Forex trading for beginners: Get Right Guidance and Trade with confidence

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Forex trading for beginners Get Right Guidance
and Trade with confidence Forex trading which is
the act of exchanging currencies is believed to
be centuries old dating back to the Babylonian
period. Today, its one of the biggest
international trading markets having access to
billions of people trading almost trillion every
day. This market never sleeps from Monday to
Friday since it is operated digitally across the
globe. You can trade here 24 hours sitting
anywhere in the world. Currency pairs are the
foundation of forex Transactions in the forex
market involve simultaneous buying and selling of
two different currencies. One is called base
currency and quote currency. Both together are
called currency pair. For example, when you
find a currency pair is written as EUR/USD, here
the base currency is Euro and quote currency is
the US dollar. The base currency represents how
much quote currency is needed to get one unit of
the quote currency. So, 1000 EUR/USD, means you
have bought 1000 Euros selling an equivalent
amount of USD. Most traded currency pairs There
are seven most traded currency pairs available in
the market. These are called major pairs
UDS/JPY (gopher), EUR/USD (fibre), GBP/USD
(cable), USD/CHF(swissie), AUD/USD(aussie),
USD/CAD (loonie), and NZD/USD (kiwi). The names
in the brackets are the nicknames of the
currency pairs. In the forex market, no one
mentions the currency pairs in detail but call
by their nicknames. As you trade in this market
you will get acquainted with these names. Apart
from seven major players, there are six minor
players and six exotic pairs as well. The minor
pairs dont include USD whereas exotic pairs are
the pairs made of smaller emerging economies
with major currencies GBP/NOK or USD/MXN. Know
the specialized forex terms There are certain
terms in forex having specific meanings and
applications in forex trading. The terms like
Spread, Leverage, PIP, Margin. Bullish/Bearish,
and Lot Size is significant for every trader.
So, you have to be familiar with the terms and
their applications. In any primary technical
support for forex trading for beginners, you will
get details of these terms. Know the Forex
charts Trading in this market is all about to
the point analysis of the market. More you
understand the market better will be your
projection and profits. Charts play an important
role in this market. Three types of charts could
be seen and frequently used in this market
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• Candle Stick chart The chart displays high-low
  and opening-closing prices.
• Bar chart A bar chart also shows high-low and
  opening-closing prices but in different ways.
  The top of the bar represents the highest paid
  price while the bottom shows the lowest traded
  price for a definite period. The horizontal lines
  on the chart depict opening and closing prices,
  i.e., a currency pairs trading range.
• Line chart This is the first chart for forex
  trading for beginners. A line is drawn from one
  closing point to another. It reflects the price
  movement within a given period.
• You need to register with a reputed broker to
  begin trading. The broker will let you
  understand the basics more elaborately and help
  you to make the right decisions for earning
  profits from regular trading.
• Summary Forex market is one of the biggest
  international trading markets that operated 24
  hours 5 days a week. With the right guidance, you
  can trade confidently.