Learn how to Trade the Foreign Exchange Market in Australia
What is Forex Trading?
Essentially the Foreign Exchange Market (Forex for short) is where the banks, businesses, traders and investors come together in order to exchange currencies. The Foreign Exchange market is sometimes also referred to as the “FX market” or the “Foreign Currency Market”.
The Forex market is open 5 days a week, 24 hours a day. The main world trading centres are located in New York, London, Sydney, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore and Paris.
Unlike the Stock Market, there is no central “Marketplace” for Forex trading. Forex trading is conducted over the counter. Forex prices are quoted by the major banks and every bank will have a different price. From here the different brokering platforms will take this information from the different feed and take an average of them to quote you a price. Brokers are an essential part of the Forex Market as they perform the transaction for you. When you buy currency the broker is selling it to you and not to another trader.
SUCCESSFUL FOREX TRADING CAN BE ACHIEVED WITH PROPER TRAINING AND DISCIPLINED APPLICATION OF AN EFFECTIVE TRADING STRATEGY.
There are 8 key steps to successful Forex Training. Following these essential steps will greatly increase your ability in becoming a successful trader.
The 8 key steps are:
- Market Background
- Opening a Forex Demo Account
- Making Trading decisions
- Entering Trades
- Controlling Risk
- Exiting Trades
- Opening a Live Account
- Trading Resources
Once you’ve master each of these key steps on successful Forex Trading you’ll be on your way to being a successful Foreign Exchange trader.
Forex Broker Reviews
Finding the right forex broker to suit your trading style can be a daunting task. We know how difficult it can be to find good Forex Brokers so we aim to find the best ones that suit you.
Forex Trading Platform Comparisons
We compare the Forex Trading Platforms. Our independent reviews mean you will always make the right choices on the way to more profitable Forex trading.