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What Is Forex Trading? Guide to Foreign Exchanges

Forex is a portmanteau of unconnected currency and exchange. Foreign exchange is the process of changing one currency into another for a variety of reasons, usually for business, trading, or tourism. According to a 2019 triennial report from the Bank for International Settlements (a global bank for resident central banks), the daily trading volume for forex reached $6.6 trillion in April 2019.

Key Takeaways

  • The foreign interchange (also known as FX or forex) market is a global marketplace for exchanging national currencies.
  • Because of the worldwide reach of exchange, commerce, and finance, forex markets tend to be the largest and most liquid asset markets in the world.
  • Currencies truck against each other as exchange rate pairs. For example, EUR/USD is a currency pair for trading the euro against the U.S. dollar.
  • Forex deal ins exist as spot (cash) markets as well as derivatives markets, offering forwards, futures, options, and currency swaps.
  • Retail participants use forex to hedge against international currency and interest rate risk, to speculate on geopolitical events, and to mix portfolios, among other reasons.

What Is the Forex Market?

The foreign exchange market is where currencies are crafted. Currencies are important because they enable purchase of goods and services locally and across borders. International currencies privation to be exchanged to conduct foreign trade and business.

If you are living in the United States and want to buy cheese from France, then either you or the followers from which you buy the cheese has to pay the French for the cheese in euros (EUR). This means that the U.S. importer would have to commerce the equivalent value of U.S. dollars (USD) into euros.

The same goes for traveling. A French tourist in Egypt can’t pay in euros to see the pyramids because it’s not the locally permitted currency. The tourist has to exchange the euros for the local currency, in this case the Egyptian pound, at the current exchange place.

One unique aspect of this international market is that there is no central marketplace for foreign exchange. Rather, currency swap is conducted electronically over the counter (OTC), which means that all transactions occur via computer networks among purchasers around the world, rather than on one centralized exchange. The market is open 24 hours a day, five and a half days a week, and currencies are traded worldwide in the noteworthy financial centers of Frankfurt, Hong Kong, London, New York, Paris, Singapore, Sydney, Tokyo, and Zurich—across on the verge of every time zone. This means that when the U.S. trading day ends, the forex market begins anew in Tokyo and Hong Kong. As such, the forex buy can be extremely active any time of day, with price quotes changing constantly.

A Brief History of Forex

In its most central sense, the forex market has been around for centuries. People have always exchanged or bartered goods and currencies to obtain goods and services. However, the forex market, as we understand it today, is a relatively modern invention.

After the Bretton Woods pact began to collapse in 1971, more currencies were allowed to float freely against one another. The values of idiosyncratic currencies vary based on demand and circulation and are monitored by foreign exchange trading services.

Commercial and investment banks guide most of the trading in forex markets on behalf of their clients, but there are also speculative opportunities for trading one currency against another for licensed and individual investors.

There are two distinct features to currencies as an asset class:

An investor can profit from the difference between two keen on rates in two different economies by buying the currency with the higher interest rate and shorting the currency with the crop interest rate. Prior to the 2008 financial crisis, it was very common to short the Japanese yen (JPY) and buy British pounds (GBP) because the concern engaged rate differential was very large. This strategy is sometimes referred to as a “carry trade.”

Why we can trade currencies

Currency buying was very difficult for individual investors prior to the Internet. Most currency traders were large multinational corporations, hedge funds, or high-net-worth individuals because forex do business required a lot of capital. With help from the Internet, a retail market aimed at individual traders has emerged, give easy access to the foreign exchange markets through either the banks themselves or brokers making a secondary hawk. Most online brokers or dealers offer very high leverage to individual traders who can control a large pursuit with a small account balance.

An Overview of Forex Markets

The FX market is where currencies are traded. It is the only legitimately continuous and nonstop trading market in the world. In the past, the forex market was dominated by institutional firms and large banks, which hoaxed on behalf of clients. But it has become more retail-oriented in recent years, and traders and investors of many holding sizes be dressed begun participating in it.

An interesting aspect of world forex markets is that there are no physical buildings that perform as trading venues for the markets. Instead, it is a series of connections made through trading terminals and computer networks. Parties in this market are institutions, investment banks, commercial banks, and retail investors.

The foreign exchange market is mull over more opaque than other financial markets. Currencies are traded in OTC markets, where disclosures are not mandatory. Gargantuan liquidity pools from institutional firms are a prevalent feature of the market. One would presume that a country’s profitable parameters should be the most important criterion to determine its price. But that’s not the case. A 2019 survey found that the motivating forces of large financial institutions played the most important role in determining currency prices.

There are three ways to vocation forex. They are the spot, forwards, and futures markets, as follows:

Spot market

Forex trading in the spot demand has always been the largest because it trades in the biggest “underlying” real asset for the forwards and futures markets. In olden days, volumes in the forwards and futures markets surpassed those of the spot markets. However, the trading volumes for forex catch sight of markets received a boost with the advent of electronic trading and the proliferation of forex brokers.

When people refer to the forex shop, they usually are referring to the spot market. The forwards and futures markets tend to be more popular with troops that need to hedge their foreign exchange risks out to a specific date in the future.

How the spot market succeeds

The spot market is where currencies are bought and sold based on their trading price. That price is distinct by supply and demand and is calculated based on several factors, including current interest rates, economic performance, judgement toward ongoing political situations (both locally and internationally), and the perception of the future performance of one currency against another.  

A finalized deal is understood as a “spot deal.” It is a bilateral transaction in which one party delivers an agreed-upon currency amount to the counterparty and receives a established amount of another currency at the agreed-upon exchange rate value. After a position is closed, the settlement is in cash. Although the bite market is commonly known as one that deals with transactions in the present (rather than in the future), these sellings actually take two days for settlement.

Forwards and futures markets

A forward contract is a private agreement between two partisans to buy a currency at a future date and at a predetermined price in the OTC markets. A futures contract is a standardized agreement between two parties to make for a pick up delivery of a currency at a future date and at a predetermined price.

Unlike the spot market, the forwards and futures markets do not custom actual currencies. Instead, they deal in contracts that represent claims to a certain currency type, a unique to price per unit, and a future date for settlement.

In the forwards market, contracts are bought and sold OTC between two parties, who choose the terms of the agreement between themselves. In the futures market, futures contracts are bought and sold based upon a guidon size and settlement date on public commodities markets, such as the Chicago Mercantile Exchange.

In the U.S., the National Futures Tie regulates the futures market. Futures contracts have specific details, including the number of units being swapped, delivery and settlement dates, and minimum price increments that cannot be customized. The exchange acts as a counterparty to the saleswoman, providing clearance and settlement services.

Both types of contracts are binding and are typically settled for cash at the exchange in preposterous upon expiry, although contracts can also be bought and sold before they expire. The currency forwards and tomorrows markets can offer protection against risk when trading currencies. Usually, big international corporations use these customer bases to hedge against future exchange rate fluctuations, but speculators take part in these markets as well.

Note that you’ll instances see the terms FX, forex, foreign exchange market, and currency market. These terms are synonymous and all refer to the forex hawk.

Forex for Hedging

Companies doing business in foreign countries are at risk due to fluctuations in currency values when they buy or barter goods and services outside of their domestic market. Foreign exchange markets provide a way to hedge currency jeopardize by fixing a rate at which the transaction will be completed.

To accomplish this, a trader can buy or sell currencies in the forward or swap demands in advance, which locks in an exchange rate. For example, imagine that a company plans to sell U.S.-made blenders in Europe when the dealing rate between the euro and the dollar (EUR/USD) is €1 to $1 at parity.

The blender costs $100 to manufacture, and the U.S. firm arrangements to sell it for €150—which is competitive with other blenders that were made in Europe. If this down is successful, then the company will make $50 in profit per sale because the EUR/USD exchange rate is even. Unfortunately, the U.S. dollar inaugurates to rise in value versus the euro until the EUR/USD exchange rate is 0.80, which means it now costs $0.80 to buy €1.00.

The unmanageable facing the company is that while it still costs $100 to make the blender, the company can only sell the fallout at the competitive price of €150—which, when translated back into dollars, is only $120 (€150 × 0.80 = $120). A stronger dollar effected in a much smaller profit than expected.

The blender company could have reduced this risk by scanty selling the euro and buying the U.S. dollar when they were at parity. That way, if the U.S. dollar rose in value, then the profits from the following would offset the reduced profit from the sale of blenders. If the U.S. dollar fell in value, then the more favorable the Market rate would increase the profit from the sale of blenders, which offsets the losses in the trade.

Hedging of this friendly can be done in the currency futures market. The advantage for the trader is that futures contracts are standardized and cleared by a central dominion. However, currency futures may be less liquid than the forwards markets, which are decentralized and exist within the interbank routine throughout the world.

Forex for Speculation

Factors like interest rates, trade flows, tourism, economic gameness, and geopolitical risk affect supply and demand for currencies, creating daily volatility in the forex markets. An opportunity exists to profit from varieties that may increase or reduce one currency’s value compared to another. A forecast that one currency will weaken is essentially the despite the fact as assuming that the other currency in the pair will strengthen because currencies are traded as pairs.

Imagine a distributor who expects interest rates to rise in the U.S. compared to Australia while the exchange rate between the two currencies (AUD/USD) is 0.71 (it wolves $0.71 USD to buy $1.00 AUD). The trader believes higher interest rates in the U.S. will increase demand for USD, and therefore the AUD/USD exchange merit will fall because it will require fewer, stronger USDs to buy an AUD.

Assume that the trader is correct and involved rates rise, which decreases the AUD/USD exchange rate to 0.50. This means that it requires $0.50 USD to buy $1.00 AUD. If the investor had lacking in the AUD and went long on the USD, then they would have profited from the change in value.

Forex Trading: A Beginner’s Model

Forex Trading: A Beginner’s Guide

Trading currencies can be risky and complex. The interbank market has varying degrees of fixing, and forex instruments are not standardized. In some parts of the world, forex trading is almost completely unregulated.

The interbank market is originated up of banks trading with each other around the world. The banks themselves have to determine and accept predominant risk and credit risk, and they have established internal processes to keep themselves as safe as possible. Rules like this are industry-imposed for the protection of each participating bank.

Since the market is made by each of the participating banks furnish offers and bids for a particular currency, the market pricing mechanism is based on supply and demand. Because there are such sturdy trade flows within the system, it is difficult for rogue traders to influence the price of a currency. This system reliefs create transparency in the market for investors with access to interbank dealing.

Most small retail traders return with relatively small and semi-unregulated forex brokers/dealers, which can (and sometimes do) re-quote prices and even transact against their own customers. Depending on where the dealer exists, there may be some government and industry regulation, but those defends are inconsistent around the globe. 

Most retail investors should spend time investigating a forex dealer to chance out whether it is regulated in the U.S. or the U.K. (dealers in the U.S. and the U.K. have more oversight) or in a country with lax rules and oversight. It is also a good concept to find out what kind of account protections are available in case of a market crisis, or if a dealer becomes insolvent.

How to Get Started with Forex Buy

Trading forex is similar to equity trading. Here are some steps to get yourself started on the forex trading gallivant.

1.    Learn about forex: While it is not complicated, forex trading is a project of its own and requires specialized knowledge. For example, the leverage correspondence for forex trades is higher than for equities, and the drivers for currency price movement are different from those for right-mindedness markets. There are several online courses available for beginners that teach the ins and outs of forex trading.

2.    Set up a brokerage account: You purpose need a forex trading account at a brokerage to get started with forex trading. Forex brokers do not charge commissions. In place of, they make money through spreads (also known as pips) between the buying and selling prices.

For beginner sellers, it is a good idea to set up a micro forex trading account with low capital requirements. Such accounts have wavering trading limits and allow brokers to limit their trades to amounts as low as 1,000 units of a currency. For context, a canon account lot is equal to 100,000 currency units. A micro forex account will help you become more tranquil with forex trading and determine your trading style.

3.    Develop a trading strategy: While it is not always accomplishable to predict and time market movement, having a trading strategy will help you set broad guidelines and a roadmap for exchange. A good trading strategy is based on the reality of your situation and finances. It takes into account the amount of liquidate that you are willing to put up for trading and, correspondingly, the amount of risk that you can tolerate without getting burned out of your sentiment. Remember, forex trading is mostly a high-leverage environment. But it also offers more rewards to those who are willing to command of a like the risk.  

4.    Always be on top of your numbers: Once you begin trading, always check your positions at the end of the day. Most craft software already provides a daily accounting of trades. Make sure that you do not have any pending positions to be expanded out and that you have sufficient cash in your account to make future trades.

5.    Cultivate emotional equilibrium: Beginner forex business is fraught with emotional roller coasters and unanswered questions. Should you have held onto your sentiment a bit longer for more profits? How did you miss that report about low gross domestic product numbers that led to a refuse in overall value for your portfolio? Obsessing over such unanswered questions can lead you down a path of tumult. That is why it is important to not get carried away by your trading positions and cultivate emotional equilibrium across profits and defeats. Be disciplined about closing out your positions when necessary.    

Forex Terminology

The best way to get started on the forex cruise is to learn its language. Here are a few terms to get you started:

Forex account: A forex account is the account that you use to make currency careers. Depending on the lot size, there can be three types of forex accounts:

  • Micro forex accounts: Accounts that consent to you to trade up to $1,000 worth of currencies in one lot.
  • Mini forex accounts: Accounts that allow you to trade up to $10,000 good of currencies in one lot.
  • Standard forex accounts: Accounts that allow you to trade up to $100,000 worth of currencies in one lot. 

Remember that the exchange limit for each lot includes margin money used for leverage. This means that the broker can provide you with prime in a predetermined ratio. For example, they may put up $100 for every $1 that you put up for trading, meaning that you will not need to use $10 from your own funds to trade currencies worth $1,000.

Ask: An ask is the lowest price at which you are willing to buy a currency. For prototype, if you place an ask price of $1.3891 for GBP, then the figure mentioned is the lowest that you are willing to pay for a pound in USD. The ask price is generally flagrant than the bid price.

Bid: A bid is the price at which you are willing to sell a currency. A market maker in a given currency is responsible for continuously have on a inconvenience out bids in response to buyer queries. While they are generally lower than ask prices, in instances when behest is great, bid prices can be higher than ask prices.

Bear market: A bear market is one in which prices decline for all currencies. Breed markets signify a market downtrend and are the result of depressing economic fundamentals or catastrophic events, such as a financial moment or a natural disaster.

Bull market: A bull market is one in which prices increase for all currencies. Bull markets denote a market uptrend and are the result of optimistic news about the global economy.

Key Takeaways

  • It is important to know the terminology linked to forex trading before you begin the actual trading process.
  • While there is a significant overlap among archetype finance terms, such as leverage and bid/ask prices, there are some terms, such as pips, forex accounts, and lot rates, that are unique to currency trades.

Contract for difference: A contract for difference (CFD) is a derivative that enables traders to speculate on payment movements for currencies without actually owning the underlying asset. A trader betting that the price of a currency span will increase will buy CFDs for that pair, while those who believe its price will decline last wishes as sell CFDs relating to that currency pair. The use of leverage in forex trading means that a CFD trade a crapped awry can lead to heavy losses.

Leverage: Leverage is the use of borrowed capital to multiply returns. The forex market is delineated by high leverages, and traders often use these leverages to boost their positions.

For example, a trader might put up objective $1,000 of their own capital and borrow $9,000 from their broker to bet against the euro (EUR) in a trade against the Japanese yen (JPY). Since they procure used very little of their own capital, the trader stands to make significant profits if the trade goes in the suitable direction. The flipside to a high-leverage environment is that downside risks are enhanced and can result in significant losses. In the example mainly, the trader’s losses will multiply if the trade goes in the opposite direction.   

Lot size: Currencies are traded in standard sizes cognizant of as lots. There are three common lot sizes: standard, mini, and micro. Standard lot sizes consist of 100,000 portions of the currency. Mini lot sizes consist of 10,000 units, and micro lot sizes consist of 1,000 units of the currency. Some stockbrokers also offer nano lot sizes of currencies, worth 100 units of the currency, to traders. The choice of a lot size has a outstanding effect on the overall trade’s profits or losses. The bigger the lot size, the higher the profits (or losses), and vice versa.

Bounds: Margin is the money set aside in an account for a currency trade. Margin money helps assure the broker that the salesman will remain solvent and be able to meet monetary obligations, even if the trade does not go their way. The amount of bounds depends on the trader and customer balance over a period of time. Margin is used in tandem with leverage (expatiate oned above) for trades in forex markets.

Pip: A pip is a “percentage in point” or “price interest in point.” It is the minimum price move, mate to four decimal points, made in currency markets. One pip is equal to 0.0001. One hundred pips are equal to 1 cent, and 10,000 pips are commensurate to $1. The pip value can change depending on the standard lot size offered by a broker. In a standard lot of $100,000, each pip will tease a value of $10. Because currency markets use significant leverage for trades, small price moves, defined in pips, can contain an outsized effect on the trade.

Spread: A spread is the difference between the bid (sell) price and ask (buy) price for a currency. Forex merchants do not charge commissions; they make money through spreads. The size of the spread is influenced by many factors. Some of them are the dimension of your trade, demand for the currency, and its volatility.

Sniping and hunting: Sniping and hunting is purchase and sale of currencies close predetermined points to maximize profits. Brokers indulge in this practice, and the only way to catch them is to network with concomitant traders and observe for patterns of such activity.

Forex Trading Strategies

The most basic forms of forex vocations are a long trade and a short trade. In a long trade, the trader is betting that the currency price will expansion in the future and they can profit from it. A short trade consists of a bet that the currency pair’s price will subside in the future. Traders can also use trading strategies based on technical analysis, such as breakout and moving average, to fine-tune their MO modus operandi to trading.

Depending on the duration and numbers for trading, trading strategies can be categorized into four further types:

A scalp business consists of positions held for seconds or minutes at most, and the profit amounts are restricted in terms of the number of pips. Such markets are supposed to be cumulative, meaning that small profits made in each individual trade add up to a tidy amount at the end of a day or period period. They rely on predictability of price swings and cannot handle much volatility. Therefore, traders attend to to restrict such trades to the most liquid pairs and at the busiest times of trading during the day.

Day trades are short-term sells in which positions are held and liquidated in the same day. The duration of a day trade can be hours or minutes. Day traders require technical criticism skills and knowledge of important technical indicators to maximize their profit gains. Just like scalp traffics, day trades rely on incremental gains throughout the day for trading.

In a swing trade, the trader holds the position for a period longer than a day; i.e., they may avoid b repel the position for days or weeks. Swing trades can be useful during major announcements by governments or times of economic commotion. Since they have a longer timeline, swing trades do not require constant monitoring of the markets throughout the day. In too to technical analysis, swing traders should be able to gauge economic and political developments and their impact on currency faction.

In a position trade, the trader holds the currency for a long period of time, lasting for as long as months or even years. This kind of trade requires more fundamental analysis skills because it provides a reasoned basis for the trade.

Charts Reach-me-down in Forex Trading

Three types of charts are used in forex trading. They are:

Line charts: Line designs are used to identify big-picture trends for a currency. They are the most basic and common type of chart used by forex salespersons. They display the closing trading price for the currency for the time periods specified by the user. The trend lines labeled in a line chart can be used to devise trading strategies. For example, you can use the information contained in a trend line to identify breakouts or a substitute in trend for rising or declining prices.

While it can be useful, a line chart is generally used as a starting point for remote trading analysis. You can read more about line charts here.

Bar charts: Much like other exemplifications in which they are used, bar charts are used to represent specific time periods for trading. They provide innumerable price information than line charts. Each bar chart represents one day of trading and contains the opening price, highest appraisal, lowest price, and closing price (OHLC) for a trade. A dash on the left is the day’s opening price, and a similar dash on the right-hand represents the closing price. Colors are sometimes used to indicate price movement, with green or white cast-off for periods of rising prices and red or black for a period during which prices declined.

Bar charts for currency trading relief traders identify whether it is a buyer’s market or a seller’s market. You can read more about bar charts here.

Candlestick blueprints: Candlestick charts were first used by Japanese rice traders in the 18th century. They are visually more beguiling and easier to read than the chart types described above. The upper portion of a candle is used for the opening penalty and highest price point used by a currency, and the lower portion of a candle is used to indicate the closing price and lowest consequence point. A down candle represents a period of declining prices and is shaded red or black, while an up candle is a period of increasing sacrifices and is shaded green or white. The formations and shapes in candlestick charts are used to identify market direction and movement. Some of the more run-of-the-mill formations for candlestick charts are hanging man and shooting star.

You can read more about candlestick charts here.

Forex FAQs

What is forex?

Forex refers to the securities exchange of one currency for another.

Where is forex traded?

Forex is traded at three places: spot markets, forwards furnishes, and futures markets. The spot market is the largest of all three markets because it is the “underlying” asset on which forwards and futures demands are based.

Why is forex traded? 

Companies and traders use forex for two main reasons: speculation and hedging. The former is used by salespersons to make money off the rise and fall of currency prices, while the latter is used to lock in prices for manufacturing and purchasings in overseas markets.   

Are forex trades volatile?

Forex markets are among the most liquid markets in the world. As a result, they are less volatile than other markets like real estate. The volatility of a particular currency is a responsibility of multiple factors, such as the politics and economics of its country. Therefore, events like economic instability in the form of a payment negligence or imbalance in trading relationships with another currency can result in significant volatility.

Are forex trades regulated?

Forex buy regulation depends on the jurisdiction. Countries like the United States have sophisticated infrastructure and markets to conduct forex swops. Hence, forex trades are tightly regulated there by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). Putting, due to the heavy use of leverage in forex trades, developing countries like India and China have restrictions on the firms and top-hole to be used in forex trading. Europe is the largest market for forex trades. The Financial Conduct Authority (FCA) is responsible for crt and regulating forex trades in the United Kingdom.

Which currencies should I trade in?

Currencies with high liquidity pull someones leg a ready market and, therefore, exhibit smooth and predictable price action in response to external events. The U.S. dollar is the most swapped currency in the world. It features in six of the seven currency pairs with the most liquidity in the markets. Currencies with low liquidity, notwithstanding, cannot be traded in large lot sizes without significant market movement being associated with the price. Such currencies superficially belong to developing countries. When they are paired with the currency of a developed country, an exotic pair is framed. For example, a pairing of the U.S. dollar with India’s rupee (USD/INR) is considered an exotic pair.

How do I get started with forex exchange?

The first step to forex trading is to educate yourself about the market’s operations and terminology. Next, you need to begin a trading strategy based on your finances and risk tolerance. Finally, you should open a brokerage account. For various details, see above.

Pros and Cons of Trading Forex

The pros of trading forex are as follows:

  • Forex markets are the largest in in the matter of a payments of daily trading volume in the world and therefore offer the most liquidity. This makes it easy to enter and leaving a position in any of the major currencies within a fraction of a second for a small spread in most market conditions.
  • The forex hawk is traded 24 hours a day, five and a half days a week—starting each day in Australia and ending in New York. The generalized time horizon and coverage offer traders several opportunities to make profits or cover losses. The major forex bazaar centers are Frankfurt, Hong Kong, London, New York, Paris, Singapore, Sydney, Tokyo, and Zurich.
  • The extensive use of leverage in forex traffic means that you can start with little capital and multiply your profits.
  • Automation of forex markets fits itself well to rapid execution of trading strategies.
  • The forex market is more decentralized than traditional variety or bond markets. There is no centralized exchange that dominates currency trade operations, and the potential for manipulation, help of insider information about a company or stock, is lower.
  • Forex trading generally follows the same rules as symmetrical trading and requires much less initial capital; therefore, it is easier to start trading forex compared to sets.

The cons of forex trading are as follows:

  • Even though they are the most liquid markets in the world, forex interchanges are much more volatile than regular markets.
  • Banks, brokers, and dealers in the forex markets allow a extraordinary amount of leverage, which means that traders can control large positions with relatively little lolly of their own. Leverage in the range of 100:1 is not uncommon in forex. A trader must understand the use of leverage and the risks that leverage make knows in an account. Extreme amounts of leverage have led to many dealers becoming insolvent unexpectedly.
  • Trading currencies productively requires an intelligence of economic fundamentals and indicators. A currency trader needs to have a big-picture understanding of the economies of the various countries and their interconnectedness to awareness the fundamentals that drive currency values.
  • The decentralized nature of forex markets means that it is less responsible to regulation than other financial markets. The extent and nature of regulation in forex markets depend on the jurisdiction of patron.
  • Forex markets lack instruments that provide regular income, such as regular dividend payments, that ascendancy make them attractive to investors who are not interested in exponential returns.

The Bottom Line

For traders—especially those with little funds—day trading or swing trading in small amounts is easier in the forex market than in other markets. For those with longer-term ranges and larger funds, long-term fundamentals-based trading or a carry trade can be profitable. A focus on understanding the macroeconomic fundamentals that outing currency values, as well as experience with technical analysis, may help new forex traders to become more helpful.

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