Forex

What is Forex?
FOREX - the foreign exchange market or currency market or Forex is the market where one currency is traded for another. It is one of the largest markets in the world.Some of the participants in this market are simply seeking to exchange a foreign currency for their own, like multinational corporations which must pay wages and other expenses in different nations than they sell products in. However, a large part of the market is made up of currency traders, who speculate on movements in exchange rates, much like others would speculate on movements of stock prices. Currency traders try to take advantage of even small fluctuations in exchange rates.In the foreign exchange market there is little or no 'inside information'. Exchange rate fluctuations are usually caused by actual monetary flows as well as anticipations on global macroeconomic conditions. Significant news is released publicly so, at least in theory, everyone in the world receives the same news at the same time.Currencies are traded against one another. Each pair of currencies thus constitutes an individual product and is traditionally noted XXX/YYY, where YYY is the ISO 4217 international three-letter code of the currency into which the price of one unit of XXX currency is expressed. For instance, EUR/USD is the price of the euro expressed in US dollars, as in 1 euro = 1.2045 dollar.Unlike stocks and futures exchange, foreign exchange is indeed an interbank, over-the-counter (OTC) market which means there is no single universal exchange for specific currency pair. The foreign exchange market operates 24 hours per day throughout the week between individuals with forex brokers, brokers with banks, and banks with banks. If the European session is ended the Asian session or US session will start, so all world currencies can be continually in trade. Traders can react to news when it breaks, rather than waiting for the market to open, as is the case with most other markets.Average daily international foreign exchange trading volume was $1.9 trillion in April 2004 according to the BIS study.Like any market there is a bid/offer spread (difference between buying price and selling price). On major currency crosses, the difference between the price at which a market maker will sell ("ask", or "offer") to a wholesale customer and the price at which the same market-maker will buy ("bid") from the same wholesale customer is minimal, usually only 1 or 2 pips. In the EUR/USD price of 1.4238 a pip would be the '8' at the end. So the bid/ask quote of EUR/USD might be 1.4238/1.4239.This, of course, does not apply to retail customers. Most individual currency speculators will trade using a broker which will typically have a spread marked up to say 3-20 pips (so in our example 1.4237/1.4239 or 1.423/1.425). The broker will give their clients often huge amounts of margin, thereby facilitating clients spending more money on the bid/ask spread. The brokers are not regulated by the U.S. Securities and Exchange Commission (since they do not sell securities), so they are not bound by the same margin limits as stock brokerages. They do not typically charge margin interest, however since currency trades must be settled in 2 days, they will "resettle" open positions (again collecting the bid/ask spread).Individual currency speculators can work during the day and trade in the evenings, taking advantage of the market's 24 hours long trading day.

History of Foreign Exchange
Todays modern Forex (Foreign Exchange Market) started in the development form in 1973, although money has been in our lives in many forms since the time of the ancient Pharaohs. Paper bills and receipts are accredited to the Babylonians but the moneychangers from the Middle East were the first people to use coins for trading between different cultures and countries. As far back as the middle ages the requirement to trade in something other than coins emerged as the method of choice. Paper bills and receipts represented transferable payments of funds involving 3rd parties, and this method facilitated foreign currency trading for banking and merchant traders, resulting in increased regional economics.During the period between the Middle Ages and WW1 the foreign exchange markets remained stable and static and speculations in the market were relatively low key. Following the WW1 the Forex markets became volatile and fast moving as speculative activity increased tremendously.The public in general and most financial institutions did not view speculations on the Forex market with great interest or favor. The Depression and the removal of the gold standard in 1931 resulted in a serious lull in foreign exchange activities. In addition during the period between 1931 until 1973 the Forex markets endured a series of changes which had an adverse effect on worldwide economies and interest in the market was minimal.Since 1973, currencies of major industrialized nations became more freely floating, controlled mainly by the forces of supply and demand which acted in the foreign exchange market. Prices were floated daily, with volumes, speed and price volatility all increasing throughout the 1970s, giving rise to new financial instruments, market deregulation and trade liberalization.

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Forex

The forex market is well trended, the liquidity is the highest, there are no insiders and transaction cost is the lowest। Buy and sell sides are treated equally, as when you buy one currency you simultaneously sell another. And you always stay in money, no illiquid investment holdings. Even on September 11, 2001 when the US stock market became blocked for more than one week, the forex market was trading world-wide.

Currency investments are perfect for diversification as performance does not depend on the business cycle phase and correlation of annual returns for major currencies and stock indices are negative and very small (varies from -0.01 to -0.39). The flexibility of using leverage on forex spot market allows to design any level of portfolio conservatism, even principal amount guarantee is available for decent accounts.

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