Hi Mate,

Forex trading is the act of buying one currency while simultaneously selling another. It's done in pairs, like EUR/USD (Euro/US Dollar). Bascially you're speculating whether one currency will go up or down in value compared to the other. Most of this happens in a decentralised, over-the-counter market that's open 24 hours a day during weekdays. There are so many tutorials out there that can help you and most brokers have lots of educational resources like ebooks and webinars if you really want to dive into it all.

Geoff 🤩 

Hey Peter,

As Geoff said, in a nutshell, trading forex is the act of exchanging one currency for another in the hope that the value of one will increase or decrease. It's done in pairs like EURUSD (Euro/US Dollar), where you buy one currency and sell another. You’re essentially betting on the direction that currency pairs will move based on factors like economic news, interest rates, or market sentiment. Traders should buy when they expect the price to rise and sell when they expect it to fall, aiming to profit from these fluctuations.

Hope that helps.

- Nick -

Thanks guys, it looks as though I'm going to have to dedicate a bit of time to learning all the terminology and even interpreting market events takes a lot of consideration. I've seent that some companies have an economic calendar with all the info detailed but how do you transfer all of this to trading? Feels a bit overwhelming to be honest. Anyway i'm going to check to see if I can join a webinar or trading course because at least I'll learn the basics from people who know. Cheers, Peter 😎 

No problem Peter, you can also create a demo account and play around with that. MT4 is a bit overwhelming at first but then you get used to the layout and charts. Good luck with it all. I'm sure other members will pop up give their advice too.

- Nick -