Within the investment world lies the forex market. Many investors worldwide, whether big or small, come to this large market in the hopes of gaining riches, success, and adrenaline. Nothing compares to the thrill of making a successful trade or the quick reaction to a falling market. In this post, I will teach you how to integrate ERP with Forex.
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Forex trading is an opportunity to learn, think quickly, strategize and grow. Forex is more than science. Forex is an art with ERP.
Can anyone learn forex? Yes! However, forex is complex and intricate. For a person to be successful in forex trading, time, research and dedication are imperative. Let’s look more closely atunderstanding the basics surrounding forex and ERP.
What is forex?
Foreign exchange better known as forex involves foreign currencies such as the US dollar (USD), the Euro (EUR), British pound (GBP), Japanese Yen (JIT), Australian Dollar (AUD), Swiss Franc (CHF), and so on. Whether you are exchanging different currencies or purchasing stock, the world runs on forex. Yep, now how to use ERP with forex?
When it comes to investments, forex trading is one of the most lucrative investments in the financial world. Banks, businesses, governments, investors, traders and speculators (like you or me) have all at some point in time dealt with forex and ERP.
In forex trading, you would trade among the major currencies listed above on the Forex market also known as the “Fx market”, “currency market”, “Foreign exchange currency market”, ERP system. At the end of the day, it’s the same market. You can read at: How ERP can help online business.
This market sees an average turnover of $3 trillion per day. The Forex market is open 24 hours a day, 5 days a week with its centers located in London, New York, Paris, Sydney, Hong Kong, Singapore, Tokyo, Zurich, and Frankfurt. This is done to strategically keep the market open throughout the week. When the sun sets in New York, business is kept open in the early morning hours of Hong Kong, Singapore, or Tokyo. The result is a central marketplace where everyone is on the same page. Whether you are a first-time investor or a trader for a large corporation, you all receive the same information regarding the market, dips in currencies, national news, etc., simultaneously. This keeps the playing field fair.
The beauty of the forex market is found in its liquidity. Meaning, when you buy and sell currencies you are never stuck with a product or stock. As a trader, you can sell your currencies at any point in time with the reassurance that someone will buy it. Traders or brokers are always available to buy or sell; thus, you can buy or sell currency any time you choose.
In addition to all of this, the forex market is only impacted by national events such as interest rate hikes or dips, political events and scandals, or changes in national unemployment rates. As a result, no one corporation, bank, or country can adjust the forex market to suit their means or agendas. On the forex market, anyone can go from an
average income to riches. From an investment point of view, the reality of forex trading is that it has high risks for high rewards. The question to ask yourself is: how much risk are you willing to take?
Understanding basic technology
Whether you are starting out in forex trading or have a background in forex, understanding the terminology associated with forex trading is vital. You are in a new world with its own rules, culture, language, and permutations. Fortunately, forex terminology is relatively easy to understand. Here is some basic jargon with their explanations to help you better understand what people are talking about when they talk forex:
or have a background in forex, understanding the terminology associated with forex trading is vital. You are in a new world with its own rules, culture, language, and permutations. Fortunately, forex terminology is relatively easy to understand. Here is some basic jargon with their explanations to help you better understand what people are talking about when they talk forex:
Pips are also known as a percentage in point. It is a unit of measurement for the movement in price of a currency. In Forex, the pip is the fourth number after the decimal. For example, USD might be at 1.5200 at the start of the day and ends at 1.5222. This means that the USD improved by 2 pips.
Whenever you buy currency it comes in pairs. For example, USDJPY which is the Dollar Yen” or GBP/USD which is known as “Sterling”. Currency pairs consist of two components: the base currency and the quote currency.
For example, you want to buy GBP with your dollars. The exchange rate is 1.2500 USD for 1 GBP. The GBP is your base currency and USD is your quote currency. The quote currency will fluctuate during the day or the week’s trading. Today it may be 1.2500 USD to 1 GBP but by Friday the exchange rate may be 1.2750 USD to 1 GBP. The base currency is constant while the quote currency fluctuates.
This holds true for all currency pairs except the Japanese pairs. The Japanese currency is devalued against the other currencies (we are trading in major currencies.) As a result, the pip becomes the second digit after the decimal. For example, the exchange rate of the USD/JPY maybe 88.1500 thus the pip is the number 5. So, if we have an ERP system for this step, we can manage all of currency in easy.
To help you identify currency pairs, see the below table for easy reference:
Major Forex Pairs Nicknames
USD/JPY Dollar Yen
GBP/USD Sterling or Cable
USD/CAD Dollar Canada or Loonie
AUD/USD Aussie Dollar
This is the first part of how to use ERP with Forex, we will have more interesting post in the next day.