Do you know how forex works, newbies

[Judy Mank]

When it comes to trading FX, most currencies come in pairs. Take for example GBP/USD (sterling vs US dollar) - the fluctuations in the exchange rate between these two is where a trader looks to make their profit.In our example, a trader believes that GBP will strengthen (or ‘appreciate’) against the USD and therefore buys GBP. By buying GBP, they’re also simultaneously selling USD on expectations that the exchange price will rise in value.Should their expectation be proved right, the trader’s profits will rise in line with every increase in the exchange price.The trader then decides to close the position, selling GBP; in this case with the exchange price higher than when they first bought it, netting them a tidy profit.Conversely, if the trader is proved wrong and GBP depreciates in relation to USD, the GBP/USD exchange price will fall. This leaves the trader sitting on a loss, as each fall in the exchange price below their open level will net them a loss. All the same the forex is one thing you should give a hardworking try, it is very sure to pay you in ret

[gaban]

yes, I also do not know how the forex most importantly I can get a lot of money from forex. by trading with small capital so I can get some profits in forex trading is, for that I need to learn and practice trading with good

[ValueFX]

RE, do you know ow forex works?

Forex trading is the simultaneous buying of one currency and selling of another

These two currencies make up what is known as a "currency pair"

Currencies are always traded in pairs - each currency is represented by three letters

The first two letters represent the country and the third letter identifies the currency

Forex pairs are read in the opposite direction of mathematical proportions or ratios

For example:

EUR/USD = 1.23700

The currency to the left of the slash ("/") is called the base currency (in this example, the Euro) and the currency on the right is called the quote currency (in this example, the U.S Dollar)

This notation means that 1 unit of the base currency (that is, 1 Euro) is equal to 1.23700 U.S Dollars

You have to pay 1.23700 U.S Dollars to buy 1 Euro

If selling, the foreign currency exchange rate specifies how much units of the quote currency you get for selling one unit of the base currency

In the above example, you will receive 1.23700 U.S Dollars when you sell 1 Euro

[Arif]

forex is a good way of making money and if you have skills then it is easy to trade.to make good profit you need to lean and do more practice.

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[[Deleted]]

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[naxreell]

We can think of forex this way;

Let's take the idea of buying to explain this. What if you bought something (it could literally be almost anything...a house, a piece of jewelry or a stock) and it went up in value. If you sold it at that point, you would have made a profit; the difference between what you paid originally and the greater value that the item is worth now.

Currency trading is the same way...

Read more here: Understanding forex strategies: How do I trade forex? to get more fact!