Forex
Foreign exchange is the largest market on earth: roughly $7.5 trillion changes hands every day. It has no central exchange — it is a network of banks (an OTC market) open 24 hours from Sunday evening to Friday evening. You always trade a PAIR: buying EUR/USD means buying euros and selling dollars in the same instant.
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What are the most traded currency pairs?
The "majors", all against the dollar: EUR/USD (by far the most liquid, ~28% of volume), USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD and NZD/USD. Crosses without the dollar (EUR/GBP, EUR/JPY, GBP/JPY) carry less liquidity and wider spreads.
How much is one pip worth?
With one standard lot (100,000 units) and the dollar as quote currency, a pip is worth $10. One mini lot, $1. One micro lot, $0.10. If the quote currency is not the dollar you convert at the current rate.
When is the forex market open?
24 hours, five days a week: it opens Sunday 22:00 UTC (Sydney) and closes Friday 22:00 UTC (New York). The hours that matter are the overlaps: London-New York (12:00-16:00 UTC) concentrates the deepest liquidity.
Why is forex traded with so much leverage?
Because daily moves are small — a major pair travels 0.5-0.8% a day. Without leverage those moves would be irrelevant. That is also why it is dangerous: the same leverage that makes forex usable is what destroys accounts.
What is a forex swap and when is it charged?
It is the net interest for holding a position overnight, derived from the rate differential between the two currencies. It is applied at the New York close (22:00 UTC). Wednesday is charged triple because it covers weekend settlement.
