The industry is one of the most stressful in the world.
Even in the face of COVID-19, it shows the industry’s resilience.
This seemingly serious industry is worth discovering and exploring.
Let’s share some of the surprises.
It is the largest and most liquid financial market in the world, but who knew most traders were addicted to the illusion created by the so-called “5 percent”.
According to the survey, 99.6 percent of forex traders fail to make profits for four consecutive quarters and either fail or give up trading.
2. There Are also nicknames In foreign exchange trading, traders give nicknames to currencies for convenience, just like the nicknames of familiar old friends.
For example,
(U.S. Dollar) — Greenback, Buck(GBP) — Sterling/Quid(EUR) — Single Currency /Fiber(CHF) — Swissy Canadian Dollar (CAD) —
Foreign exchange transactions go back to biblical times. The Talmud records foreign exchange transactions in biblical times. It records merchants setting up stalls outside temples frequented by Gentiles, exchanging another currency and charging fees.
The history dates back to 260 BC.
4. — Worst currency Volatility in history The sharp devaluation of the Zimbabwe dollar in 2008 set a record for the worst currency volatility in foreign exchange history.
While Venezuela’s has soared alarmingly, it still can’t compare with Zimbabwe, where inflation is running at 6500,000,000,000 percent.
5. In 2019, the global average daily foreign exchange volume has reached $6.6 trillion.
What is the concept of $6.6 trillion days?
That’s enough to buy two high-end cars for every family in America.
6. Sterling used to dominate global foreign exchange markets Although the dollar now accounts for 87% of all currency transactions and is the most traded currency in the world, sterling dominated international finance in the early 20th century.
In 1913, almost half of the world’s foreign exchange transactions involved sterling.
7. The United States is not the world’s largest foreign exchange market In fact, only 19 percent of the world’s foreign exchange transactions take place in the United States, 43 percent in London, England, and less than 40 percent in the rest of the world.
8. Deutsche Bank is the largest in the world Although Germany’s foreign exchange market is relatively small, Deutsche Bank is the first in the world, accounting for 15.68%.
Citigroup and Barclays followed with 12.3% and 11%, respectively.
The world’s top ten foreign exchange dealers account for 80% of the foreign exchange market. Global Foreign Exchange market 24-hour Trading Due to the time difference, foreign exchange markets around the world alternate with each other during business hours, forming a circular pattern of operation.
10. Modern Foreign Exchange Market started in 1973 Foreign exchange trading has a long history.
No one knows when foreign exchange trading began.
However, the modern foreign exchange market began in 1973, which was the dividing line between abolition after the Second World War and the advent of the floating era.
After World War II, the Bretton Woods Agreement allowed currencies to fluctuate within 1 percent of their legal exchange rate against the dollar.
1972-March 1973 – Foreign exchange markets are closed as a result of the Bretton Woods Agreement and the European Joint Float Agreement.
So 1973 was a true historical turning point for modern foreign exchange markets.
In this year, the era of exchange rate restraint, bank transactions and foreign exchange transactions between countries ended, and the market began to move into the era of fully floating exchange rates.
Canadian dollar falls on hold;
The new rules sent the pound to its lowest level in nearly a year.
Please pay attention to the specific operation, the market is changing rapidly, investment needs to be cautious, the operation strategy is for reference only.
