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What is Forex?
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How do you make money?
In the FX market, you buy or sell currencies. Placing a trade in the foreign exchange market is simple: the mechanics of a trade are very similar to those found in other markets (like the stock market), so if you have any experience in trading, you should be able to pick it up pretty quickly.
The object of Forex trading is to exchange one currency for another in the expectation that the price will change, so that the currency you bought will increase in value compared to the one you sold.
How to Read an FX Quote
Currencies are always quoted in pairs, such as GBP/USD or USD/JPY. The reason they are quoted in pairs is because in every foreign exchange transaction you are simultaneously buying one currency and selling another. Here is an example of a foreign exchange rate for the British pound versus the U.S. dollar:
GBP/USD = 1.7500
The first listed currency to the left of the slash ("/") is known as the base currency (in this example, the British pound), while the second one on the right is called the counter or quote currency (in this example, the U.S. dollar).
When buying, the exchange rate tells you how much you have to pay in units of the quote currency to buy one unit of the base currency. In the example above, you have to pay 1.7500 U.S. dollar to buy 1 British pound.
When selling, the exchange rate tells you how many units of the quote currency you get for selling one unit of the base currency. In the example above, you will receive 1.7500 U.S. dollars when you sell 1 British pound.
The base currency is the "basis" for the buy or the sell. If you buy EUR/USD this simply means that you are buying the base currency and simultaneously selling the quote currency.
You would buy the pair if you believe the base currency will appreciate (go up) relative to the quote currency. You would sell the pair if you think the base currency will depreciate (go down) relative to the quote currency.
Angela Adams
Professional Forex Trader Of 13 Years
When I was young, my Father used to be an company Accountant, as I was always interested in looking at his clever formula's, and pretending I knew all the business terminology.
As I grew older, I started to follow in my Fathers footsteps, and went to college, before I decided I wanted to start my own business and make money for myself, to give me that freedom we all strive for. I discovered the Forex market, and I decided it's time to take the plunge at sit down and profit from currency trading....
I started trading with high expectations. But the longer I got into trading, the more I realized that I wasn’t up for it and couldn't be glued to my PC for hours on end. All my years studying business and economics in college were not enough to get me on beat to this challenging game. After three months into trading, I came to a conclusion that I didn't have a clue as to what I was doing despite being able to read and predict well...
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