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Forex trading refers to the buying and selling of currencies against each other. It’s usually a decentralized network consisting of buyers and sellers of currency pairs. Forex trading is a popular hedging instrument for major companies around the world but the majority of trading done is purely speculative in nature and to potentially generate profits.
The base currency is the first currency in a pair. The second currency is referred to as the quote currency. The setup tells you how much a unit of the base currency is worth in terms of the quote currency. For example, a rate of 1.5000 on the GBPUSD indicates that 1 GBP is worth 1.5000 USD
With CFI, you can trade 59 of the most popular Forex pairs available. These include major pairs such as EUR/USD and GBP/USD, as well as minor pairs such as EUR/CHF and CAD/JPY, and Exotics such as DKK and NOK.
The smallest size available is 0.01 lots, corresponding to 1000 units of a currency pair. Such a size allows for powerful flexibility for those looking to scale into positions or trade with reduced risk.
The Forex market is vast and heavily influenced by many factors given its importance among people, companies, and governments. The main movers of the Forex market are Central Bank decisions and announcements, economic releases, and geopolitical situations.
Forex trading became a hit over the past 20 years given its vast size, the fact that it trades 24 hours a day, 5 days a week, and the leverage and flexibility available, allowing nearly anyone to be able to participate and speculate on it. In other words, it’s a market filled with opportunities and available to the masses.
While CFI offers a broad range of currency pairs, it does not offer ones that are not very liquid or accessible. Such pairs could lead to heavy slippage, especially if liquidity is unusually low while also behaving erratically during news or other factors that could affect that specific currency or country.
While there is no guarantee that you will make money in the markets, if you apply the proper approach to trading, you can make money, similar to any other profession or business ownership.
There is no best way to trade Forex or any market for that matter. Nonetheless, it is always important to have a strategy and clear risk parameters when trading. A strategy should include technical and fundamental analysis while risk management should focus on position sizing as well as losses, and targets
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Main Group FX is a trading name for the Australian company Main Group FX Pty Ltd (ACN 665 904 236). Main Group FX Pty Ltd is a Corporate Authorised Representative (No 001301900) under AFSL 421246, which is owned by Australian Company MGF Capital Pty Ltd (ACN 155 829 566), with a registered office at 465 Victoria Ave, Chatswood, NSW 2067, Australia.
CFDs are complex instruments and carry a high level of risk, with the possibility of losing all your capital. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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