What is an Exchange Rate?
The interaction of sellers and buyers (supply and demand) establishes the market price of a currency. The market price of a currency is its exchange rate, the price of one currency expressed in terms of another currency. Any foreign exchange transaction involves the purchase and sale of two currencies. An exchange rate is interpreted as the price of one currency in terms of another, as well as the reverse.
What are the Most Commonly Traded Currencies in the Forex Markets?
US DOLLAR (USD), EURO (EUR), POUND (GBP), YEN (JPY), SWISS FRANK (CHF), AUSTRALIAN DOLLAR (AUD), CANADIAN DOLLAR (CAD)
Who are the Participants in the Forex Market?
Banks – Central, commercial and investment Banks
Large Multinational Corporations
Global Money Managers
International Money Brokers,
Futures and Options Traders,
Where is the Central Location of the Forex Market?
Forex Trading is not centralized on an exchange, as with the stock and futures markets. The Forex market is considered an Over The Counter (OTC) market, due to the fact that transactions are conducted between two counterparts over the telephone or via an electronic network.
How can I learn how to trade or to be a trader in Forex?
In order to gain a practical understanding of foreign exchange trading, there is no better way than to open a demo account, where you can experience what it's like to trade the Forex market without risking any capital.
How can I open a free demo account?
By visiting our website www.forexer.co.nz , downloading and installing FOREXer’s software on your computer. You have to open a demo account by filling up details in opening account option and amount of capital you like to start; you will receive a computer generated account number with password.
How can I execute my trading (Open Position) in demo account after I have
installed FOREXer5 and opened Demo account?
Once you have opened account you are able to see charts and prices of all currencies in 'Market Watch' column, where then you can double click on a particular currency, for example EUR/USD. Moreover, an ORDER window will open, where you either Buy or sell in that particular time and select volume of your trade which is in Lots.
Can I execute trade without using computer or any internet online
Yes, you can trade without using computer or any other online connection by manual trading which is confirming or trading through calling our 24 hour FOREXer customer support center.
Can I limit my loss and profit to some extent once I have opened a certain
Yes, you can limit loss by defining stop loss while opening a position or take profit for profit order, When either the take or stop order is executed; it will cancel the other order.
What is a chart and how it helps us in forex?
Charts are graphs and interpret historical data used to find trends and predict future movements; Technical Traders use charts all the time.
What is Time scale? What are the time periods?
Time scale is the period time in charts, the times are 1 Minute, 5 Minutes, 15 Minutes, 30 Minutes, 1 Hour, 4 Hour, 1 Day, 1 Week and Monthly.
What is a Margin?
Margin is essentially collateral for a position. If the market moves against a customer's position, FOREXer will request additional funds through a "margin call." If there are insufficient available funds, FOREXer will immediately close out the customer's open positions.
What is leverage?
The ratio of the amount used in a transaction to the required security deposit. The ability to use a small amount of money to control a large trading position.
What is a spread?
Spread is the value difference between Buy and Sell, For example EUR/USD Buy (BID) is 1.1958 and Sell (ASK) is 1.1962, the difference is 4 pips.
What is BID and ASK?
Buyers are buying and bidding at a lower price, the lower price is called the BID. Sellers are selling and asking for a high price, the higher price is called (ASK). why, where to get out and why.
How can I withdraw the profit I have made from my trading account in FOREXer?
There is a request form provided by FOREXer, which has to be filled out, within 48 hours the requested amount will be credited to your local bank account by wire transfer.
What are the charges for withdrawing from my account?
There are no charges for withdrawing account, only telegraphic transfer charges will be applicable and the currency exchange if your FOREXer account and bank account currencies are not the same.
Is there any monthly service charge for trading and using FOREXer’s software?
No, there is no monthly service charge at all.