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The foreign exchange, or forex is a comparatively new market, having started in the early 1970s after the United States dropped the gold standard and national currencies started to float. For nearly 30 years prior to that, the majority of the countries had decided to maintain their currency values fixed in relation to the US dollar, making a currency exchange irrelevant. With that no longer the case, financial institutions instantly understood that a profit could be made in "buying" currency when it was low and "selling" it after it went up, just like with any other trading vehicle.
Today, the currency market handles about $ 2.5-3.0 trillion in transaction volume each and every day, and it is open round the clock, five days a week. (With nations around the globe involved, it's always daytime somewhere.) The major currencies are the US dollar, the euro, Japanese yen, British pound, Swiss franc and Australian dollar.
The forex market is dominated mainly by multinational financial institutions, national governments, investment banks, companies, and hedge funds. Actually, individual traders account for only about 2 percent of the market. Nevertheless, a lot of individuals do try their hand at it, with varying degrees of success.
In the foreign exchange market, trades are always handled in pairs: You buy one currency and sell another one. The conception is to execute a trade when you think the currency you're buying is going to gain in value compared to the one you're selling. Then, if it turns out your forecast was correct, you do another transaction in the opposite direction - selling the currency you originally purchased and buying the one you sold - in order to garner the profits.
For example, let's say the market reports this: GBP/EUR 1.2200. That means the cost of buying one British pound is 1.22 euros. If you predicted that course was going to change, and the euro was going to become more valuable than the pound, you could sell 100,000 pounds, buy 100,000 euros, and wait. Then let's say a few weeks later, the exchange rate fluctuates to this: EUR/GBP 1.3100. Sure enough, the euro is now worth 1.31 pounds, a profit of 0.11 per unit.
The forex market is huge and intimidating and largely dominated by giant organizations. But it can be mastered by individuals who have studied the finer points and who want to assume a risk on something potentially profitable. Or even if you are a beginner trader, you may profit from the markets by using forex signals. A forex signal is a market forecast and trading recommendation provided by professional traders or forex market experts. With a reliable forex signal provider on your side, you will always be able to get your share of profit from this huge financial market. And since the whole world uses money, currency trading is always going to be a driving force in the financial world.
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