The trading on the Forex market happens daily and it involves moving over two trillion dollars each day which is a lot of money. Think about how many millions it takes to bring about a total of a trillion and now think about how this is done each day. So, if you want to get involved in where the money is, the foreign exchanage market is the setting where money is exchanging hands each day.
The currencies that are traded on the forex markets are going to be those from countries all over the world. Each currency has it’s own three-letter symbol this symbol represents that country and the monies that are being traded. For example the British pound is GBP and the United Stated dollar is USD, and the Japense yen is JPY and the Euro is EUR. Many currencies can be traded in one day, or you can trade to a different currency every day. Most trades through a broker, or those of a company are going to require some type of fee, before making too many trades you want to be sure of the trades you are making so you know which involve additional fees.
Every day there are trades between countries and markets most of the heavy trading takes place between the Euro and the US dollar, then the US dollar and the Japanese yen, and finally between the British pound and the US dollar. The trading takes place all night, and all day and in various markets. As one country opens trading for the day other countries are closing trading for the day which means worldwide time zones impact how the trading will take place and at what time the markets open.
Moving from one market to another moving from one currency to another your transactions will be explained by symbols. Each transaction will look something like this JPYzzz/USDzzz the zzz is to represent the percentages of trading for the percentage of the transaction. You could also see could look like this AUSzzz/USD and so on. When you review and read your fx statement as well as your online information the symbols will make more sense just learn the symbols that represent the currency that you are trading.