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I mean ,for a european forex trader , that fund his account in euros.
if they trade long the pair USD/CAD, even if the trade goes well ,a strengthening EUR vs the USD could take a bite off their USD/CAD profits, right?

With a total daily average turnover that is reported to be higher than $6 trillion, the foreign exchange market (Forex) exchange is one of the most popular online platforms for trading Forex anywhere in the world. The foreign exchange market does not have a central location or exchange, and it is open all day and night, beginning Sunday evening and continuing through Friday evening. You can learn more about the hours that the forex market is open here. As individuals, companies, and organizations conduct business across international borders and strive to profit from varying exchange rates, a wide variety of different currencies are continually being traded.
In this article, we will understand how traders trade forex online to get profit from the most traded currency pairs and how this entire market functions.

Source: Inveslo.com

Who are the key players?

The foreign currency market is largely used by central banks, commercial banks, businesses, and individual dealers. As part of your fundamental study, it is useful to comprehend how each of these market participants interacts with the foreign exchange market.
Central banks are in charge of a country’s money supply, interest rates, and currency. When central banks do something, it’s usually to keep the currency of the country stable.
Large quantities of currency are traded on the interbank market by retail banks. On behalf of huge organisations and also for their accounts, banks exchange currencies with one another.
Compared to banks and institutions, retail forex traders conduct a significantly smaller volume of transactions. Retail forex traders seek to profit from market fluctuations by utilising both technical and fundamental analysis.

What is Forex Trading?

Foreign exchange trading is sometimes referred to as forex trading and FX trading. It gives the possibility to speculate on FX market price variations. The objective of foreign exchange trading is to predict whether one currency’s value will rise or fall compared to another. Due to continuous news releases, a forex trader may meet multiple trading chances each day.
Traders use Fx trading platforms and take advantage of this by being particularly responsive to market news releases and trading depending on their perceptions of the market mood. FX is an industry word condensed from forex that is often used in place of forex. In addition, forex is an acronym for foreign exchange.

How Does Forex Trading Work?

Forex is usually traded in pairs of currencies, such as GBP/USD (sterling v US dollar). You speculate on whether the value of one country’s currency will grow or decline relative to that of another country’s currency, and you take a position accordingly. The first currency (GBP) in the GBP/USD currency pair is known as the ‘base currency,’ while the second currency (USD) is known as the ‘counter currency.
In forex trading, you wager on whether the value of the base currency will grow or decline relative to the counter currency. Therefore, with GBP/USD, if you believe that GBP would appreciate versus USD, you would purchase the currency pair. Alternatively, if you believe that GBP will decline relative to USD (or that USD will increase relative to GBP), you short-sell the currency pair.
Learn which currency pairs are the most actively traded on the forex market by reading our comprehensive guide.

How Trading is Done in the Forex Market

There are several methods to trade on the foreign exchange market, all of which adhere to the premise of buying and selling currencies concurrently using an Fx trading platform. If you feel that an FX ‘base currency’ will appreciate relative to the ‘counter currency,’ you may seek to ‘go long’ (purchase) that currency pair. If you anticipate that the reverse will occur and the market will decline, you may opt to sell the currency pair.
Historically, the forex market was traded via a forex broker. With the emergence of online trading organizations, you may take a position on forex price fluctuations using a spread betting or CFD trading account. Spread betting and CFD trading accounts both allow you to speculate on the price fluctuations of an underlying asset without really owning it. Derivative trading provides prospects for leveraged forex trading. As this may be a dangerous endeavor, forex traders often use hedging tactics to mitigate currency risk and ensuing losses.
Bottomline
Forex trading is a fast-paced and thrilling alternative, and some traders may limit their trading to this asset class alone. They may even opt to specialize in only a few specific currency pairs, devoting a significant amount of effort to comprehending the myriad economic and political aspects that influence particular currencies.
Originally Published on Medium.com
Source: https://medium.com/@nilanhassan7/what-is-forex-trading-how-do-currency-markets-work-6a1ee1dc948c

Currency pairs are good for trading. Depends on what type of trading you prefer.
There are huge amounts of currency pairs, but the most famous are majors. Growing capital explains which are the top 7 currency pairs. Let's take a look:
EUR /USD – is good for lazy intraday trading. This pair provides clear signals, but sometimes volatility is low. So on a calm day, detecting 30-50 pips is good.
GBP/USD – have right intraday volatility, and this pair like swinging. This pair will give it if you want to experience the market the whole day and catch more profit. GBP will give you more time to worry about orders than EUR, but it can give better profit.
USD/JPY and USD/CAD – are nearly the same as EUR and GBP, it’s feasible to trade them within a day and get a profit, but I usually operate these pairs for long-term trading, it gives extremely good signals on the highest time-frames.
GBP/JPY and EUJPY – are more aggressive and these pairs can give profit more quicker than majors. it’s good for scalping and volatility is higher.
EUGBP – good for those who like trading in corridors. It’s quite a lazy currency pair for intraday trading, but 20-30 pips, trading in the corridor, it gives.
Actually, all pairs are the same: the chart is the same, activity is the same, and signals are the same. For example, today's pair stay in the corridor, tomorrow it will deliver a trend; today it gives 30 pips, tomorrow 130 pips… and it happens with any pair. The dissimilarity is – the name of the pair and the price.
So choose any pair for trading, sit on it every day, trade it, and this pair will evolve into your best friend for earning money.
Read more: Top Currency Pair To Look For In Forex Trading

Didn’t realise I was such an economic mastermind

New to economics/trading/forex etc... its obvious to me how interest rate hikes can affect stocks and other savings instruments, but how exactly does it affect currency pairs in the exchange markets?

EUUSD
CHF/USD
USD/CAD
AUD/USD
USD/JPY

List of all currency pairs in detail: https://medium.com/@growingcapitalonline/top-currency-pair-to-look-for-in-forex-trading-a502dd1a656

Currencies are traded through a "Forex Broker" or "CFD Provider" and are traded in pairs. A currency is quoted relative to another currency. For example, Euro and US Dollar [EUR\USD] or British Pound and Japanese Yen [GBP\JPY]. When traders trade in the forex market, they buy and sell currency pairs.

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Hello, my base currency is CHF and I have large stock positions in GBP. I got worried of currency risk, so I search for solutions on the internet. The best I thought was to short sell GBP.CHF. I never had a ForexI opened the TWS (normally I use the mobile app) and short-sold GBP. After the trade I saw the negative position in GBP in my cash account, and chatting with IBKR I found out that I would have to pay 3.2% interest p.a. on that negative position, so I closed it, reverting to 0 GBP. But my understanding was that with Forex trading one can short sell a currency without paying interests. What am I missing?

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