What is forex trading?

Forex or Foreign Exchange is the simultaneous buying of one currency and the selling of another. Currencies are traded in pairs. The Forex Market has more buyers and sellers and daily volume than any other known market in the world. Forex trades can be placed through a broker or market maker. Orders can be placed with just a few clicks and the broker then passes the order along to a partner in the Interbank Market to fill your position. When you close your trade, the broker closes the position on the Interbank Market and credits your account with the loss or gain.

Forex market opens on Sunday 5 pm EST (10:00 pm GMT), closes on Friday 5 pm EST (10:00 pm GMT).

LATEST UPDATE: November 25, 2011

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