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What is forex trading? The latest guide to Forex trading in 2024.

May 03 •10 min ago

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Forex trading basic

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What is a forex pair?

In forex trading, prices are presented in currency pairs. One example is EUR/USD. The left currency (EUR or Euro) is known as the base currency, and the right currency (USD or US Dollars), the quoted currency. For example, a value of 1.0800 means that 1 Euro can be exchanged for 1.08 US Dollars.

Main Points

Forex (FX) market is a global electronic network for currency trading.

Formerly limited to governments and financial institutions, individuals can now directly buy and sell currencies on forex.

In the forex market, a profit or loss results from the difference in the price at which the trader bought and sold a currency pair.

Cross-currency pairs

Crosses, or minors, are pairs that do not contain USD. The most active crosses known in the market involve the three different major currencies: EUR, JPY, and GBP.

Exotic currency pairs

Exotics are pairs made up of one major currency with another from an emerging market. Examples of emerging currencies include Brazil (BRL), Hong Kong (HKD), Singapore (SGD), and Mexico (MXN).

To keep things simple while getting started in forex, we suggest focusing your efforts on the majors and a couple of cross-currency pairs.

Tips: To keep things simple while getting started in forex, we suggest focusing your efforts on the majors and a couple of cross-currency pairs.

Important: let’s move on to deciphering graphic information. In trading, the market is represen

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