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A micro lot is 1, units of a given currency, a mini lot is 10,, and a standard lot is , When trading in the electronic forex market, trades take place in blocks of currency, and they can be traded in any volume desired, within the limits allowed by the individual trading account balance. For example, you can trade seven micro lots 7, or three mini lots 30, , or 75 standard lots 7,, The forex market is unique for several reasons, the main one being its size.
Trading volume is generally very large. This exceeds global equities stocks trading volumes by roughly 25 times. The forex market is open 24 hours a day, five days a week, in major financial centers across the globe. This means that you can buy or sell currencies at virtually any hour.
In the past, forex trading was largely limited to governments, large companies, and hedge funds. Now, anyone can trade on forex. Many investment firms, banks, and retail brokers allow individuals to open accounts and trade currencies. When trading in the forex market, you're buying or selling the currency of a particular country, relative to another currency. But there's no physical exchange of money from one party to another as at a foreign exchange kiosk. In the world of electronic markets, traders are usually taking a position in a specific currency with the hope that there will be some upward movement and strength in the currency they're buying or weakness if they're selling so that they can make a profit.
A currency is always traded relative to another currency. If you sell a currency, you are buying another, and if you buy a currency you are selling another. The profit is made on the difference between your transaction prices. A spot market deal is for immediate delivery, which is defined as two business days for most currency pairs. The business day excludes Saturdays, Sundays, and legal holidays in either currency of the traded pair.
During the Christmas and Easter season, some spot trades can take as long as six days to settle. Funds are exchanged on the settlement date , not the transaction date. The U. The euro is the most actively traded counter currency , followed by the Japanese yen, British pound, and Swiss franc. Market moves are driven by a combination of speculation , economic strength and growth, and interest rate differentials.
Retail traders don't typically want to take delivery of the currencies they buy. They are only interested in profiting on the difference between their transaction prices. Because of this, most retail brokers will automatically " roll over " their currency positions at 5 p. EST each day. The broker basically resets the positions and provides either a credit or debit for the interest rate differential between the two currencies in the pairs being held.
The trade carries on and the trader doesn't need to deliver or settle the transaction. When the trade is closed the trader realizes a profit or loss based on the original transaction price and the price at which the trade was closed.
The rollover credits or debits could either add to this gain or detract from it. Since the forex market is closed on Saturday and Sunday, the interest rate credit or debit from these days is applied on Wednesday. Therefore, holding a position at 5 p.
Any forex transaction that settles for a date later than spot is considered a forward. The price is calculated by adjusting the spot rate to account for the difference in interest rates between the two currencies. The amount of adjustment is called "forward points. The forward points reflect only the interest rate differential between two markets. They are not a forecast of how the spot market will trade at a date in the future. A forward is a tailor-made contract.
It can be for any amount of money and can settle on any date that's not a weekend or holiday. As in a spot transaction, funds are exchanged on the settlement date. A forex or currency futures contract is an agreement between two parties to deliver a set amount of currency at a set date, called the expiry, in the future. Futures contracts are traded on an exchange for set values of currency and with set expiry dates. Unlike a forward, the terms of a futures contract are non-negotiable. A profit is made on the difference between the prices the contract was bought and sold at.
Instead, speculators buy and sell the contracts prior to expiration, realizing their profits or losses on their transactions. There are some major differences between the way the forex operates and other markets such as the U. This means investors aren't held to as strict standards or regulations as those in the stock, futures or options markets.
There are no clearinghouses and no central bodies that oversee the entire forex market. You can short-sell at any time because in forex you aren't ever actually shorting; if you sell one currency you are buying another. Since the market is unregulated, fees and commissions vary widely among brokers.
Most forex brokers make money by marking up the spread on currency pairs. Others make money by charging a commission, which fluctuates based on the amount of currency traded. Some brokers use both. There's no cut-off as to when you can and cannot trade. Because the market is open 24 hours a day, you can trade at any time of day.
The exception is weekends, or when no global financial center is open due to a holiday. The forex market allows for leverage up to in the U. Leverage is a double-edged sword; it magnifies both profits and losses. Later that day the price has increased to 1. If the price dropped to 1. Currency prices move constantly, so the trader may decide to hold the position overnight. The broker will rollover the position, resulting in a credit or debit based on the interest rate differential between the Eurozone and the U.
Therefore, at rollover, the trader should receive a small credit. Rollover can affect a trading decision, especially if the trade could be held for the long term. Large differences in interest rates can result in significant credits or debits each day, which can greatly enhance or erode profits or increase or reduce losses of the trade. All these timeframes are present in the most popular trading terminal — MetaTrader4 MT4.
The timeframe label indicates the amount of time one candle refers to. The larger the timeframe chosen by a trader, the larger the time interval encompassed in one candle on the chart. The choice is not limited to the above-mentioned timeframes. Traders can also make use of non-standard timeframes like three-minute M3 or two-hour H2 ones.
You can learn how to create a non-standard timeframe manually in MT4 here. So, what is H1 timeframe in Forex? On H1 each candle on the chart corresponds to one hour. Thus, the chart provides us with information on the opening price, the closing price, the minimum price, and the maximum price over each hour.
At that, the visible time interval begins on September 10 and ends on September September 12 and 13 are skipped because they're part of the weekend. Now let's consider an example of the larger timeframe — four-hour H4 — shown in the chart below:. Note that the new chart shows a longer time interval beginning on August On the H4 timeframe, we have also selected the time period visible on the previous H1 timeframe — the difference between these two visible time periods is just about 4 times.
Btw, if you are looking to upgrade your terminal with pro indicators and different utilities you can browse a from variety of resources available at FXSSI Product manager. What is the best timeframe to trade? A clear answer cannot be given here, because it depends on a number of specific features. For example, the nature of your trading system or a general approach to trading. Some traders trade within a day making many trades; others — trades during this period, while some make only 1 trade a week.
So, what is H1 timeframe in Forex? On H1. The 1-Hour Forex trading strategy is a neatly designed currency trading strategy that uses three key indicators for spotting profitable changes in market. Some traders prefer to trade on the longer-term timeframes. It helps them to check the positions no more than once a day and have more time for making a final.