Forex exchange is a centralized platform that allows users to exchange international currencies and trade assets. According to statistics, its turnover is equal to $5.1 trillion per day. In order to start trading on forex one needs to buy a currency, and simultaneously sell another asset. This way there is a constant circulation of currency between the users, which enables the operation of the platform.
Forex as a word derives from Foreign Exchange and, as the name signifies, is the marketplace where national currencies are traded against each other. Forex is, by far, the biggest market in the world, with a trading volume of $5 trillion on a daily basis. Investing in Forex Trading requires the opening of a short/sell or long/buy trade of a pair of currencies (i.e. EUR/USD - Euro against US Dollar).
Short/sell is the trade that predicts that the price of the currency pair is going to fall while the long/buy is the speculation that it is going to rise. The prices of the currency pairs are affected by news of the markets, politics, etc.
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Trade Responsibly: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing you money. Past performance of a NAGA community member is not a reliable indicator of his future performance. Content on NAGA's social trading platform is generated by the members of its community and does not contain advice or recommendations by or on behalf of NAGA.
Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the top-performing traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
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