24Domino School

Welcome! Are you new to trading forex? This section helps beginners learn how to trade forex.

If you've always wanted to learn to trade but have no idea where to begin, then you are in the right place. Learn the basics so you can start trading and have fun with 24Domino.


Welcome to the 24Domino education Centre. Right here at the forex education center our aim is to teach you in easy steps about the forex market and help you learn what is forex and how to trade forex. Whether you are new to online forex trading or you simply wish to refresh your knowledge about the essentials of forex, the GF Markets LLC free educational resources will lead your through all the steps necessary to master forex trading and help give you a successful trader mindset.

What is Forex?

Foreign Exchange (forex or FX) is the trading of one currency for another. For example, one can swap the U.S. dollar for the euro. Foreign exchange transactions can take place on the foreign exchange market, also known as the Forex Market. The forex market is the largest, most liquid market in the world, with trillions of dollars changing hands every day.
You buy a currency online, sell another online, and you make a profit online. Everything changes all the time. So do currency rates so you have to keep an eye on when exactly you have exchanged on currency for another, what currency pair you choose (e.g. USD vs EU) and how much you have exchanged. The when, how much, what and profit are the basic points of forex trading.
The forex market is open 24 hours a day and 5 days a week, only closing down during the weekend. The day starts when traders wake up in Sydney then moves to Tokyo, London, Frankfurt and finally, New York, before trading starts all over again in Sydney! For example, when you hear that the U.S. dollar closed at a certain rate, it simply means that was the rate at market close in New York.

What is Traded in Forex?

Currencies are the name of the whole forex game. You can buy and sell currencies against each other as a short-term trade, long-term investment, or something in-between.
What is traded in forex? The answer is money. The price of the currency is usually a direct reflection of the market’s opinion on the current and future health of its respective economy. In forex trading, when you buy, for example, the Euros, you are basically buying a “share” in the EU economy. You are thinking that Europe economy is healthy and doing well and will even get better in the future and hopefully, you will end up with a profit. The exchange rate of a currency versus other currencies is an indication of the situation of that country’s economy , compared to other countries’ economies.

Major Currency Pairs

There are many currencies you can trade, but as a new trader, you will most probably start trading with the major currencies. Major currencies are the most traded currencies which consist (in no specific order) U.S. dollar (USD), the Canadian dollar (CAD), the euro (EUR), the British pound (GBP), the Swiss franc (CHF), the New Zealand dollar (NZD), the Australian dollar (AUD) and the Japanese yen (JPY).
Currency symbols always have three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country’s currency. For example USD, US stands for the country name which is United States and D stands for the currency name which in this case is Dollars.

Minor currency pairs

When a currency pair doesn’t include the US dollar, it’s called a minor currency pair or a cross-currency pairs or simply as the “crosses.”Major crosses are also known as “minors.” While not as frequently traded as the majors, the crosses are still pretty liquid and still provide plenty of trading opportunities.
The most actively traded crosses are derived from the three major non-USD currencies: EUR, JPY, and GBP. Here are a few minor currency pairs:


    Euro/British pound


    Euro/Australian dollar


    British pound/Japanese yen


    Swiss franc/Japanese yen


    New Zealand dollar/Japanese yen


    British pound/Canadian dollar

Exotic currency pairs

Exotic currency pairs are made up of one major currency paired with the currency of an emerging economy, such as Brazil, Mexico, Chile, Turkey, or Hungary, South Africa etc.An exotic currency pair includes a major currency and the currency of a developing economy (such as Brazil or South Africa). You won’t find exotic pairs as often as you’ll find major or minor pairs, which means the spreads can be higher when trading them. Exotic currency pairs include:


    Euro/Turkish lira


    US dollar/Hong Kong dollar


    Japanese yen/Norwegian krone


    New Zealand dollar/Singapore dollar


    British pound/South African rand


    Australian dollar/Mexican peso


    United States / Brazil


    United States/ Chile

Buying and Selling Currency Pairs

Forex trading is the simultaneous buying of one currency and selling of another currency. Currencies are traded through a broker or dealer in pairs. For example the euro and the U.S. dollar (EUR/USD) or the British pound and the Swiss franc (GBP/CHF). In forex market you buy and sell in currency pairs.

A) Major Currency Pairs Major currency pairs are the currency pairs that contain the U.S. dollar (USD) on one side and are the most widely pairs traded and the most liquid. The major currency pairs consist (in no specific order) EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, NZD/USD and USD/CAD.

B) Cross-Currency Pairs or Minor Currency Pairs The currency pairs that don’t contain U.S. dollar (USD) are known as cross-currency pairs or “crosses”. They are also called minor currency pairs or simply “minors”. Here are a few minor currency pairs (in no specific order): EUR/GBP, EUR/AUD, GBP/JPY, CHF/JPY, NZD/JPY, GBP/CAD etc. The most active ones contain EUR, JPY, and GBP.

C) Exotic Currency Pairs Exotic currency pairs consist one major currency paired with the currency of an emerging or developing economy, such as Brazil, Mexico or Hungary. Examples include USD/BRL, USD/MXN or EUR/HUF. Exotic pairs are not so widely traded.

D) G10 Currencies The G10 currencies are ten of the most heavily traded currencies in the world, which are also ten of the world’s most liquid currencies. The G10 currencies list is as follows:

  1. USD

    United States dollar

  2. EUR


  3. GBP

    Pound sterling

  4. JPY

    Japanese yen

  5. AUD

    Australian dollar

  6. NZD

    New Zealand dollar

  7. CAD

    Canadian dollar

  8. CHF

    Swiss franc

  9. NOK

    Norwegian krone

  10. SEKv

    Swedish krona

How does Forex trading work?

What you need to know on how to get started in trading forex.

How to Read a Forex Quote

Currencies are always quoted in pairs, such as EUR/USD or USD/GBP. The reason they are quoted in pairs is that, in every foreign exchange transaction, you are simultaneously buying one currency and selling another.

Here is an example of a foreign exchange rate for the Euro versus the U.S. dollar :

How to Read a Forex Quote

The first listed currency to the left of the slash (“/”) is known as the base currency (in this example, the Euro), while the second one on the right is called the counter or quote currency (in this example, the U.S. dollar).

When you buy, the exchange rate tells you how much you must pay in units of the quote currency to buy ONE unit of the base currency. In the example above, you have to pay 1.21258 U.S. dollars to buy 1 Euro.
When you sell, the exchange rate tells you how many units of the quote currency you get for selling ONE unit of the base currency. In the example above, you will receive 1.21258 U.S. dollars when you sell 1 Euro.

The base currency is the “basis” for the buy or the sell. If you buy EUR/USD this simply means that you are buying the base currency and simultaneously selling the quote currency, which in this case you buy EUR and you sell USD.

You would buy the pair if you believe the base currency will appreciate (gain value) relative to the quote currency.
- You would sell the pair if you think the base currency will depreciate (lose value) relative to the quote currency.

Know When to Buy or Sell a Currency Pair

In the following examples, we are going to use fundamental analysis to help you decide whether to buy or sell a specific currency pair.

Each currency belongs to a country (or region). So forex fundamental analysis focuses on the overall state of the economy of the country, such as interest rates, manufacturing, productivity, employment, international trade etc.

Trade Forex


In this example, the EUR is the base currency and therefore the “basis” for the buy/sell.

If somehow you believe that the United States economy will depreciate and weaken, which is bad for the U.S. dollar, then you would execute BUY EUR/USD order. If you do so, it means you have bought euros and you expect that they will rise in relation to the U.S. dollar.

If on the other hand you believe that the economy of the United States is strong and it will appreciate and that the Euro will weaken against U.S. dollar, you will then execute a SELL EUR/USD dollar. If you do so, it means you have sold Euros and you expect that they will fall in relation to the U.S. dollar.

How to Trade in 24Domino?


Choose an instrument to trade

Decide which instrument you want to trade from Currency pairs, indices and commodities.


Select your period

Select when the position can stop automatically and when the period of time you have chosen expires.


Decide your profit/loss points

Choose from the profit/loss list from $0,01 - $1,00PTS or equivalent to EUR (€).


Decide on the Maximum Risk (Max. Risk)

Decide on the Maximum Risk (Max.Risk) you are willing to take from $5 - $50 or or equivalent to EUR (€). Therefore, the minimum trade/risk is $5 or equivalent to EUR (€) per position and maximum $50 or or equivalent to EUR (€).


Decide to buy or sell

Once you have decided on the market, you need to know the current price your trade is. All forex is quoted in terms of one currency versus another. Each currency pair has a ‘base’ currency and a ‘quote’ currency. The base currency is the currency on the left of the currency pair and the quote currency is on the right. Put simply, when trading foreign currencies, you would:

BUY a currency pair if you believe that the base currency will strengthen against the quote currency, or the quote currency will weaken against the base currency. 

Your profits will rise in line with every increase in the exchange price. For every point the exchange price falls below your open level, you will incur a net loss.

SELL a currency pair if you believe that the base currency will weaken in value against the quote currency, or the quote currency will strengthen against the base currency.

Your profits will rise in line with each point the exchange price falls. For every point the exchange price rises above your open level, you will incur a net loss.


Monitor and close your trade

Once open, your trade’s profit and loss will fluctuate with each move in the market price.You can track market prices, see your unrealised profit/loss update in real time easily through our innovative visuals. Green bubble means you are winning and Red bubble means you are losing. You can also open more positions and new instruments or close existing trades from your computer or app on your smartphone or tablet.


Closing your trade

When you are ready to close your trade, you simply click the Stop Button between the buy and sell. This will stop and close your trade immediately. If you don’t want to stop the trade you can leave it until it expires itself with the period you set at the beginning. It is that simple. No need for advanced calculations and complex formulas. We made it easy for you!

The future of Trading - Simple and convenient