Brief about Forex

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Psychology is most important for trading as a trader, whether we do Forex or stocks or options. The most important thing is the mindset.

What does global decentralized mean? Centralized means like RBI is a centralized bank in our country. Decentralized means everywhere, not just in one country. We can call them OTC as well. The Counter market for the trading of currencies. Like in the stock market, we trade Reliance, SBI, Nifty, Index etc., commodity, similarly we trade currency in Forex market. Given below are what Forex pairs look like. 

EuroUSD [EURUSD], USD... USDA, Canadian dollar. As in when you will buy euro, and if euro rises, you will gain benefit. Gold is also included in it. A lot of brokers are there. Their numbers look something like this. 1.2158 1.

2634 1.3722 0.9800 USDJPY 10. So now you have to find a broker here. A good broker. What should be the broker's quality?

Obviously, they should be trustworthy, your payout should be received timely, and its software should work correctly.

And the second thing, they should provide you good leverage also. Like in Forex 100 times, 200 times, you get margin leverage of up to 500 times. Some people give more, some of them give less. You should never take beyond 500, like 1000, 2000 and all that is, all those are not good. You'll end up doing loss by that much leverage.

Where trading takes place? Exchange. World is a network of banks. It's a vast network, trading continues there, and everything like the payout this broker itself will provide and give you. So that's how our Forex market works.

Now,  Why Forex? What is the advantage of Forex?  First of all, It's open 24 hours 5 days a week, from Monday to Friday. There are no gaps. When you swing trade in the stock market, you fear that the future lot is there; what if a huge gap down happens, risk-reward will get spoilt, or anything can happen the next day, Gap Down, Gap Up, and many things can. But the market doesn't close here at all. If you have placed your stop loss, there is no problem, max to max stop loss would hit.

So swing trading can be done very efficiently in this. And we feel we should give it time. We have a habit of doing things quickly in intraday. You can do that in this too; you can do fast trading too. Like you may exit in four hours or five hours. So for swing trading, even for small-time trading, this is very good because quickly we don't face problem-related to stop-loss. Euro-USD, Australian dollars, Canadian dollars, Swiss Frank, and JPY, which means Japanese Yen and  Great Britain Pound, are major Forex pairs. Then there are some minor pairs. And then third ones are exotic pairs which are like the U.S, Indian rupees, exotic. Exotic means volume remains low in that. 

That's all for today folks!

We will be back with another blog soon. Stay tuned.

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