As the Forex market is an interbank market, then banks are basic and practically single source of quotations. Other sources only retransmit bank quotations.

What is the bank quotation?
Almost each big bank quotes to the clients (legal and to physical persons) and to other banks-counterparts (to banks with which contracts are signed and it is made the exchange of payment requisites) rates on which the bank is ready to make operation at the present moment. Process of quoting is made through special means (trading terminals, the Internet, and sometimes and by phone).
It is indicative quoting, and the bank usually does not undertake to conclude the bargain under this price as the real price can depend on many factors: the status of the client (whether there is a risk of delivery of currency or not), operation volume (small, ordinary or great volume) dates of making currency (actual calculations under the transaction) etc.

Where do quotations leave?
These quotations, and also quotations of real transactions leave in specialised information systems (Reuters, Bloomberg, Tenfor, DBC etc.), and from information systems arrive worldwide – to clients of information systems (to back all banks, physical persons, legal bodies etc., who is connected by all to systems).

Thus, the quotations received from information systems, are indicative and yet do not mean that somewhere in the world on them the transaction has been made. Moreover, not all quotations of real transactions can get to information system.

The Forex market works 24 hours a day, 5 days a week (except for national holidays which are bank days off) as in each time zone there are institutes of buying and selling currency within the working day. Therefore in the Forex market actually there is no day trading session, and there is a week session. Week trading session in the Forex market opens at 23:00 across Greenwich (GMT) in revival in Tokyo, and is closed at 22:00 on Friday in Chicago.
Rather conditionally on Forex four regional markets are allocated: Australia, Asia, Europe, America.
In the working days Forex consistently moves on following financial centres: New Zealand (Wellington) – Australia (Sydney) – Japan (Tokyo) – China (Hong Kong) – Singapore (Singapore) – Germany (Fankfurt-on-Mein) and Switzerland (Zurich) – Great Britain (London) – the USA (New York, Chicago, Los Angeles).

Actually trade does not stop even during the holidays which are almost universal. So during New Year trade can be conducted by banks of the Muslim countries in which the 1st of January is not the official bank day off.
Informally the market works even during week-ends, however both on holidays, and in target volumes in the market so insignificant (thin) that it is difficult to find the good counterpart under the good price. Besides, though quotations during week-end also arrive in information systems, transactions on them consist only with counterparts, with which at bank «old communications».

As in any other sphere of our life foreign exchange market needs some education.

Of course, one can start forex investment and get quite successful about it. But sooner or later the losses will come. This is when one might think “Why did I fail to start with a nice forex trading education?”

That does not mean that after reading even the best materials you will start making money, but this info will save you from lots of dangers. And even if you decide to get the help of a managed forex account service, still you will make a much wiser decision.

And a final piece of advice – today the Internet technologies give you a truly unique chance to choose exactly what you want for the best price on the market. Funny, but most of the people don’t use this chance. In real life it means that you must use all the tools of today to get the info that you need.

Search Google or other search engines. Visit social networks and have a look on the accounts that are relevant to your topic. Go to the niche forums and participate in the discussion. All this will help you to build up a true vision of this market. Thus, giving you a real chance to make a smart and nicely balanced decision.

And also sign up to the RSS feed on this blog, because we will do the best to keep updating this blog with new publications about Forex currency trading.