Forex trading is the simultaneous act of getting one currency while Selling another.

The combination of these 2 currencies make up what’s known as a currecy pair. Currencies are always traded in pairs, as well as each currency in a set is stood for by a special three-letter code.

The initial 2 letters in the code stand for the nation, and also the third letter determines the currency, such as the code JPY = Japanese Yen.

Foreign exchange prices are called prices, as well as they reveal the value of one money in terms of the various other.

As an example, a price or rate in euro-dollar could be priced quote as:

• EUR/USD = 1.1190

The currency to the left of the slash is the base currency (in this example, the euro), and the currency on the right-hand side is the quote currency (in this example, the US dollar).

When can currencies be traded?

The forex market is one-of-a-kind among the world’s economic markets because it’s open for trading 1 day a day, 5 days a week.

The tables below checklist both the GMT and EST trading times for the FX markets. Trading sessions are according to GMT (Greenwich Mean Time):