Introduction to Forex and Currency Trading (Video)
Since forex has become the biggest investment market in the world, we thought that an introductory FX video would do many of our readers some good. In this video, they will cover the definition, application, and evolution of currency exchange, as well as some law changes which have lead to its growth.
After watching the video and reading through the key points listed below, you should have a good idea of what forex trading is. First things first, let’s review the most critical points of the video.
Key Points of Forex / Currency Trading Video
1. Forex / Currency Trading can be Traced Back to the Babylonians who First Created Bills of Exchange
2. Egyptians Were the First to Use Metals as Currency, Defining Value in Gold, etc.
3. In the 1930’s, London became the Leading Center of Foreign Exchange (FX), the British Pound Served as the Reserved Currency for Most Nations
4. After World War 1, the USA Emerged as the Country that was Least Effected Financially
5. Due to the Global Economic Downturn After the War, World Leaders Held the Bretton Woods Convention (1944) and Created the IMF (International Monetary Fund)
6. Bretton Woods Agreement Fixed Each Country’s Currency to Gold Values Held by that Country (“Gold Standard”), and Chose the USD as the Base Currency for the World
7. People Realized the “Gold Standard” was Preventing Global Recovery and Efficient International Trade
8. The “Gold Standard” was Abandoned from the Bretton Woods Convention and the “Floating Exchange Rate” (FX) was Mandated by the IMF
9. In 2000, the CFMA (Commodities Futures Modernization Act) Made a Big Impact, Allowing Almost Anyone to Start Trading Forex
10. In 1977, 5 Billion was Traded in the Forex Markets Every Day, in 1987 there was 600 Billion, in 1992 there was 1 Trillion, and Today there’s Over 2 Trillion Traded Daily
Scroll down and press play. We hope you enjoy the video!
InsideTrade LLC Staff
Phone: (949) 444-2111