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Forex is an over-the-counter (OTC) marketplace where the currencies of the world are traded. In contrast to other prominent financial centers, forex facilitates trade without a centralized exchange, implementing an exclusively digital platform. Limited barriers of entry, ease of transaction and high market liquidity are its calling cards.
Easily the world’s largest market, the average daily traded volume in forex dominates all other global marketplaces. For April 2016, daily volume measured more than US$5 trillion in value, according to BIS. Of that amount, trade of major global currencies such as the United States dollar (USD), euro (EUR), Japanese yen (JPY) and British pound (GBP) accounted for a majority of the trading activity. Institutional investors, retail traders, and central banks and governments satisfy their needs for currency exchange using forex.
Technical analysis and charting are key elements in the active trade of currencies on the forex market. Exchange rate volatilities are studied intensively using Japanese candlestick charts, support and resistance levels, pivot points and more. Various oscillators and momentum indicators are used to predict possible direction and strength of future price movements.
Vast numbers of short-term traders and long-term investors consider forex to be an ideal place to seek opportunity. Profiting from various arbitrage strategies, rollover and short-term scalping operations are common ways an individual can seek to earn money on a daily basis.
This article contains general information and does not represent trading advice.