Forex trading can be confusing because nothing can be bought physically. So we use a simple (but incomplete) analogy to better explain it.
Think of buying currency as buying stocks from a particular country’s economy.
Currency prices are usually a direct reflection of the market’s view of the health of its economy now and in the future.
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In Forex trading, when you buy, for example, the Japanese yen, you are essentially buying ” stocks ” from the Japanese economy.
In a way, you are betting that the Japanese economy is doing well and will even get better over time.
You buy in the hope that you will make a profit after reselling the so-called “stock” to the market.
In general, the exchange rate of a currency against other currencies is a reflection of the state of the economy of that country compared to the economies of other countries .
After graduating from the faculty of our site, you will eagerly start trading in the Forex market. But please do not deal with a good and excellent grade before graduation.
The main currencies in Forex
Although there are many currencies to trade, as a new Forex trader , it is best to start trading with ” major currencies “.
What is traded in Forex?
They are called “major currencies” because they are heavily traded and represent the world’s largest economies.
Forex traders each have a different perception of their “major currencies”.
Restricted traders, who probably have high scores in our site faculty and follow all the rules from their first trading days, only recognize the currencies USD, EUR, JPY, GBP and CHF as the main currencies.
After them , AUD, NZD and CAD currencies are also called ” commodity currencies “.
But our opinion is a little different. So as not to be too hard, here we consider all the above eight currencies as “major currencies”.
The following is a list of each symbol, country in which they are used, currency name and nickname:
What is traded in Forex?
How are Forex symbols formed?
Currency symbols always have three letters . The first two letters of the name of the country and the third letter refer to the name of the currency of that country, which is usually the first letter of the name of the currency of that country.
These three letters are known as the ISO 4217 currency code .
In 1973, the International Organization for Standardization (ISO) established three-letter codes for the currencies we use today.
Take NZD, for example:
NZ stands for New Zealand , and D stands for Dollar.
It’s easy, isn’t it?
The currencies in the table above are called “major currencies” because they are the most traded currencies.
Did you know? The British pound is the oldest currency in the world still in use and dates back to the 8th century. The newest currency in the world is the South Sudanese pound, which was recognized on July 18, 2011.
To note that ” buck ” is not the only nickname for USD .
There are other attractive names for this traded currency. For example, one of the most widely used dollar nicknames is greenbacks.
Familiarity with currency nicknames is important in this regard. Because many English-language analyzes use pseudonyms. When you hear Kiwi become strong or weak, you should not confuse it with kiwi fruit 🙂
Interesting fact: In Peru, the nickname for the US dollar is Coco, which is the name of a pet for George, which refers to the image of George Washington on the $ 1 bill.
Footnote: Although in fact the definition of Forex is based solely on buying and selling currencies. But today almost all forex brokers allow you to trade on a wide range of tools. Among the tradable items are gold, silver, oil, stocks of the world’s largest companies and even Bitcoin and Atrium .
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