Answer
Forex stands for Foreign Exchange and is a financial market.

The currency trading (FOREX) market is the biggest and the fastest growing market on earth. Its daily turnover is more than 2.5 trillion dollars, which is 100 times greater than the NASDAQ daily turnover. (click here to read full market background by Easy-Forexâ¢).

Markets are places to trade goods. The same goes with FOREX. The Forex goods (or merchandise) are the currencies of various countries. You buy Euro, paying with US dollars, or you sell Japanese Yens for Canadian dollars. That's all.

Forex and what heck is it?

what the heck is currency pair and how the heck does it work?

Answer
Forex trading is basically buying one currency against another. Every currency has a code. For example:

U.S. Dollar = USD
Japanese Yen = JPY
Euro = EUR
British Pound = GBP

In order to execute a trade, you have to pick a pair. The most traded pair is the U.S Dollar/Euro pair (USD/EUR). And the way it works is if one currency of a pair goes up, the other currency goes down. And to make money you have to pick the currency that's going up. It's that simple.

The good thing about Forex trading compared to the stock market is that Forex is practically open 24 hours a day (except on the weekends). A good number of trading starts Monday 9:00 AM Japan time (which is Sunday 7:00 PM in New York) and continues throughout the week non-stop and ends the week about 5:00 PM New York time Friday night.

Compare that to the stock market, which is open 9:30 AM to 4:00 PM New York time Monday thru Friday.