How does forex trading work?

Currency pairs are quoted using a convention called the foreign exchange rate, which indicates how many units of the quote currency correspond to one unit of the base currency. In this example, the quote currency is worth $1.23700. Traders will usually open a buy position when they think the value of the base currency will increase, and close the trade if they think the value will decrease. The foreign exchange market is open 24 hours a day, 5 days a week, except for daylight saving time, when the market closes early.

When buying or selling a currency, the bid and ask prices are displayed. The bid is the lowest price you are willing to pay for that currency. The asking price is the highest price. Then compare those prices. This is called leverage, and it works like a loan, allowing you to trade more currencies than you can afford. When you place a trade, you will want to know the spread between these two prices and how to interpret it.

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