We all know what forex stands for. It is the abbreviated name for “foreign exchange”. Forex plays a somewhat important role in our everyday affairs. Take travelling, for instance. You would need to familiarise with the currency exchange to get the best deals. Different money changers have different currency exchange rates. Every aspiring forex trader is wondering the next question: can you really make money as a forex trader? Yes, though, you would require a well-planned strategy and the unpredictable lady luck on your side. The ocurrence of the lady is widely known to be fickle. There may be experts but when it comes down to trading forex, it is extremely difficult to earn a stable income on a consistent basis. If forex trading is easy, the world would be filled with very happy people. There would be no poverty and crimes. Here’s the deal: not everyone is cut out to be a forex trader. There have been talks over the chances of big profits come the risks of big losses. To put it simply, forex trading is definitely not for the faint-hearted. However, if you have a keen eye for trade and a fearless attitude, by all means go for it.
Fast Facts About Forex
The modern forex market began its formation during the 1970s. This was after 30 years of government restrictions on foreign exchange transations.
Currency trading was already ‘in’ during ancient times! Can you believe it? Forex in the olden days. Well, more specifically, in Ancient Greece. If you would like to know more, check out Trade and Politics in Ancient Greece by Johannes Hasebroek.The book was published in 1933 and translated by L.M. Fraser and D.C. Macgregor.
As of May 2013, Deutsche Bank, based in Germany, is ranked first in aspect to currency traders. It has a market share of 15.18%. Other countries made up the top 10 include Citi(U.S.), Barclays Investment Bank(UK), UBS AG(Switzerland), HSBC(UK), JPMorgan(UK), Royal Bank of Scotland(UK), Credit Suisse(Switzerland), Morgan Stanley(U.S.) and Bank of America Merrill Lynch(U.S.).
The United States dollar is the most traded currency by value. As of April 2010, America has an 84.9% of daily share. The rest of the countries include: Euro, Japanese yen, Pound sterling, Australian dollar, Swiss franc, Canadian dollar, Hong Kong dollar, Swedish krona, New Zealand dollar, Singapore dollar, South Korean won, Norwegian krone, Mexican peso, Indian rupee. All fifteen, along with currencies from other continents, made up a total share of 200%.
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