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The Global Forex Market
Mon, Dec 8 2008, 10:47 GMT
by Forex Journal's Collaborators
This article is taken from the Forex Journal (November 2008 issue).
The author, Sam Seiden, brings over 15 years experience of equities, Forex, options, and futures trading that began when he was on the floor of the Chicago Mercantile Exchange. He has traded equities, futures, interest rate markets, Forex, options, and commodities for his personal interests for years and has educated hundreds of traders and investors through seminars and daily advisory services both domestically and internationally.
- Sam Seiden describes what the Forex market actually is and how it works.
What is the Forex Market?
The Foreign Currency (Forex or Spot) market is where global exchange rates are derived for everyone including market speculators and end users of currency. It is the largest and least regulated financial market in the world. There are pros and cons to this situation that I will discuss in a bit. This cash-bank market was established around 1971 when floating exchange rates began to materialize. The daily turnover has increased from around $5 billion in 1977 to over $2 trillion today. This market is open 24 hours per day – 6 days per week.
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Other article in this issue:
Published on Mon, Dec 8 2008, 10:47 GMT
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