The foreign exchange market, commonly known as forex or FX, is the largest financial market in the world where traders buy and sell currencies. It operates 24 hours a day, five days a week, and the daily trading volume exceeds $5 trillion. Forex trading can be a lucrative investment, but it requires knowledge, skills, and careful planning. In this article, we will provide a beginner's guide to forex trading to help you get started on your path to success.
Forex trading involves the exchange of one currency for another at an agreed-upon price. Traders profit from the fluctuations in currency exchange rates. It's crucial to familiarize yourself with key terms such as currency pairs, pip, leverage, and margin, as they form the foundation of forex trading.