With the world turning increasingly into a global village, more and more people are traveling to different countries or are buying and selling things from different countries across the world. Under these circumstances, it becomes necessary for you to have the local currency of that place. Traditionally, buying and selling currencies to aid your travel or purchases was done through banks, which fixed a particular rate and sold currencies to those in need. However, sometime in the 1970’s, this trend changed and more and more individual players started moving towards, what is now known as the foreign exchange market.
The foreign exchange market or currency market, which is also called FX market or forex market, simply put, is a place where currencies are traded. It is one of the largest financial markets in the world, with trillions of dollars being exchanged. What started as exchanges between banks and financial institutions has now reached a stage where there is a floating exchange rate, which is determined by the demand and supply of a particular currency. People wanting to trade in currencies do so by paying the rate determined for that period.
As the foreign exchange market is largely dependent on demand and supply, it is a very volatile market. Moreover, despite the fact that only a few major currencies are traded worldwide, the volume of trading is very high. This is because all countries around the world are party to this market and have both financial institutions and private individuals participating in trade, thus creating a high volume of currencies being traded.
The fact that the market is open 24×7 makes it more accessible to people across the world. However, experienced traders in this field know that there are certain hours of the day when the market is at its peak, most volatile and definitely having high volume of trade. These are known as the power hours and are usually during the closing of the European session and the beginning of the American one. On the other hand, this market has its cold zone, which is usually when both American and European markets are closed and only the Asian market is open.
It is interesting to note that the profits that can be made in foreign exchange market can be huge due to the use of leverage. However, care should be taken not to over indulge in leverages without proper training as this could lead to your downfall.
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