00:00welcome to imarticus learning your go-to channel for all things finance and investing today we are
00:06diving into a market where currencies like the dollar yen and euro battle it out yes we are
00:13talking about the forex market and don't worry we're not going to turn you into a money wizard
00:19in hogwarts in just 10 minutes you will learn everything you need to get started in forex
00:24trading so buckle up because this is going to be one fun ride through the world of currencies
00:29all right let's kick things off with the basics the forex market also known as fx or foreign exchange
00:36is the largest financial market in the world it's where people businesses and even governments trade
00:43currencies and get this over 6 trillion dollars is traded in forex every single day think of the
00:51forex market like a massive currency party everyone from tourists to multinational corporations is
00:57invited they are constantly exchanging one currency for another whether it's to go on a vacation or to
01:04buy a business overseas and just like any good party you need to know what you're doing if you want
01:10to
01:10stay and make money so how does forex trading work unlike the stock market you're not buying a slice of
01:17a company here you're buying one currency and selling another at the same time that's why it's
01:24always done in pairs imagine you're planning a trip from india to the us you would need to swap your
01:30rupees for dollars right in forex you would trade something like inr or usd buying us dollars and
01:38selling indian rupees if the value of the dollar goes up compared to the rupee congrats you have just
01:44made a profit but unlike at the airport where the exchange rate is fixed for the day in the forex
01:50market
01:51rates change every second so timing is everything now let's talk about the big players in the forex
01:57market picture this as an epic game of monopoly but with real money number one central banks they
02:05are like the referees of the game they control the money supply and can even step in to change interest
02:10rates number two commercial banks these guys handle most of the trading volume think of them as the big
02:18sharks in the ocean and number three retail traders that's you and then there's us the smaller prayers
02:26swimming alongside the big fish trying to catch some profit waves but don't worry even small fish can get
02:33a good meal in this ocean currency pairs are where the action happens there are three types of pairs number
02:40one majors these are the big leagues including usd euro jpy and gbp they are traded the most and have
02:49the lowest risk number two miners think of these as supporting characters currencies like the nzd which
02:56is the new zealand dollar or cad which is the canadian dollar number three exotics now these are the wild
03:04cards they include emerging market currencies like the south african or turkish fun but risky it's like
03:12choosing between fast food majors a fancy restaurant miners and an exotic food truck you have never tried
03:19before exotics just pick wisely the beauty of forex is that you can make money whether currencies are going
03:26up or down how let's break it down number one going long this means you believe a currency will go
03:33up in
03:34value so you buy it now hoping to sell it later at a higher price number two going short here's
03:41where
03:41it gets interesting you can actually bet that a currency will lose value you sell it now and hope
03:47to buy it back cheaper later it's like betting on which way the tide will go at the beach whether
03:53the
03:53water is coming in or going out you can still ride the wave now let's talk about the elephant in
03:59the room
03:59risk forex can be highly profitable but it can also be risky the market is volatile which means prices
04:07can move fast you know it's like driving a sports car fun but you need to know how to handle
04:12those
04:13sharp turns but don't worry with the right tools like stop loss orders which automatically sell your
04:19position if it moves against you and a solid strategy you can manage the risk and still make good money
04:25so how do you actually get started here's your simple checklist number one choose a forex broker
04:32this is your gateway to the market look for a regulated broker with low fees number two open a
04:39trading account sign up and deposit some cash many brokers allow you to start small with just hundred
04:45dollars or even less number three get a trading platform platforms like metatrader 4 or 5 are popular
04:53for tracking currency movements and placing trades number four practice with a demo account before
04:59you dive into real trading use a demo account to get the hang of it without risking real money
05:04remember forex trading is a journey start small learn as you go and don't let the ups and downs scare
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05:16finance and investing tips got any forex trading tips of your own drop them in the comments we would
05:22love to hear from you
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