Can you get rich by forex trading?
Can you get rich by forex trading? The Forex (Foreign Exchange) market is the global market for trading currencies by the relative values of pairs.
There are global financial centers that act as fixing points for round-the-clock trading between buyers and sellers. The foreign exchange market operates through various financial institutions. Most forex traders are banks with a few insurance companies involved.
What is the forex market?
Forex is known as the foreign exchange market, in which currencies are exchanged in pairs, such as: the euro or the British pound against the US dollar. As for the profits gained, it is represented in the process of investing the price movements of those currencies in the market, which confirms that there is no relationship between the forex market and the OTC exchange, as traders and investors in this market buy and sell currency pairs.
Forex market information
The forex market is the largest financial market and the most active financial trading market in the world. It is the most market in terms of the volume of liquidity, in addition to being the most accessible in terms of the mechanism of access to it, due to the presence of many platforms and companies specialized in this, such as the ORBEX platform, which is considered The best company and trading platform in the Middle East and Europe.
Accordingly, manipulating this market and any of its trading movements is very difficult, and even almost impossible; Every day, more than 5.09 trillion US dollars are traded.
It can also be said that there are more daily transactions in the forex market than the value of the GDP in the country of Japan, and here is referred to the amount of 254 billion US dollars in trading volume that comes through CFD contracts, as well as other financial derivative instruments.
The process of participating and trading foreign exchange in the forex market is facilitated by the new beginners in this financial field, and it is possible to enter and exit trades in it smoothly.
Currencies can also be traded in forex at a very low cost with less than one pip, which indicates that it is a very volatile market, and there is no stability in prices and costs; This allows creating many opportunities to make profits due to positive and negative movements when trading currencies.
What is worth noting here is that currencies are a tradable financial assets in contrast to other financial assets; Because they are country-specific economic tools and indicators.
Common Forex Vocabulary
When addressing the subject of explaining forex and its mechanism of action, it is necessary first to identify the vocabulary, which is usually used by both investors and forex brokers through the company Orbex, and these terms include the following:
Spreads and pips.
Contract or lot size.
Contracts for Difference.