Forex is just a Short form for *FOREIGN EXCHANGE*

Forex is one of the Largest market in the world 

With a Total Daily Liquidity of  $5.3 Trillion dollars

The New York Stock Exchange which is the Second Largest Market is having a Daily Trading Volume of $169 Billion Dollars as we can see in the Statistics above

While the Cryptomarket, for those of us who know about Bitcoins has a Total Market cap of just $552 Billion as of today,  this is not even the Daily Volume.

All these Statistics are online, So you can do well to confirm them for yourselves

 That is to show the massive Liquidity.... Which is on the Forex Market.

That is how large the  Forex market is

So we have seen a Brief Introduction of the Forex market, We would still see more, but for now let's fire on

Let's move on to the next topic

*WHAT IS TRADED ON FOREX*

Someone would ask, What is Traded on the Forex market. 

This is not the form of market where buy your clothes or shoes. 

This is not Idumota or Oshodi Market, Accra Mall or your normal Local markets in any part of the world u are

In Forex market we Trade the Following

So what we actually do is that we are constantly Transacting in the above items I listed up there. 

I would take u all through how to Trade on them, so just follow the Lecture  Let's move on to the next topic

*WHO IS A FOREX BROOKER*

*Forex Brookers* are Firms that gives you access to the FOREX MARKET .

They provide U as a Trader access to the Financial market... 

By providing a Trading account for U. 

There are various Brokers in the Forex Market

We have

*HantecMarket*

*Hotforex*

*Fxtm*

*Fxcm*

*Fbs*

*LiteForex*

Etc

We are still going to take time to talk about Brokers in details 

But we are now aware of their Functions and what they offer the Traders

 Let's Fire on

Our Next important topic today is

*TRADING TIMES AND TRADING SESSIONS*

We are entering into the most part of this Forex Training... If you were distracted before, let's focus because your proper understanding of the Forex market would be determined if you actually know the Forex cycle.

There are Various Trading Times and Trading Sessions in Forex 

They include

 *SYDNEY SESSION*

*TOKYO SESSION*

*LONDON SESSION*

*FRANKFURT SESSION*

*NEW YORK SESSION*

The Sessions names are derived from the major cities in which most of the Transactions are done

For example 

Sydney Session represents Australia and other countries around that Time zone

Tokyo session, sometimes called *ASIAN Session* represents Japan and some of the Asian countries.

 London Session represents The United Kingdom and the countries within it. 

FRANKFURT session which is in Germany represents Europe. 

While 

NewYork Session represents The Americas

Forex is actually a 24 hours market. 

It is most times regarded as the Market that never Sleeps because it's open for 24 hours of the day except on Weekends

So no matter where you are around the World, no matter your Time zone.... U can actually Trade this Large,  Highly Liquid market

 Let's now get to their Trading Times.... 

Because each of this Session have their own Opening and Close times...

*SYDNEY SESSION*

Opens by *9PM GMT*

*TOKYO SESSION*

OPENS BY *11 PM GMT*

*LONDON SESSION*

OPENS BY *7AM GMT*

*FRANKFURT SESSION*

OPENS BY *8AM GMT*

*NEW YORK SESSION*

OPENS BY *1PM GMT*

 Let's note these Times down in our Exercise as U all would be needing them for your Trading.

Also Note that these Times are listed in *GMT* 

Greenwich Meridian Time 

So you should do the appropriate Calculation depending on your countries Time zone,  so as to know which session, U are currently on

All Sessions lasts for 9 hours.

So having known their Opening Times, To get their appropriate Closing Times.

Just Add 9 hours to the Opening Time to get when they would Close

 Example 

Sydney Session that Opens by *9 PM GMT*  

WOULD close by *6AM GMT*

also TOKYO Session that Opened by *11PM GMT* 

WOULD close by *8AM GMT*

NEWYORK SESSION that Opened by *1 PM GMT* 

WOULD CLOSE BY *10PM GMT*

AND SO ON FOR OTHERS..

just Add 9 hours to their Opening Times

Now there is an important thing to Note here... 

This is what many Forex Traders don't actually understand because nobody taught them. 

It is always good to Trade the Market when 2 Markets are open at the same time. 

I.e When 2 of the sessions are open 

Please Take note of this Important point

[This is Because,  Volatility is always more when 2 or more Sessions are Open .

And in Forex Market,  More Volatility means More money. 💵

As a Forex Trader, U wouldn't want to trade a Quiet market, because there won't be much Fluctuations and it's those movements that make money for us. 

U would come to understand these soon and know what I mean

: Example by 

*12 AM GMT* 

Sydney Session and Tokyo Session would be open together and it would have more Volatility than someone that is Trading at *9PM GMT* because the market would be Quiet. 

Another Example is by *8AM GMT*

London Session and Frankfurt Session would be open, infact even Tokyo would be with them briefly,  so you would notice that Volatility would increase during such times.

So as a Forex Trader , Always time your Trading to fall in periods where 2 or more Markets are open at the same time. 

By doing that U  would always have an edge in the market  .

We would be learning more important things, let's just follow the Trading closely

[Some of You have heard about Forex before I'm aware,  though U may not have known how to Trade the Market. 

Also some of U have Friends that Trade Forex.

But the Wicked part is that most of this your Friends won't teach U. 

They would rather prefer to Buy you Exotic Drinks in Clubs, Take you and your Spouse out but they would never Teach you how to Trade Forex.

I was once in that situation

The only thing U would see how this your Friend Pops Champagne in Clubs,  But would never teach U. Or show u how to make this money. 

He wouldn't want you to come to his level 

I used to tell people, That hoarding Knowledge won't make u progress, U progress faster when U share this knowledge.

And the beauty about Forex is that one's profit doesn't hinder the next persons own... We would see all these soon

As very soon I would be dropping My Trades on the group  , for all of U to pick and Trade. 

U would notice that When the Trade I dropped enters profit , everyone in the group that picked the Trade would enter profit too... 

So I see no need why people should hoard this Knowledge. 

If not Just to feel Superior over their peers

So Let's follow The Training in the Group Closely and take it seriously because this is a rare Opportunity which only few people tapped in to. 

I will also revoke the group link after this session

So the only rules I gave is, Just don't Spam the group. 

Because Like I said I would remove anyone that does. 

This rare Opportunity is not for everyone. 

Many of You, Like I said earlier would always remember the day U joined this group as it would be a turning point to your Financial Sphere

: Let's fire on

Our Next Topic is 

*TERMINOLOGIES USED IN FOREX*

Just Like every Field you try to learn,  U would have to get accustomed to its Terms and Terminologies

So also is the Field of Forex,  you would need to learn about the Terminologies so as to be able to communicate with the Market, Analysts and also with your fellow Traders.

[You may be among the gathering of Forex Traders but you won't understand a dime of what they are saying, this is because you don't know the terms. 

So that is what we would be learning in this section

So as I was saying 

For every New field you embark upon in Life,  U would encounter New Terminologies and terms which is peculiar to such field. 

Be it Law,  Medicine, Journalism , Engineering etc

And you would have to get yourself acquainted with their Terminologies so as to be able to communicate properly

So also is Forex,  for you to be able to Learn and Trade,  U should get to know some of the terms that is used in FOREX Trading.

So that u can understand the News,  Flow with your Fellow Forex traders and understand Analysts

So let's get to it

*TERMINOLOGIES USED IN FOREX*

TO GO *LONG*....means to BUY

TO GO *SHORT*...... means to SELL

If a Trader tells you that he went Long on a Currency pair. 

He meant that,  He Bought the pair. 

While if they tell you that they Short a Currency pair, it means that they Sold the pair

Soon you would get to see that All what we are doing in Forex is Buying a 

The next terms we would see are

*BULLISH MARKET*.......

A market that is going Upwards 

*BEARISH MARKET*...... A Market that is going downwards.

When someone tells u that a currency pair or a commodity is Bullish 

It's telling you that its going Up

While 

One that is Bearish is going down

Let's be noting all these terms down in our Exercise books or Jotters, 

You all would be needing them as you progress with the Training

*BULLS*..... The Buyers are referred to as Bulls

*BEARS*..... The Sellers are referred to as Bears

*RANGING*.....

A Market is said to be Ranging, if it does not have any particular direction.

It's neither moving Upwards not Downwards

 

*TRENDING*......

A Market that is has a direction.

It's either moving Upwards or downwards 

So you can hear people say a market is Trending upwards or the market is Trending downwards

So you may hear people tell you that the Market is just Ranging. 

They are indirectly telling you that the the market has not found any direction yet.

The next terminology that we would be looking at is

*HAWKISH*

This term is mostly used when referring to the Central Bank Governor or personnel of a Country. 

When they are Hawkish, they tend to be liberal on interest rate and are willing to increase it. 

This is good news for investors 

*DOVISH*

This is the opposite of Hawkish. 

Financial personnel who are Dovish are very restrictive... They do not want to tamper with the interest rate. 

They even want to reduce it.

This is bad news for investors.

Like what is happening to Great Britain right now

Also Most of the Currency pairs have specific names in which they are called.... 

We would get to know them soon

Eg

The *dollar* is sometimes called *Greenback*

The *Pounds* is called the *Cable* 

The *New Zealand dollars* is called the *Kiwi*

The *Australian* dollars is the *Aussie*

The *Canadian Dollars* is called the *Loonie*

*Oil* is referred to as the *Black Gold*

Etc

We would get to know them as we go along with the Training.

It's just to get you acquainted with the most popular ones so that When you see fellow Forex Traders discussing,  you would tag along easily