Forex is a market where you trade with money for money. Buying the currency of a given country, it is like buying all the shares of the economy of this country, because the price of the currency depends on the condition of the economy.
Definitely full-time job
Unlike stock exchanges, forex does not have a physical location, e.g. a building in which offices, parquet floors, and transaction systems accept orders from around the world.
In fact, it is a decentralized over-the-counter (OTC) market or interbank (interbank), where transactions are carried out between currency dealers using electronic communication devices. Therefore, by browsing the portals of various banks or brokers operating in this market, we can often find differences in quotes.
The forex market works around 24 hours a day, from Monday to Friday. It rests at the weekend. It also does not function during important holidays. Commencement of trade takes place on Sunday at 23.00 Polish time, the ending takes place on Friday at 22.00 Polish time.
Hours of the forex market overlap, when some centers close the trade, others start it. The trade day begins with Wellington in New Zealand, followed by Sydney, Tokyo, Hong Kong and Singapore. A few hours later, the Middle East begins trading. At that time centers in the Far East are still active. Financial centers in Japan are awakening before Europe finishes its work. In the afternoon of our time, New York becomes active, followed by Chicago and California. When in the afternoon the dealers leave their jobs in the United States, the next day of trading begins in Asian and Pacific centers.
Due to the very high turnover of the forex, it is difficult for a single investor and even organized groups of investors to effectively manipulate prices on it. It happens that a major intervention of the central bank affects the exchange rate of one of the currencies, but rather to a small extent and only for a moment. There is no standardization on the forex market that would apply worldwide. Each financial institution (broker) organizing currency trading determines its own transaction parameters. For example, the size of the contract, also known as a lot.
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