CRYPTO TRADING ACCELERATION BASIC GUIDE FOR BEGINNERS
INTRIGUED TO LEARN ABOUT FOREX TRADING?
This handy guide provides aspiring crypto traders with the insights they need to succeed. It covers essential concepts such as market trends, trading strategies, and fundamental analysis. With this comprehensive guide, beginners can quickly learn the basics of crypto trading and start building their portfolios.
Well, if you’ve ever traveled to another
country, the chances are you have visited a
currency exchange booth and exchanged your
money into the currency of the country you
were visiting. In this case, it’s very likely that
you noticed a screen displaying diff erent
exchange rates for diff erent currencies. This is
known as currency trading or forex trading.
For the sake of this article, I will assume you
made it to the counter and exchanged $500
into Japanese Yen. That’s 50,000 Yen! Bet you
thought you were rich…
When you exchanged your money, you
essentially participated in the Forex market!
You’ve exchanged currencies. Or in Forex
trading terms, by trading the USD/JPY
currency pair you’ve sold Dollars and bought
Yen. Then on your way back home, you
stopped by the currency exchange booth again
to exchange 500 Yen that you somehow had left over (Japan is expensive!) and you noticed
the exchange rates had changed whilst you
were away.
FIRST ,WHY SHOULD YOU TRADE FOREX?
So, why trade forex? Taking the example
above – the currency exchange booth gave you
$6 rather than $5 and you could now aff ord
the super delicious sushi from the van man
along the road! Well, it’s these changes in
currency pairs exchange rates that help
traders to make money in the foreign
exchange market.
Now, let’s think about this on a bigger scale.
Forget sushi and think of $2,000,000 software
instead. A large international company may
need to pay for new software in a diff erent
currency. The exchange rate fluctuates
continuously so these few pennies (or pip
value in forex jargon) here and there add up
very quickly.