Ever travelled to another country and had to exchange your home currency into a foreign currency?
As soon as you make that exchange, you have traded on the Forex market!
So what is the Forex market?
Its basically Foreign Exchange market thus Forex or FX!
The Forex market is the largest financial market in the world!
Let me give you some figures.
The New York Stock Exchange (NYSE) also commonly known as the largest stock market in the world trades around $22.4 billion per day volume.
Sure this is a big number but the Forex market trades around $5.3 TRILLION per day volume!
Alright, some of us aren't good with numbers so how about this. I'm going to express this with monsters.
If NYSE is $22.4 billion per day it would look like this ...
So if I were to size it up to the Forex Market ... it would look like this!
Yeah! I know! HUGE RIGHT?! NYSE is NOTHING compared to forex!
Just to compare Forex with the rest of the major stock exchanges, you would have something like this...
The currency market is over 200 times BIGGER! It is HUGE! But hang on! There’s a catch!
That huge $5 trillion number covers the entire global foreign exchange market. This means every single dollar available in the world thats being traded.
BUT retail traders (that’s us) trade the spot market and that’s about $1.49 trillion. So you see, the forex market is definitely huge, but not as huge as the media would like you to believe.
Do you feel like you already know what the forex market is all about?
In the following posts, Im going to let you find out how you can trade the Forex Market and EARN SOME MONEY!