You are formally welcome you all to the Academy of fx tradingss
Here at the Academy we offer intensive and rigorous training in FOREX Trading to youths across African countries.
WHY DO WE DO THIS?
We do this as a medium to empower the youths and enable them with the skills to earn Foreign Exchange. This we believe does not only better the life of the youths involved but also improves the dying economy of our country.
So this is us doing our little part to improve the economy.
I've been trading for quite a bit and more and in those years I've gained a lot of experience and knowledge of the Forex market which I'm willing to impart on you all, all I need from you is your attention, dedication and commitment.
Believe me when I tell you this; Most of you have no idea how lucky you are to be in this post, as the knowledge you are about to gain will change your life for better.
It is going to be having the Training using the following Course outline below.
Pls make sure you note them down in your Exercise Books, so that you can be able to access the Outline easily and make reference to it.
So let's commence
"Basically, the Forex market is where banks, businesses, governments, investors and traders come to exchange and speculate on currencies. The Forex market is also referred to as the ‘FX market’, ‘Currency market’, ‘Foreign exchange currency market’ or ‘Foreign currency market’, and it is the largest and most liquid market in the world with an average daily turnover of $3.98 trillion."Source
The forex market is perhaps the least well understood and yet it impacts everyone of us everyday of our lives in different ways.
Whatever we buy or sell, no matter how small or incidental they seem, they have been influenced by what we call the forex market.
This is the principle of the foreign exchange and the small electronic boards you see at international airports and banks are visual reminders currency exchange rates affect us all.
Whether we are traveling, buying products from overseas or consuming imported foodstuffs
All are determined by foreign exchange rates between countries around the world.
SO WHAT IS FOREX
Forex is just a Short form for FOREIGN EXCHANGE
It represents the market in which one country’s currency is quoted against that of another.
As a result, all rates are quoted in pairs, with one country quoted against another.
For Example: USDJPY which means that the united state dollar is Quoted against the Japanese yen
I believe this is clear with this example
Forex is one of the Largest market in the world
With a Total Daily Liquidity of $6.1 Trillion dollars
The New York Stock Exchange which is the Second Largest Market is having a Daily Trading Volume of $169 Billion Dollars
While the Cryptomarket, for those of us who know about Bitcoins has a Total Market cap of just $219Billion as of today, this is not even the Daily Volume.
All these Statistics are online, So you can do well to confirm them for yourselves
JOT DOWN 🖊️
DON'T BE DISTRACTED!!
THIS FOUNDATION IS IMPORTANT
The Foreign Exchange (Forex) market exists to facilitate international trade, investment, and economic growth by providing a platform for buying, selling, and exchanging currencies.
HOW ARE PRICES DERIVED IN FOREX
The prices we see quoted on our screens every day come from major retail banks who effectively set the central exchange rates by virtue of their interbank trading.
The interbank liquidity pool is dominated by a group of major banks, which provide liquidity to the foreign exchange market. These banks, known as "market makers," quote bid and ask prices for various currency pairs, facilitating trades for clients and other market participants.
According to various market surveys and research, the following are the top 10 banks in the global FX market, based on their estimated market share
That's all as regards market analysis post for now more would be discussed in the subsequent posts.
Happy Blogging and Reading 💥💥💥💥
Video from wysetrade YouTuber