What is Forex, well it’s the Foreign Exchange market and before you switch off and go to sleep, let me break it down.
Where was your last holiday, let me pause and give you a moment to reminisce ….
So whether it was off to see Mickey Mouse as Disney Land , Get your party on in Ibiza or just relaxing in the south of France, I take it like me you may have had to change your currency at the airport because like me you always leave it to the last minute.
So you walk up to the exchange booth wearing extra clothes because your bag was too big
You then reach for your wallet (if you’re a dude) or purse (if you’re a lady) or man purse (if you’re a metrosexual) or plastic wallet if you’re one of those super organised people and ask to change your money into the currency of the country you are visiting.
Now if you are a Brit ever taken out money and thought wow so one pound is worth how much dollars, or how much YEN, it feels nice doesn’t it, when you see England is finally winning at something.
Well what you have just essentially done is forex trading, except you are about to spend it partying, possibly getting drunk or maybe just on a beach buying ice creams.
Sometimes you don’t spend as much as you thought you would, so you bring some money back (SOMETIMES) and notice the exchange rates have changed. It’s these changes in the exchanges rates that allow you to make money in the foreign exchange market.
The foreign exchange market, which is usually known as “forex” or “FX,” is the largest financial market in the world. Compared to the measly $22.4 billion per day volume of the New York Stock Exchange (NYSE), the foreign exchange market looks absolutely ginormous with its $5.3 TRILLION a day trade volume.
The Forex market is the largest and most liquid of the financial markets and by the way you could be making some money from this monster, how you ask well I am glad you asked….
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