Top 5 traded forex pairs in the world
1. EUR/USD (Euro/US dollar)
2. USD/JPY (US dollar/Japanese yen)
3. GBP/USD (British pound/US dollar)
4. AUD/USD (Australian dollar/US dollar)
5. USD/CAD (US dollar/Canadian dollar)
Factors affect the exchange rate of EUR/USD.
1. The interest rates set by the European Central Bank (ECB).
2. The interest rates set by the US Federal Reserve (Fed).
Example: The ECB had set higher interest rates than the Fed, it is likely that the euro would appreciate relative to the dollar.
Steps to trade:
1. Check your leverage value, this can be up to 1:100.
2. Select the trading product/category.
3. Select the instrument pair you wish to trade and the trading volume or lot size.
4. Select your Stop Loss and Take Profit.
5. Opt for BUY or SELL.
6. You can monitor your trades and close it whenever you wish.
Forex market
is open 24 hours a day, 5 days a week.
You should trade in right time,
it is advisable to trade when the currency pair is active and there is lots of volume and transactions happening.
Example :
EUR/USD pair during these schedules:
American Session (New York – USD) – 12:00 GMT – 20:00 GMT
European Session (London – EUR) – 07:00 GMT – 16:00 GMT
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