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What is Foreign Exchange? Foreign exchange (Forex or FX) is the conversion of one currency into another at a specific rate known as the foreign exchange rate. The conversion rates for almost all currencies are constantly floating as they are driven by the market forces of supply and demand. The most traded currencies in the world are the United States dollar, Euro, Japanese yen, British pound, and Australian dollar. The US dollar remains the key currency, accounting for more than 87% of total daily value traded.Factors that Affect Foreign Exchange Rates Many factors can potentially influence the market forces behind foreign exchange rates. The factors include various economic, political, and even psychological conditions. The economic factors include a government’s economic policies, trade balances, inflation, and economic growth outlook. Political conditions also exert a significant impact on the forex rate, as events such as political instability and political conflicts may negatively affect the strength of a currency. The psychology of forex market participants can also influence exchange rates. The Foreign Exchange Market The foreign exchange market is a decentralized and over-the-counter market where all currency exchange trades occur. It is the largest (in terms of trading volume) and the most liquid market in the world. On average, the daily volume of transactions on the forex market totals $5.1 trillion, according to the Bank of International Settlements’ Triennial Central Bank Survey (2016). The forex market major trading centers are located in major financial hubs around the world, including New York, London, Frankfurt, Tokyo, Hong Kong, and Sydney. Due to this reason, foreign exchange transactions are executed 24 hours, five days a week (except weekends). Despite the decentralized nature of forex markets, the exchange rates offered in the market are the same among its participants, as arbitrage opportunities can arise otherwise. The foreign exchange market is probably one of the most accessible financial markets. Market participants range from tourists and amateur traders to large financial institutions (including central banks) and multinational corporations. Also, the forex market does not only involve a simple conversion of one currency into another. Many large transactions in the market involve the application of a wide variety of financial instruments, including forwards, swaps, options, etc. Foreign currency exchange (forex) A foreign currency exchange rate is a price that represents how much it costs to buy the currency of one country using the currency of another country. Currency traders buy and sell currencies through forex transactions based on how they expect currency exchange rates will fluctuate. When the value of one currency rises relative to another, traders will earn profits if they purchased the appreciating currency, or suffer losses if they sold the appreciating currency. -
By XTRAVAGANZA · Posted
Totally agree, the growth of Bitget Wallet will have a positive impact on $BWB. The potential for both seems exciting. Good luck to you too, and hopefully everyone can benefit from these earning opportunities. -
By XTRAVAGANZA · Posted
Sounds like Mystiko Network is making some serious waves in the interoperability space. Seamless compatibility across multiple blockchains is a game changer, especially with the ZK SDK for secure and private dApps. Big backing from Samsung and Coinlist adds credibility too. I will keep an eye on that Bitget listing, it could be a major boost for $XZK
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Question
nedhulton
I have managed to write a simple Python script that can login and execute trades. If there are any beginners out there who want me to share my code and a quick explanation please let me know. You can actually login, execute a trade and confirm that the trade has been executed with about 50 lines of code and without dependencies. So that could be useful for people who don't want to deal with the complexity of the projects on github.
Unfortunately, I am struggling with the following:
(1) How to delete working orders based on trade ID.
(2) How to close positions based on trade ID.
(3) How to stop myself getting rate-limited (meaning I often need to run the script several times just to get the IG servers to respond and execute the trade).
I am looking to connect with Python developers who have defeated these problems. This could involve me paying somebody for their expertise. It could involve working on problems together. Maybe there are some legendary people out there who are just happy to help.
Edited by nedhultonLink to comment
9 answers to this question
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