Forex trading is the simultaneous buying of one currency and selling another. Currencies are traded through a broker or dealer, and are traded in pairs.
Traders earn money speculating on the future direction of currencies by taking either a long or short position. There are seven currency pairs typically referred to as “The Majors”. They make up almost 80% of total daily trading volume. All of them include the U.S. Dollar (USD).
You shouldn’t ignore the minors – also referred to as Cross Currency Pairs. The minor currency pairs account for all the other combination of major markets such as; EUR/GBR, EUR/CHF, or GBP/JPY.
With so many options available, you’re probably asking yourself – which currencies you should trade? Clients of Dax1001 get access to more than 50 currency pairs including:
- basic currency pairs (majors) - the most popular financial tools in Forex trading.
- cross-currency pairs that involve one of the currencies included into majors. US dollars is mostly absent in cross-currency pairs.
- exotic currency pairs are combinations of a major currency of an emerging or smaller economy, such as Brazil, Mexico, or South Africa.
Novices usually choose basic currency pairs, as the most liquid. However, one cannot say trading majors is easier, that making deals on exotic pairs. Still, exotic pairs are less liquid and contain more risks.
Dax1001 offers you support of professional analysts who will help you choose the most suitable trading instruments and minimize risks. Our clients can also test their skills on a demo account before joining real trade.