Forex Currency Converter

Forex Currency Converter

Sigmaforex is a multilingual currency converter for over 7 currencies: USD (US Dollar), NZD (New Zealand Dollar), EUR (EURO), CHF (Swiss Franc), GBP (UK Sterling), AUD (Australian Dollar) and CAD (Canadian Dollar). It uses daily Sigmaforex Rates®, the touchstone foreign exchange rates used by corporations, tax authorities, auditing firms, and financial institutions.

These filtered rates are based on information supplied by leading market data contributors.

Trading School

Trading School

Introduction to Forex
The purpose of this overview is to introduce the Forex market to you. As with many markets there are many derivative of the central market such as futures, options and forwards. In these tutorials we will be discussing the main market sometimes referred to as the Spot or Cash market.

The word "FOREX" is derived from the words Foreign Exchange and is the largest financial market in the world. Unlike many markets the FX market is open 24 hours per day and has an estimated $3.2 Trillion in turnover every day.

This tremendous turnover is more than the combined turnover of the main worlds' stock markets on any given day. This tends to lead to a very liquid market and thus a desirable market to trade.

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Market Types

The market often display's some very familiar patterns of price movement. Once a pattern is established, it becomes the most probable course of future price action until the market changes. There are two types of markets which become important for the beginning trader to identify; trending and trend-less. Each market type has two specific patterns which you will also notice over time.

These market types and patterns can be defined as follows:

Trending - Steady elongated price movements with less than a 45-degree angle with occasional pauses, profit taking, or resting periods.

Superior Liquidity

Superior Liquidity

With a daily trading volume that is 50 xs larger than the New York Stock Exchange, there are always broker/dealers willing to buy or sell currencies in the FX markets. The liquidity of this market, especially that of the major currencies, helps ensure price stability. Traders can almost always open or close a position at a fair market price. Because of the lower trade volume, investors in the stock market are more vulnerable to liquidity risk, which results in a wider dealing spread or larger price movements in response to any relatively large transaction.