Forex Market is very complicated as well as risky and if you are a new trader, then it would be more risky for you. Remember one thing that the educated trader is the best trader. There are some forex trader's discipline which a trader must follow.
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Forex Market is very complicated as well as risky and if you are a new trader, then it would be more risky for you. Remember one thing that the educated trader is the best trader. There are some forex trader's discipline which a trader must follow.
What is exchange rate??
The price of the currency of one country, expressed in the currency of another country. In other words, an exchange rate can be traded against another. For example, the rising exchange rate of one euro in terms of yen, plus the relative value of the yen.
In finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other. It is the value of a foreign nation’s currency in terms of the home nation’s currency.[1] For example an exchange rate of 91 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that JPY 91 is worth the same as USD 1. The foreign exchange market is one of the largest markets in the world. By some estimates, about 3.2 trillion USD worth of currency changes hands every day.
Hey shane, You are exactly right. The currency exchange rates between two different currencies specifies how much one currency is worth in the terms of the another currency of that particular pair.
Thanks for sharing this knowledge with us.