Are you a novice trader? How about starting your trading career by learning the ins and outs of Forex and CFD trading? With our extensive database of articles, you will be on your way to success.
When you decide to start trading currencies, understanding Forex trading basics is fundamental for your success in this market. To be successful in FX trading, you first need to gain education and then put this education at work. You can gather some experience either with demo trading accounts or with low deposits for small tradings. You have to understand that a market with a daily turnover of four trillion USD is anything but simple or risk-free. First of all, this is a 24/5 market. It mainly has three branches: US, Asian and European. Learning Forex trading basics means understanding those markets. The main currency on each market trades most during the time the market is opened. For example, EUR pairs would have biggest volumes during the time the European market is opened. Trading is done in so-called lots - from 1,000 to 100,000 units. FX is not like commodities or stocks that can be traded individually. They are traded in pairs - EUR/USD, USD/GBP, etc. This is why the types of products you can trade are rather limited, as about 18 currency pairs are available for trading. Out of those 18, only a few are most traded - among them USD, EUR, GBP, AUD and JPY.