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Bbey Ducoy
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Forex Market: Introduction to Forex Trading

Published on 7/9/2018
For additional information  Click Here

Forex Market and Participants

The Foreign exchange (FX) market is an exciting market with participants that cuts across the globe. It is the largest market in the world and it accounts for over four trillion dollars traded every day. However, the participants in the Forex Market include Central Banks and Financial Institutions. Furthermore, Hedge funds, Corporations, Large institutional investors, Wealthy people and Individuals like you and me also participate in the market.

The Forex market opens twenty-four hours a day and five days a week. Forex market is always closed on Saturday, Sundays and on bank holidays. There are three primary trading sessions in the market and they are; New York session, London session, and Tokyo session.

However, each trading session has its own peculiarities as regards currency pair volatility and characteristics. EURUSD pair, for instance, is more volatile during the London and New York session while the JPY pairs are more volatile during the Tokyo session.

Trading Device

Basically, trades in the Forex market can be executed by investors through several means such as mobile phones, Ipads, computers and others. Investors trade Forex through forex brokers. However, Forex brokers are companies that allow investors to buy and sell foreign currencies through their platforms.

Trade execution time differs from one broker to another. While broker spread per currency pair differs from one broker to another. Some brokers offer commission-free accounts to their clients while other offer swap-free account packages.

Traders use Technical analysis and Fundamental analysis to make trade decisions. The MetaTrader 4 platform is the most commonly used application by forex traders. The application can be downloaded onto the computer system or on a mobile device.

Forex Trading Styles

The four most common trading styles are 1. Day trading 2. Position trading 3. Swing trading and 4. Scalping. Looking at Day trading, it is the most common style where traders open and close trades the same day. On the other hand, Position traders allow the market trend to guide them, and they place and hold trades for some time by using the daily, weekly and monthly time frame charts.

As the name implies, Swing traders enter trades at the point when a trend changes. They jump in when a new trend forms on the chart. Scalping style is a very active trading strategy employed by traders who hold positions for a very short time. Scalpers trade in very quiet markets that are devoid of volatility.

Nevertheless, the four trading styles above have their risks and this should be thoroughly assessed by the trader before the strategy application.

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