Lesson 4: What is an over-the-counter market?
The forex market does not have a physical location nor a central exchange.
The entire forex market is run electronically within a network of banks and brokerages that deal directly with each other.
The forex over-the counter market is open 24 hours a day, five days a week globally.
A central exchange like the New York Stock Exchange is only open Monday through Friday from 9:30 am to 4:00 pm EST.
Most new day traders still have a job or business that they have to take care of during normal business hours.
That is why day trading forex is so popular because you can choose a time to day trade that works for you instead of the other way around.
In conclusion, the forex market is an over-the-counter market or OTC and is run electronically within a network of banks and brokers that deal directly with each other globally 24 hours a day, five days a week.