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The following article was published in our article directory on May 10, 2013.
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Forex Training for Neophytes

Article Category: Finances

Author Name: James Smith

Just like the stock market, the foreign exchange (Forex or FX) market is auction-based. The difference is that in forex, traders speculate on prices of foreign currencies. Forex is one of the main trading vehicles in the financial sector along with bonds, stocks, and futures; and like other instruments, it requires patience and diligence. Forex training is therefore important for neophytes to understand the unique characteristics that make the forex market attractive and popular to a lot of investors today.

Popularity

Forex is not regulated by the federal laws that govern stock trading. Day trading, for one, is not permitted for stock trading accounts below $25,000. This does not apply to forex as brokers allow investors to open accounts for less than $500. This is why a lot of new traders try to break in to the forex market. This demand likewise paved the way for hundreds of brokers to enter the business. Forex training and other forex-related educational services became necessary to educate the growing number of traders on the effective trading strategies and techniques.

The fact that the forex market is open 24 hours daily, unlike other trading markets also contributes to its immense popularity. You can trade anytime you want since traders from various parts of the world trade the exact same currency pairs. Perhaps, the main disadvantage with this setup is that it is difficult to know when the market is most active.

Because the market is active even if it is midnight where you are, major forex trends may be happening in other parts of the world where it is daytime. Nevertheless, the constant market accessibility makes it possible for you to trade even while you are at work in your day job.

Cautions

Trading in the financial market can be overwhelming, especially to newcomers. You can find a lot of so-called trading systems being offered that can supposedly help gain immediate profits. Remember that there are no shortcuts to success in forex. Proper forex training and actual trading experience are more important to ensure longevity in the business. You may experience losses along the way, but these should be seen as lessons you should learn from.

Currency Pairs

When trading stocks, the instruments used are corporate shares. In forex, traders use currency pairs. A currency's value is quantified relative to the value of another currency. Traders speculate on a specific currency's value relative to another. For example, the US dollar may rise against the euro while simultaneously falling against the Canadian dollar. There are hundreds of currency pairs that can be traded given the number of combinations that can be made from all world currencies.

Auction

Based on the law of supply and demand, prices of stocks, bonds, and futures may rise or fall. This is the same principle that drives the forex market. Thus, forex trading requires a keen understanding of how auctions work. The Dow Theory, developed early in the 20th century, explains the features of price trends and how to make a profit from a trending environment. Successful traders understand these basic market concepts very well.

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