It was a successor of the failed Gold Standard.
You can read more about the Bretton Woods system and how Richard Nixon essentially ended it here: History of currency trading and the Forex market. The Forex market is the largest financial market worldwide. Currency trading can be very volatile and the unique characteristics of Forex trading, including leverage and a market that is open 24 hours, make it very attractive for retail traders.
Digital crypto currencies such as Bitcoins have become very popular in recent years and due to ongoing global uncertainties and seemingly unstable monetary systems, these types of currencies may have a bright future ahead, since they represent an alternative to centralized and politically controlled currency forms. If the presentation blow does not load, you can watch it in the interactive mode Disclaimer: This article has been contributed by Hantex FX. Tradeciety has received compensation for publishing this article.
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Accept cookies to view the content. This website uses cookies to give you the best experience. Agree by clicking the 'Accept' button. Rolf Tips 0. The history of currency trading and the Forex market years ago, the Greeks and Egyptians traded goods and currencies with molten silver and gold coins and their value were determined by their actual weights and their size.
Forex trading today and in the future The Forex market is the largest financial market worldwide. Forex takes place mainly on the OTC market; however, it is also traded on futures exchanges.
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Currency pairs generally fall into 4 main categories: Majors, Minors, Crosses and Exotics. Minors and crosses involve one of the majors against a range of currencies that are traded at smaller quantities. FX movements can reflect a number of different fundamentals including economic growth , international trade flows and changes in interest rates. Before trading, you need to learn how to read a currency pair.
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Should the euro strengthen against the dollar, then you would make a profit. Conversely, should the euro fall against the dollar, then you would lose money. The exchange rate is reflected in the quote currency. Of course, this is not as straightforward in practice. You need to integrate a variety of indicators and take the quote currency into account as well. Plus, timing is extremely important. You can use charting tools and an economic calendar for indications of when to open or close a trade. The following are forex-related definitions that you should familiarise yourself with when trading online:.
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It may also be helpful to learn the nicknames of the popular foreign exchange pairs. As mentioned above, all Major Currency Pairs or Majors are traded against the USD, and are generally regarded as the most popular currency pairs to trade. When choosing a currency pair to trade, you should test your strategy either with a popular FX pair, or with your local currency against the USD, on our free, unlimited Demo Account.