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Okay before wasting much time let's proceed

Firstly I will go by introducing mysef

My name is stevmega, am a forex and synthetics trader, all I do is trading...

Today we are going to be talking about forex

But before we start, I want to ask you guys something.

When you hear the word forex, what comes to your mind?

Today we are going to be talking about forex

But before we start, I want to ask you guys something.

When you hear the word forex, what comes to your mind?

Exchange or selling of digital currencies

Okay let's not waste much time...

Now, Forex simply means Foreign Exchange.

In simple terms, Forex is the market where people buy and sell currencies.

For example, you have the Nigerian Naira and the US Dollar.

If you want to travel from Nigeria to America, you may need to exchange your Naira for Dollars.

That's basically the idea behind foreign exchange.

But Forex trading takes this a step further.

Instead of simply exchanging currencies because you need them, traders speculate on whether one currency will become stronger or weaker compared to another.

Now, Forex simply means Foreign Exchange.

In simple terms, Forex is the market where people buy and sell currencies.

For example, you have the Nigerian Naira and the US Dollar.

If you want to travel from Nigeria to America, you may need to exchange your Naira for Dollars.

That's basically the idea behind foreign exchange.

But Forex trading takes this a step further.

Instead of simply exchanging currencies because you need them, traders speculate on whether one currency will become stronger or weaker compared to another.

Now, there's something very important you need to understand.

In Forex, we don't normally trade just one currency by itself.

We trade currency pairs.

For example:

EUR/USD.

GBP/USD.

USD/JPY.

USD/CHF.

Let me use EUR/USD.

EUR is the Euro.

USD is the US Dollar.

The first currency is called the base currency.

The second currency is called the quote currency.

So in EUR/USD:

EUR is the base currency.

USD is the quote currency.

Now imagine EUR/USD is trading at 1.1700.

What does that mean?

It basically means one Euro is worth 1.17 US Dollars.

Now here's where trading comes in.

If I believe the Euro is going to become stronger against the Dollar, I can BUY EUR/USD.

If I believe the Euro is going to become weaker against the Dollar, I can SELL EUR/USD.

So remember this:

Buy means you're expecting price to go up.

Sell means you're expecting price to go down.

That's one of the first things you need to understand as a Forex trader.

Now, there's something very important you need to understand.

In Forex, we don't normally trade just one currency by itself.

We trade currency pairs.

For example:

EUR/USD.

GBP/USD.

USD/JPY.

USD/CHF.

Let me use EUR/USD.

EUR is the Euro.

USD is the US Dollar.

The first currency is called the base currency.

The second currency is called the quote currency.

So in EUR/USD:

EUR is the base currency.

USD is the quote currency.

Now imagine EUR/USD is trading at 1.1700.

What does that mean?

It basically means one Euro is worth 1.17 US Dollars.

Now here's where trading comes in.

If I believe the Euro is going to become stronger against the Dollar, I can BUY EUR/USD.

If I believe the Euro is going to become weaker against the Dollar, I can SELL EUR/USD.

So remember this:

Buy means you're expecting price to go up.

Sell means you're expecting price to go down.

That's one of the first things you need to understand as a Forex trader.

Hope we re following?