This is the first in a series of articles comprising forex lessons for novices. By novice we mean those who are considering trading in the foreign exchange market for the first time. This series aims to provide the novice with background knowledge of the market by briefly covering all of the basics, including:
- An Introduction
- Market Context
- Historical Perspectives
- Market Size & Liquidity
- Market Participation
- Trading Characteristics
- Determinants of Forex Rates
- Financial Instruments
- Speculation
- Risk Aversion
The intermediate series is aimed at those who want to develop their knowledge on subjects covered in the novice series. The advanced series is aimed at those preparing to trade for the first time. It is recommended that you read all articles in these series before trading.
Note that all forex lessons will immediately start to cover and define terms commonly used within the market. You should note these somewhere and regularly review the terms for general understanding. The first of these sets of terms are ‘forex’, ‘FX’ or simply ‘currency market’, which are used when referring to the ‘foreign exchange market’. We start our novice series by providing a brief overview of the market as an introduction.
The forex market is the largest and most efficient market alongside other principals such as the ‘bond’, ‘stock’ and ‘derivatives’ markets. It forms part of what is referred to as the ‘OTC’ or ‘over-the-counter’ market. OTC trading is also commonly referred to as ‘off-exchange’ trading. It is a global (i.e. worldwide) market where participants can buy, sell, exchange or speculate on currency. Participants in this market can include:
- Banks, including central or national banks
- Hedge funds and investment firms
- Retail forex traders and non-bank forex companies
- Transfer and remittance companies
- Bureau de changes
- Commercial companies
- Investors and customers
For this reason the market is decentralised, meaning that forex has no particular geographical concentration or centre for control and so benefits from widely distributed power, function and activity. It comprises a global network of participants who use a variety of technologies for the purposes of trading. Financial centres will normally act as anchors for trading between participants in accordance with international and multilateral agreements.
The primary purpose of forex is to facilitate international trade and investment by allowing participants to convert currency. This means that if your national currency differs to that of a trade partner, you can purchase currency or pay for goods and services in the currency used by that partner and vice versa.
Typically forex transactions involve one participant purchasing currency or something from another participant. In terms of currency this can involve high value exchanges as the participants are relying on what is often only a very small percentage for return. The effect is that more substantial returns can be achieved through higher investment, but one should remember that higher investment proportionately increases risk.
Forex also supports participants engaging in speculative transactions with the expectation of gain that involves risk and the chance of gain – bearing some predictability in terms of profit. Participants can either speculate on the value of currency or the interest rates between two currencies.
Forex can also involve ‘carry trade’, which is essentially the return obtained from holding an asset, if positive (or cost, if negative). Carry trade will usually involve higher risk speculation by participants who borrow low-yield currency and lend high-yield currency – bearing less predictability in terms of profit. This activity often has negative ramifications on the market as a whole.
If it were not for currency intervention by central banks, forex would be the closest to the economic theory of ‘perfect competition’. By perfect competition we mean that no single participant within the market is large enough to have autonomous power in setting the value / price of an asset / product.
Forex is a unique market in that it represents one of the largest asset classes (i.e. currency). The market has high liquidity. This means that currency as an asset has an ability to be sold without causing significant movement in the purchase price or significant loss in terms of value. Currency is the most liquid of assets as it can be immediately used to perform a number of economic activities.
Global forex turnover is estimated to be over 4 trillion (US Dollars, ’12 zeros’) with a growth rate of approximately 20% per annum. Constituting over:
- 1 trillion in spot transactions
- 500 billion in outright forwards
- 2 trillion in forex swaps
- 50 billion in currency swaps
- 200 billion in options (& other products)
Unlike the stock exchange the forex market operates without closing between 22:00 (GMT) on a Sunday night right through the week to 22:00 (GMT) on a Friday. The market is therefore only closed on weekends between 22:00 (GMT) Friday and 22:00 (GMT) Sunday.
Look out for article updates in this series of forex lessons by Marek W. The author will be providing those who are new to the market with key insights and sequential forex lessons at novice and intermediate levels. Articles may also be of specific interest to advanced students and start-up traders.
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