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The following article was published in our article directory on February 10, 2015.
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Three Things That Distinguish Foreign Exchange Trading From All Types Of Trading

Article Category: Finances

Author Name: Korley Tetteh

Forex (foreign exchange) trading is a process of trading currencies among different countries. It is an agreement between buyers and sellers that a fixed amount of one currency will be delivered for another currency at a specified rate. For instance, when the United States of America (USA) and the United Kingdom (UK) enter into foreign exchange, the former being the buyer and the latter being the seller, this means that, for USA to acquire a certain amount of British pound (UK's currency), it has to pay a certain amount of dollars, and vice-versa.

Forex trading is not like a regular transaction in department stores and restaurants. While literally it also involves exchange just as in trading, technically it involves different financial concepts that make it unique from the usual trading transactions. The following are three things that make forex trading different from all types of trading that people know:
- 1. Requirements
- Forex trading requires the presence of the following:
- A. Foreign exchange currency- this refers to the money of a foreign country

B. Foreign exchange market- this is the mechanism by which participants transfer purchasing power between countries, obtain or provide credit for international trade transactions, and minimize exposure to exchange rate risks.

C. Market participants- these are the individuals or entities that engage in forex trading. They can be banks, individuals, speculators, arbitragers, commercial firms and investors.

D. Agreement- this refers to the consent of the country that its currency shall be traded in the foreign exchange market.

What is missing at a usual kind of trading is the market participant. Trading involves only two parties- the buyer and the seller, while forex trading can involve more than two parties acting as buyers and sellers in one transaction.

2. Purchasing power

If bath soap in the USA costs $0.20 per piece, having $1 enables one to buy 5 pieces of such soap. This is the purchasing power in usual trading. The same, however, cannot be said in forex trading.

Because of differences in purchasing power, a country may buy foreign currency with an amount more or less than the equivalent of its own currency. For instance, if the USA desires to acquire Php1 million, it has to pay $22,692, but if the Philippines desires to acquire the same amount of dollars, it has to pay more than Php1 million (Php1, 000,143.50 to be exact).

3. Foreign exchange exposure

Because foreign exchange currencies are fluctuating at their respective rates, they are easily affected when a country is exposed to certain conditions. For instance, when Canada trades currency with USA, the rate of 0.79 US dollar/1 Canadian dollar could change, such that when the transaction is completed, the rate would be 0.92 US dollar/1 Canadian dollar or lower than the normal rate.

Forex trading highly applies the principle that if there is high risk, there is high return. As such, impromptu engagement is discouraged. One has to carefully study its basic concepts and formulations, for this effort can bring one's dollar to a million dollars.

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