Cross Currency – a currency pair that does not involve the USD. One foreign currency is traded for another.
PIP (percentage in point) – is the smallest measure of price movement in currencies. If a currency is going for 1.5000 and the next day changes to 1.5015 it has gained 15 pips