Basics in Forex market

Forex trading basics: What is traded in forex market? The simple answer is money. Forex trading is where the currency of one nation is traded for that of another. Therefore, forex trading is always traded in pairs and the most commonly traded currency pairs are traded against the US Dollar (USD). They are called "the majors". The major currency pairs are the Euro against the Dollar(EUR/USD); the British pound against the Dollar(GBP/USD); the Dollar against the Japanese Yen(USD/JPY); and the Dollar against the Swiss franc(USD/CHF). The notable 'commodity' currency pairs traded are the Canadian Dollar(USD/CAD) and the Australian Dollar(AUD/USD).
Since there is no central exchange for forex market, these pairs and their crosses are traded over the telephone and online through a global network of banks, multinational corporations, importers and exporters, brokers and currency traders. But if you really want to make it big in forex market, I will strongly advise that as a "beginner" in the business kindly get acquainted with one or two major currency pairs. Study them very well and make sure you understand their volatility period. And to further simplify forex trading, you could easily limit your trading to the two most liquid and widely traded pairs, the EUR/USD and the GBP/USD. This will really give you time for trading activities without giving up good profit potential.
Traditionally, currency trading has been a 'professionals only' market, available exclusively to banks and large institutions, however, because of the invention of the new E-economy, online forex trading firms are now able to offer trading accounts to 'retail' traders . Now almost anyone with a computer and internet connection can trade currencies just like the world's largest banks do.