Forex trading, also known as foreign exchange trading, is a global decentralized market where currencies are traded. With a daily trading volume of over $6 trillion, it is the largest and most liquid market in the world. If you are new to forex trading and looking to get started, here is a comprehensive guide to help you understand the basics. Forex trading involves buying one currency and selling another simultaneously. Currencies are always traded in pairs, with the most commonly traded pairs being the EUR/USD, GBP/USD, and USD/JPY. The value of a currency pair is determined by various factors such as economic indicators, political events, and market sentiment. Traders speculate on whether a currency pair will rise or fall and make profits by buying low and selling high or selling high and buying low.