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Series 34 FOREX Training
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There are no clearing houses to guarantee trades, and there is no arbitration panel to adjudicate disputes. All members trade with each other based on credit agreements. Essentially, business in the largest, most liquid market in the world depends on nothing more than a metaphorical handshake. However, this arrangement works in practice. Self-regulation provides effective control over the market because participants in FX must both compete and cooperate. Therefore, it is critical that any retail customer who contemplates trading currencies does so only through an NFA member firm.
The FX market is different from other markets in other unique ways. There is no uptick rule in FX as there is in stocks. There are also no limits on the size of your position as there are in futures. In another context, a trader is free to act on information in a way that would be considered insider trading in traditional markets. For example, a trader finds out from a client who happens to know the governor of the Bank of Japan BOJ that the BOJ is planning to raise rates at its next meeting; the trader is free to buy as much yen as they can.
There is no such thing as insider trading in FXâEuropean economic data, such as German employment figures, are often leaked days before they are officially released. Before we leave you with the impression that FX is the Wild West of finance, note that this is the most liquid and fluid market in the world.
It trades 24 hours a day, from 5 p. EST Sunday to 4 p. EST Friday, and it rarely has any gaps in price. Its sheer size and scope from Asia to Europe to North America make the currency market the most accessible in the world. The forex market is a hour market producing substantial data that can be used to gauge future price movements.
It is the perfect market for traders that use technical tools. Investors who trade stocks, futures, or options typically use a broker who acts as an agent in the transaction.
Spot and Forward Exchange Rates
The broker takes the order to an exchange and attempts to execute it per the customer's instructions. The broker is paid a commission when the customer buys and sells the tradable instrument for providing this service. The FX market does not have commissions.
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Unlike exchange-based markets, FX is a principals-only market. FX firms are dealers, not brokers. Unlike brokers, dealers assume market risk by serving as a counterparty to the investor's trade. They do not charge commission; instead, they make their money through the bid-ask spread. In FX, the investor cannot attempt to buy on the bid or sell at the offer as is the case in exchange-based markets. On the other hand, once the price clears the cost of the spread, there are no additional fees or commissions. Every single penny gained is pure profit to the investor. Pip stands for percentage in point and is the smallest increment of trade in FX.
In the FX market, prices are quoted to the fourth decimal point. Among the major currencies, the only exception to that rule is the Japanese yen. The short answer is nothing. The retail FX market is purely a speculative market. No physical exchange of currencies ever takes place.