๐Ÿฆ Introduction to Foreign Exchange Trading

Forex, or Foreign Exchange, is a global market where two national currencies are traded against each other. These two currencies form an exchange rate and are known as a Forex pair. For example, the Euro against the US Dollar creates the EURUSD pair, also called the Eurodollar pair.

Forex is an OTC market where two national currencies are traded against its other...

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โ„น๏ธ General Information about Forex Trading

Exchange rates are the focus of investment and speculation. Besides central banks, the major participants in the Forex market include:

  1. Commercial and investment banks
  2. Retail traders (common people) via Forex brokers
  3. Institutional investors (investment firms, hedge funds, etc.)
  4. Trade companies (importers/exporters) and other companies that are exposed to currency risk

๐Ÿ•’ The Foreign Exchange market operates 24/5, from Monday to Friday.

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๐ŸŒ Where is Forex Market Situated?

Actually, Forex has no center, it operates as a decentralized electronic network, almost the same way as the World Wide Web. Every buy/sell order is executed according to demand and supply. This electronic infrastructure is called the ECN network (Electronic Communication Network) of Banks.

๐Ÿ”— Read More:ย What is Forex?

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๐Ÿ’ป MT4ย GUIDEย & KEYBOARD SHORTCUTS

MetaTrader 4 is an excellent freeware platform that has, over the years, become the undisputed standard in the Forex industry. MetaTrader 4 and MetaTrader 5, developed by MetaQuotes, can be used not only for trading foreign exchange currencies but also for trading equities, metals, energies, and soft commodities through CFDs and futures.

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๐Ÿ“Œ ESSENTIAL MT4 TIPS FOR FOREX TRADERS

Here are some useful tips when trading with MT4 and MT5:

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(1) Language Customization

Actions:

  1. Go to Mt4 Top-Menu and there Select >View
  2. Select > Languages (choose your preferred language among tens of selections)

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(2) Adding Assets on Metatrader4

Usually, beginners donโ€™t know that they can add assets to those visible on the left of their MT4 screen (Market-Watch Window).

Actions:

  1. Press Ctrl-U to see all Symbols
  2. Select a Symbol and press -Show- (on the Right), now it is available on the MT4 Market-Watch Window
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  1. Basics of Forex Trading
  2. Trading Tips for Forex Beginners
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