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One market that is especially popular is the foreign exchange (forex) market. With electronic trading in currency futures, the proliferation of cash forex firms and mini and micro contracts, and the expansion of global markets, currencies have become a favorite of traders worldwide and, arguably, the most important market of all because of their effect on so many other markets.
Most of the electronic markets we trade involve a one-way decision. For example, if our signals indicate soybean prices are likely to go higher, we buy; if the signals indicate soybean prices are headed lower, we sell. We are either long or short.
But forex trades are always trading spreads – or “pairs” in forex market lingo. That is, you are always long one currency and short another, simultaneously buying one currency and selling another. The price of each currency in a pair is constantly fluctuating relative to other world currencies. For example, if the British pound is stronger than the Japanese yen, the British pound/Japanese yen pair will go up in price. Similarly, if the yen suddenly becomes stronger, the price of the pair will go down. As these changes occur, profits and losses are measured in terms of one currency vs. another.
Largest Market in the World
The foreign exchange market is the largest financial market in the world. No one really knows how large the forex market is on a given day, but it’s probably safe to say that daily volume exceeds $2 trillion. The forex market is more than three times the total of stocks and futures markets combined, although there is no real measure of how much forex trading is done as many transactions take place in the interbank market between two parties.
In 1978, seven years after the United States abandoned the gold standard, the value of world currencies was allowed to fluctuate according to supply and demand rather than being manipulated by a variety of government arrangements. Although currency futures trading had been introduced by the Chicago Mercantile Exchange in 1972, the ability of currencies to “float” marked the real launch of the forex trading market.
For the next 17 years, forex trading was pretty much limited to banks and multinational institutions. But in 1995, thanks to the availability of computers and the rise of the new internet, this exciting market began to become available to everyone through new cash forex firms or electronically traded futures contracts. Now, this huge international market offers unmatched potential for profitable trading in any market condition or in any stage of the business cycle.
Currencies are what bind the world together. If you decide to take a vacation in a foreign country and you convert U.S. dollars into the foreign currency, you’ve entered into a forex trade. Although it may not be your intention to profit or lose from this transaction, the value of the trade will fluctuate until your vacation is over and you convert your remaining funds back into U.S. dollars.
Currencies have a tendency to trend. If U.S. monetary policy causes less demand for the U.S. dollar, other currencies will become more valuable as the dollar declines. Similarly, if conditions in the Far East cause instability in the Japanese economy resulting in less demand for the Japanese yen, other currencies will become more valuable as the yen declines. In most cases, changes to a government’s monetary policy occur rather infrequently or develop rather slowly as do other economic conditions such as interest rates, imports and exports, etc. As a result, steady price moves can last for months, if not years.
Unlike some financial markets, most of the world’s forex trading does not occur at a single location. Much of the trading is done by telephone and computer links between dealers in various locations and on different continents. London is the largest foreign exchange center followed by the United States, Japan, Singapore, Hong Kong, Germany, Switzerland, and France. Because London is centrally located between the U.S. and Japanese time zones, British traders can easily transact business with traders from both countries during a normal London business day.
The constantly changing relative value of one currency against another currency continually creates trading opportunities, which are now accessible to virtually anyone, anywhere, anytime of the day or night. The forex market is open 24 hours a day for 5 ½ days a week. For U.S. traders, forex trading opens on Sunday evening at 5 pm Eastern time, and closes on Friday at 4 pm Eastern time.
When it comes to forex trading, there’s no such thing as a holiday. For banks in the United States, it’s business as usual on May Day. But that’s not the case in London, where all banks are closed in observance of the national holiday. On Thanksgiving Day, when many Americans are sitting down for a turkey dinner, traders in other countries are transacting business as they might on any other day. And when Americans and Europeans are unwrapping presents on Christmas Day, the banks in Tokyo are open for business.
Business Practice
Due to the popularity of forex markets, many investors with large stock portfolios allocate a portion of their funds to forex trading. The community of forex traders consists of speculators, day traders, short-term traders, long-term traders, multinational corporations, hedge funds, etc. If individual investors feel that a change in the monetary policy by their government is likely to affect the value of their investments, they can position themselves in a forex pair in such a way that any losses in their investments are minimized. Multinational corporations constantly hedge their positions in the forex markets in this way.
If a car manufacturer in Japan signs a sales contract with a company in England, the amount of the sales contract less the manufacturing costs represent the profit to the Japanese company. But what will happen to that profit if the value of the British pound drops significantly before the goods are delivered and the final payment is made? One way for the Japanese company to lock in profits would be to initiate a hedge in the forex markets with a goal of making a profit on the forex trade if the British pound declines vs. the Japanese yen.
If you take the time to visit the web sites of some of the largest banks in the world and search for “Investor Relations”, you’ll find extensive reports that illustrate the sources of the bank’s revenue. If you look carefully, you’ll soon discover that a large portion of that revenue comes from foreign exchange. In many cases, a bank’s profit from currency changes will be greater than its investments in stocks, real estate or commodities.
PLEASE READ: Auto-trading, or any broker or advisor-directed type of trading, is not supported or endorsed by TradeWins. For additional information on auto-trading, you may visit the SEC’s website: All About Auto-Trading, TradeWins does not recommend or refer subscribers to broker-dealers. You should perform your own due diligence with respect to satisfactory broker-dealers and whether to open a brokerage account. You should always consult with your own professional advisers regarding equities and options on equities trading.
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