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Beginners Guide to
Forex Trading
Forex is the foreign exchange market for buying and
selling currencies. It became a viable market for trade
when currency rates switched from fixed to floating in
1971. It is an incredibly volatile and dynamic market,
which makes trading fast and potentially very
lucrative.

Forex is now the biggest and longest running

international trade market, with trade open 24 hours a
day during the week. Changes within currency pairs
are affected by many factors but due to the global
nature of this market it is possible to predict trends at
specific times throughout the day, specifically when
the US market wakes up and reacts to the trade that
has already taken place in Europe that morning.

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Basic Terminology
Cross rate

Forex market currencies аrе always quoted іn pairs.

Fоr example .719471 EUR/USD means that $1=
0.719471 EURO. This is commonly known as the
exchange rate. However, if neither of the currency
pairs are USD the exchange rate іѕ referred tо аѕ the
cross rate.

Pip

PIP stands for Percentage In Point and represents the

smallest price movement in a currency. Profits are
measured in pips. Fоr the EUR/USD currency pair, 1
pip=.0001. Therefore an EUR/USD increase of 1% is
an increase of оf 100pips.

Bid-Ask Spread

The bid is the traders selling price (or the dealers cost
price) and the ask is the traders cost price (or dealers

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sale price). The difference between these two is called

the spread.

The bid and ask are always quoted in pairs. Market

makers quote both the bid and the ask pice and profit
from the bid-ask spread.

Spot Rate

This is the price оf а currency іn the spot market.

Forward Rate

This is the predetermined rate at which а currency саn

bе exchanged in the forward market.

Trading currency pairs can be done in several ways.

Swap

This is the most common form of transaction. A swap

is an exchange of currencies for a perviously agreed
period of time, followed by re-exchange.

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Spot

These are short exchanges that usually take place

over a couple of days. Spot are the second most
come type of transaction. Interest rates are not
applied and the this is a direct exchange between
currency.

Forward

Forward transactions can be arranged to take place

over a period of a few days to several months. It is an
agreement between a buyer and a seller to buy or sell
currency at a pre-determined future date.

Future

Futures are very similar to forwards but they have a

formal structure that is decided in the market. The
date for buying and selling the currency is set for up to
3 months in the future and interest is included when
calculating the price for exchange.
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Option

Also known as an FX option. This type of transaction

is very similar to Forwards and Futures but it is less
restrictive as it allows the seller the option to sell at
the pre-determined date, but no obligation to do so.

Although it is good practise to have your account

managed by a professional brokerage company it is a
good idea to understand the type of transactions that
they are making on your behalf. When you are
comfortable with the varying types of forex transaction
you can manage your own funds. If you are
successful you may like to explore the possibility of
starting your own brokerage firm.

Trading forex is hectic and you really need to be

aware of what the market is doing from day to day.
Most people focus on one currency pair and consider
news events and global economy shifts when making
a trade. Once of the most successful ways to predict
the market is to follow trends that happen around the
globe as people wake up and read the news. We can
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often see that a reaction in one country is echoed in

another so we can use this knowledge to predict what
a currency pair might do when each nation hits a
specific time of day.

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Beginner trading strategies

Forex trading is different to trading on the stock
market so it’s important to understand what causes
shifts in currency pairs. Here are some basic
strategies that you can employ to help you trade
currencies.

The basics

When you first start trading in currencies it helps to

think about a currency in a similar way to any product
that you might buy. Many people fall into the trap of
thinking about the exchange and get confused, it’s
much easier to imagine you are buying a product.
When the product (in this case a currency) is priced
low you want to buy it. You can then hold on to the
currency and sell it when the price is favourable. You
continue to buy and sell currency in this way to
generate profit.

Whatever strategy you employ you should aim to

protect your investment and make a profit. Never have
all of your eggs in one basket. Forex trading can be
very volatile and unpredictable.
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MSA Strategy (Moving the Simple Average)

When using this strategy you average the values on

the currency pair over a certain period of time. This
helps you to identify the optimum time to make a
purchase. An advanced variant of this method is to
consider more factors with the currency pair.

Hedging Strategy

This is a process of selling currency when a time

period expires. It saves increased losses if a currency
price starts to fall.

Buying on a Margin Strategy

This strategy is like buying on credit. If your broker

values your custom they may decide to extend credit
for your purchase. If you make a successful trade you
get to keep the profit. But if you lose you will need to
return the credited amount with interest.

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