Hello again!! Good Day to Everyone,
I am happy about this, that- I can continue my forex article. For the people, who just got here today, this is my successive article on forex learning. This one is second one. Here the previous one-https://steemit.com/forex/@shuvomahfuz/learning-forex-a-to-z-of-forex
Well, let's continue further. Again, I am presenting here with very basic possible way or easiest way. Since, there could be people, who do not have any idea about this market.
This is very easy to assume that, you have some good English knowledge. Because, this is currency market. You to read news and situation about that particular currency. Since, most of them are providing news and information in English. So, it is better to have. Not must, though. You also have to a good internet connection. Placing order, just where you want, will require good internet connection.
To trade Forex, you will first need to open an account with a Forex broker and have to deposit in it. The account can be easily opened online in two minutes. You can immediately deposit your account with various online currencies such as PayPal, Alert Pay, Skrill, etc. And start trading Forex.
But usually most people deposit with the Forex brokers through the bank. In that case, after the account opening, you will get detailed information of your broker's bank account number and bank deposits.
Once the deposit has been completed on your account, you can start trading. Forex trading is done through online software. This software can download free from broker's website.By installing the software, the broker will provide the username and password to log in there. After sign in, there will be loaded on different pair of charts and price list and you can open / close your trade.
Simple Answer Currency. Because we are not actually buying anything. So this kind of trading might seem a bit confusing.
When we baught a currency, we are buying some shares of a country, like buying a replacement place share. The currency price is the reflection of the current and future economic conditions of that country.
When we "buy" Japanese yen, we basically buy a share in the Japanese economy. We think the Japanese economy is improving and there will be further improvements in the future. When we "sell" these shares, we hope we'll gain.
In general, the exchange rate of another currency with a currency, reflects the economy of another country compared to that of the country's economy.
Major Currencies:
Image Source
There are three letters of the currency sign,the first two, which indicate the names countries, and the third indicates the currency of that country.
As for NZD, New Zealand is meant to be used with NZ, and Dollar has meant to be denoted by D. Easy, right?
The list above is showingthe top currencies in the Forex market, because they are most traded in the market or worldwide.
Buck is USD's nickname.
USD is also called greenbacks, bones, benjis, benjamins, cheddar, paper, loot, scrilla, cheese, bread, moolah, dead presidents, coco and cash money.
****Well this is all for today! I am not going put any more in a single post. It will make you boring. And me too. LOLL!!****
