1. 1973 was the year where the foreign exchange market (AKA Forex or FX) originated. But as we all know everybody is familiar with money since before even the Pharaoh's time.

2. The first paper money was used by the Babylonians as well as the use of receipts. However, the first and true traders of money came from the Middle East; they were the first to exchange one currency to another, usually they exchanged coins from one currency to another. When the time of the Middle Ages came about the need for exchanging currency became neccessary. Aside from exchanging coins they began exchanging paper bills. 3. During World War I the foreign exchange markets were said to be pretty stable. However, after World War I foreign exchange markets became unstable and the risk activity of the market was increased. The transition period for the Foreign Exchange market occurred from 1931 to 1973. The changes had a wide effect on the economy of different countries. 4. In the hope of stabilizing the economy, the Bretton Woods Accord was founded. This gave the global economy a chance to restore their environment and make it stable. The Bretton Woods Accord was active until the year 1971. After long years of battle it finally failed. However, Bretton Woods accomplished what it set out to do and that was making Europe and Japan's economics stable. 5. Today, major currencies can now move from one currency to another freely and without restrictions. Anyone can trade with anyone they wish to trade with. Huge banking firms and individual brokers came into existence. Occasionally Central Banks intervene to move the supply and the demand of price rates. This new Foreign Exchange is what they call a free-float system. 6. In economics, currency is a generally accepted medium of exchange. 7. An exchange rate is the rate at which one currency may be converted into another, also called rate of exchange of foreign exchange rate or currency exchange rate. 8. The foreign exchange rate is simply the price of one currency in terms of another, or how much one currency can be exchanged for another, in the same way that the price of a good is determined by how much money can be exchanged for it. 9. The foreign exchange department is responsible for dealing with and managing the purchase and sale of foreign currencies and is a highly specialized business. 10. Money Changing 11. The main function of a foreign exchange department is to make money for the bank by speculating on whether a particular currency will rise or fall against another. Banks compete fiercely with each other using experienced market traders and millions of dollars or currency equivalents are exchanged daily. 12. Foreign exchange market 13. The foreign exchange market (forex, FX, or currency market) is a form of exchange for the global decentralized trading of international currencies. 14. Foreign exchange transaction is a type of currency transaction that involves two countries. Generally, a foreign exchange transaction involves conversion of currency of one country with that of another. The conversion of currency in a foreign exchange transaction can be performed through : 1. buying or selling of goods and services on credit; 2. borrowing or lending funds. 15. What Are the Functions of Foreign Currency Exchange Markets? 16. Primary Function The primary function of foreign currency exchange markets is to convert the currency of one country into another currency. 17. International Transactions Foreign currency exchange markets serve to facilitate international financial transactions. 18. Currency Value The value of a country's currency can influence international trade, consumers' purchasing power and inflation. 19. Investment Fund managers and investment professionals use the foreign currency exchange market to help diversify their portfolios and potentially increase their returns. 20. Loss Protection International companies that work in multiple countries are subject to gains and losses based on exchange rate fluctuations. 21. Forex Trading Forex, the word, means FOReign EXchange market. This is an international market where the buying and selling of money is done freely and 24 hours a day. All forex trading involve the buying of one currency and the selling of another, simultaneously. Currency quotes are given as exchange rates; that is, the value of one currency relative to another. The relative supply and demand of both currencies will determine the value of the exchange rate. 22. The trading of foreign currency is the exchange of money issued in one country for money issued in another. Foreign currency trading takes place in the highly-solvent foreign exchange market. Currencies are traded for one another at exchange rates, which are relative prices determined by market supply and demand. 23. Here are some simple tips that will help you increase your profit potential and prevent you from losing money. 1. Select your first broker 2. Get a simple method you understand 3. Trade the big trends and not trade frequently 24. 4. Work smart and not hard 5. The formula to success Using Simple Method + With Discipline + Control Risks = Forex Trading Success 25. Tips & Warnings *Document your training objectives. This can facilitate the process for everyone. *Create and prioritize an outline of the demos and videos to use as a checklist for each handler. *Let handlers know it takes time to master the forex system to keep them from being discouraged. *Foreign exchange trading is a high-risk activity and should not be taken lightly. *Monitor each handler individually, be available for one-on-one interaction and encourage questions for the best training results. 26. What is foreign exchange risk? Exchange risk is simple in concept: a potential gain or loss that occurs as a result of an exchange rate change. 27. About BPI Forex Corporation BPI Forex Corporation is a wholly-owned subsidiary of the Bank of the Philippine Islands (BPI) established in response to increasing foreign exchange demand following a liberalized foreign exchange environment in the country. It delivers hassle - free service and offers very attractive exchange rates for your currencies. 28. List of Currencies Aside from the US Dollar, BPI Forex Corporation transacts in the following currencies:. Australian Dollar Korean Won Bahrain Dinar British Pound Brunei Dollar Canadian Dollar Chinese Yuan Euro Hong Kong Dollar Indonesian Rupiah Japanese Yen Malaysian Ringgit 29. New Zealand Dollars Saudi Riyal Singapore Dollar Swedish Kroner Swiss Franc Taiwan Dollars Thailand Baht 30. Currencies Buying (in Philippine Peso) Selling (in Philippine Peso) US Dollar 41.7500 42.5200 Euro 48.4700 52.5700 British Pound 61.7800 66.3000 Australian Dollar 39.6400 44.1600 Japanese Yen 0.5084 0.5509 Canadian Dollar 38.4400 42.7600 Swiss Franc 39.8500 44.1700 Hongkong Dollar 5.3300 6.0000 BPI FOREIGN EXCHANGE 31. Singapore Dollar 32.6200 33.9500 Brunei Dollar 32.5400 34.0300 Thailand Baht 1.2900 1.5000 Indonesian Rupiah 0.0042 0.0053 Saudi Riyal 10.9000 11.6000 Malaysian Ringgit 12.9000 13.6700 New Zealand Dollar 32.6400 34.1300 Bahrain Dinar 109.0400 113.5100