Forex Trading for Beginners

TIM THOMAS TIM THOMAS Learn more

There are very few investors who have consistently made massive fortunes over a while. Jim Simmons, a quiet recluse, has been successful with smaller frequent trades in his Medallion fund.

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What Is Forex Trading?

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Forex Trading Terminology

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Currency Pairs

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Forex Quotes

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PIP

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Forex Lot

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Leverage

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Can You Get Rich By Trading Forex?

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Forex Trading for Beginners

There are very few investors who have consistently made massive fortunes over a while. Jim Simmons, a quiet recluse, has been successful with smaller frequent trades in his Medallion fund.

What Is Forex Trading?

Forex trading refers to the foreign exchange markets where investors and traders worldwide buy and sell one currency for another.

Forex Trading Terminology

Forex markets have different terminologies and nuances for trading. Here is the list of the most common terms.

Currency Pairs

Traders frequently trade currencies by selling one currency and buying another. Forex trading always involves the exchange of currencies in pairs.

Forex Quotes

Determines the price at which you do the buying and selling.

PIP

You might have noticed the forex quote has four places to the right of the decimal. The smallest price change that a given exchange rate can make is the pip.

Forex Lot

Forex is traded in lot sizes. Standard Lot = 100,000 units Mini Lot = 10,000 units Micro Lot = 1,000 units A larger lot size involves more risk due to the amount of money involved. If you are starting, always trade in micro-lots.

Leverage

Forex traders often use leverage to juice up the returns. Since currencies trade in a small range, they want to amplify their gains.

Can You Get Rich By Trading Forex?

Forex trading only makes money if you are right in the timing and direction of currency prices change. You cannot have a “buy it and watch it grow” approach with forex.

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