{"id":15788,"date":"2023-01-09T11:10:57","date_gmt":"2023-01-09T11:10:57","guid":{"rendered":"https:\/\/t4t-com-php8.wp-dev.int.theitops.net\/?p=15788"},"modified":"2025-04-29T14:37:56","modified_gmt":"2025-04-29T11:37:56","slug":"can-i-teach-myself-forex","status":"publish","type":"post","link":"https:\/\/www.t4trade-be.com\/ko\/can-i-teach-myself-forex\/","title":{"rendered":"Can I teach myself to trade forex?"},"content":{"rendered":"

Anyone entering the world of forex can quickly find themselves losing money if not properly prepared for what trading on the forex market entails. Even the most seasoned forex trader can fail if not cognisant of trading risks or becomes too complacent. The question is, can someone teach themselves how to trade forex successfully before diving into the foreign exchange space? In short, yes, but with help from a pool of educational tools and resources. Can I teach myself to trade forex<\/a>? If you want to answer this, check out this article.<\/p>\n\n\n\n

How the forex market works<\/strong><\/h2>\n\n\n\n

As with learning any new skill, one has to start right at the very beginning. In the context of forex trading, that means the foreign exchange market. The forex market is the largest financial market in the world which sees a trading volume of approximately US$6.6 trillion per day. It has the highest liquidity out of any other market worldwide, and the trades that happen impact global economies. Sydney, Singapore, Hong Kong, London, New York, Frankfurt, Tokyo and New Zealand are some of the largest hubs for online forex trading. The forex market is open 24 hours a day, 5 days a week, with trading sessions opening and closing based on the time zones of each hub.<\/p>\n\n\n\n

The forex market is decentralized, with trades occurring electronically over the counter (OTC), i.e., via computer networks across the globe. Trades are speculative in that traders purchase CFDs (contracts for difference) on foreign currencies in anticipation that their value will grow and be sold at a higher price on a later date  <\/p>\n\n\n\n

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Currency pairs<\/strong><\/h3>\n\n\n\n

To date, there are 180 currencies in circulation globally. The USD$ however is involved in most forex trades, followed by the euro (EUR). Other major currencies include the Japanese yen (JPY), the British pound (GBP), the Australian dollar (AUD), the Canadian dollar (CAD), the Swiss franc (CHF) and the New Zealand dollar (NZD). There are 7 currency pairs (the majors) that makeup about three-quarters of trading in the forex market. These are EUR\/USD, USD\/JPY, GBP\/USD, AUD\/USD, USD\/CAD, USD\/CHF and NZD\/USD. Currency prices are typically impacted by supply and demand, interest rates, geopolitical climate, rate of economic growth, central bank policies, etc.<\/p>\n\n\n\n

Now that you have some understanding of what the forex market is and how it operates, let\u2019s look at the ways you can teach yourself more about forex trading.<\/p>\n\n\n\n

Educational resources<\/strong><\/h2>\n\n\n\n

Getting your hands on as many educational resources is key to honing your skills in a way that will make you a better trader. Knowledge is king. So what does this look like?<\/p>\n\n\n\n