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Forex is an abbreviation for foreign exchange. The FX market is a marketplace for currency trading. It is the world's largest and most liquid financial market, with an average daily transaction of 6.6 trillion US dollars in 2019. The variations in exchange rates serve as the foundation of the forex market. Forex traders speculate on currency pair price movements, profiting from the difference between purchasing and selling prices.
Margin is the amount of money required by a trader to establish a new position. Margin is calculated using the size of your trade, which is expressed in lots. A typical lot size is 100,000 units. Mini lots (10,000 units), micro lots (1,000 units), and nano lots (100 units) are also available. The larger the lot, the wider the margin. Margin allows you to trade with leverage, which allows you to place transactions that are larger than your trading capital. The margin amount is also influenced by leverage.
Leverage is the ability to trade positions larger than your available money. This technique enables traders to use additional cash provided by their broker to raise the size of their trades. For example, a trader with $1,000 in his or her account and 1:100 leverage can trade with $100,000. Although leverage allows traders to enhance the amount of their trades and thus their potential gains, it also increases their potential losses, putting their cash at danger.
Due to different time zones, the international forex market is open 24 hours a day — from 5 p.m. Eastern Standard Time (EST) on Sunday to 4 p.m. EST on Friday, except holidays. Markets first open in Australasia, then in Europe and afterwards in North America. So, when the market closes in Australia, traders can have access to markets in other regions. The 24-hour availability of the forex market is what makes it so attractive to millions of traders.