Forextrading: What is it and why is it important?

ForexNewsNow | Published on August 24, 2010 at 7:44 am

Forextrading; Japanese Prime Minister  Naoto KanNEW YORK (Forex News Now) – Forextrading is the buying and selling of currencies against one another in the global forex market.

Worldwide, financial centers function as anchors of forextrading between a wide range of different types of buyers and sellers – 24 hours a day, five days a week.

While large multinational corporations and financial groups are involved forextrading, there is a growing number of retail FX traders who also engage in forextrading, often from their own homes.

Any currency can be traded against any other currency in forextrading; however, there are a number of currency pairs that are the most heavily traded in forextrading: EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USD and NZD/USD.

Many FX traders pay close attention to indicator analysis while engaging in intraday forextrading; it follows, of course, that intraday analysis is also of great importance while practicing such forextrading.

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