Forex, short for foreign exchange, refers to the global marketplace for buying and selling currencies. It's the largest and most liquid financial market in the world.

Forex trading involves exchanging one currency for another at an agreed-upon exchange rate. Traders speculate on the price movements of currency pairs, trying to profit from the fluctuations in exchange rates.

In Forex trading, currencies are quoted in pairs, like EUR/USD or GBP/JPY. The first currency in the pair is the base currency, and the second is the quote currency. The exchange rate tells you how much of the quote currency you need to buy one unit of the base currency.

Technical analysis involves studying price charts and using indicators to predict future price movements. Fundamental analysis, on the other hand, looks at economic and geopolitical factors to assess a currency's intrinsic value.

Participants include banks, financial institutions, governments, corporations, and individual retail traders. Central banks also play a significant role by setting interest rates and implementing monetary policies.

A pip (percentage in point) is the smallest price move that a given exchange rate can make. It's typically the last decimal place in currency quotes. For most currency pairs, one pip is equal to 0.0001, but this can vary.

Leverage allows traders to control a larger position size with a relatively small amount of capital. It magnifies both potential profits and losses. It's crucial to use leverage cautiously and understand the risks involved.

Forex trading is highly leveraged and involves significant risk. Market volatility can result in substantial losses. Traders should be aware of these risks and use risk management techniques like stop-loss orders.

Forex trading can be lucrative, but it's not suitable for everyone. It requires a good understanding of the market, risk management skills, and discipline. Many traders experience losses, so it's essential to only invest what you can afford to lose.

Common Forex trading strategies include day trading, swing trading, scalping, and carry trading. Each strategy has its own set of rules and timeframes.