How Much Was 1 Yen Worth In The Old Days Forex Trading – How You Can Profit From This $3.5 Trillion Market and How to Read a Forex Quote

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Forex Trading – How You Can Profit From This $3.5 Trillion Market and How to Read a Forex Quote

It is the largest financial market in the world, with $3.5 trillion traded daily! It is also the most liquid market in the world and growing exponentially. There is a level playing field, from hedge funds to central and commercial banks to retail investors, everyone is competing for a share of the pie!

And unlike other trading where you buy or sell products and services and make money from it, here you make the money itself. In addition, there is no central marketplace, this trade takes place without a prescription, over the phone or via electronic networks. Welcome to the world of foreign exchange or forex or simply FX!

How Forex works

Forex involves trading the currencies of different countries. In other words, you buy one currency and simultaneously sell another currency. The exchange rate of a currency is determined by the rate at which it is converted into another currency. It depends on many factors such as the social, economic and political scenario of the particular country of the currency being traded.

The forex market operates around the clock from Sunday 5:00 PM ET to Friday 5:00 PM ET, starting in Sydney before heading to Tokyo, London and finally New York. Almost 85% of forex trading takes place on major currency pairs, which are considered the most liquid. These are the US dollar, the Japanese yen, the euro, as well as the British pound, the Canadian dollar, the Australian dollar, and the Swiss franc. Other currencies account for the remaining 15% of all trades.

How to read Forex quotes

Currencies are usually traded in pairs, such as Euro and US Dollar (EUR/USD) or US Dollar and Japanese Yen (USD/JPY). The currency listed on the left side of the pair is the base currency, its value is always 1. The currency on the right is called the counter currency. With the exception of the British pound, the Australian dollar and the euro, the base currency is the US dollar for all other currency pairs.

Every forex quote has two sides: the bid and the sell. When you place an offer, this is the price at which you sell the base currency. And when you ask, the price at which you buy the base currency.

For USD/JPY, the base currency is USD and the quote indicates how much one US dollar is worth in JPY. For example, if EUR/USD is 1.2377, it means that 1 euro is equal to 1.2377 US dollars. Similarly, GBP/USD = 1.4364 should be interpreted as 1 GBP being equal to 1.4364 USD.

In currency pairs where the USD is the base currency, such as USD/JPY, an increase in the quote means that the USD has strengthened, which obviously means that the counter currency has weakened. In other words, you can buy more of the counter currency than before.

In currency pairs where the USD is the counter currency, such as EUR/USD, an increase in the quote means that the USD has weakened and you can only buy less of the base currency with it. The same rule applies to cross currencies or currency pairs where the USD is not involved.

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