Forex Trading Advice – The Advantages of Forex Trading
Forex trading involves buying and selling currencies on the foreign exchange market. It is an international market with more than 170 currencies in use worldwide. The most commonly traded currency is the U.S. dollar, which accounts for more than 90 percent of all trading in the currency exchange market. Second in popularity is the euro, which is accepted in 19 countries in the European Union. Other popular currencies include the British pound and the Japanese yen. The Australian dollar is the third-most traded currency in forex, followed by the Canadian dollar and the Swiss franc. The seventh most traded currency is the New Zealand dollar.
Forex traders can trade in different time zones, including Europe and Asia. They can trade during their countries’ busiest times and avoid time zones when the markets are closed. The forex market is regulated by different agencies around the world. These agencies have strict guidelines for forex brokers and are required to meet certain ethical standards. Some of these regulators include the Monetary Authority of Singapore and the Australian Securities and Investment Commission.
Forex trading has a variety of advantages, including the ability to make money on the market without having to leave your home. Unlike the stock market, the foreign exchange market never closes. It is open twenty-four hours a day, five days a week in major financial centers and almost every time zone in the world. Its constantly changing price quotes make it extremely active any time of the day.