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The foreign exchange market, or Forex, is the market in which the currencies of the world are traded by governments, banks, institutional investors and speculators. The Forex is the largest financial market in the world and is considered a 24-hour market because currencies are traded around the world in various markets, providing traders with the constant ability to trade currencies. The Forex opens at 5pm EST on Sunday and runs until 5pm EST on Friday, running 24 hours a day during this time. But between the Friday close and the Sunday open, the Forex market does not trade.
In fact, the market for currencies is several times larger than the stock market. This is the place where one currency is exchanged for another, and it has a lot of unique attributes that may come as a surprise for new traders. Here we take an introductory look at the forex market and how and why traders are increasingly flocking toward this type of trading. The Forex markets can be an exciting and lucrative market to trade if you thoroughly understand how to buy and sell currencies. If you are drawn to this area, you might even want to make it your career.
The Foreign exchange market is the biggest financial market in the world. At least $5.7 trillion is traded on currency markets on a daily basis. This market is known for its volatility and high risk nature, which is why it is mostly traded by banks and big corporate. However a young South African trader has managed to crack it. Sandile Shezi has successfully learnt how to trade currencies and at just 23 he’s become one of the youngest multi-millionaires in the country. Shezi now wants to empower other young South Africans to do the same. Sumitra Nydoo caught up with him. Please watch the video below for an exciting and an inspiring story published on 19 Aug 2015.
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