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The 80% Solution SandP Systems by Bruce Babcock
The 80% Solution S&P Systems by Bruce Babcock
Bruce Babcock is the Cargill Endowed Chair of Energy Economics, the Director of the Biobased Industry Center and a professor of economics at Iowa State University.
Professor Babcock’s research interests include understanding energy and agricultural commodity markets, the impacts of biofuels on U.S. and world agriculture, the development of innovative risk management strategies for farmers, and the analysis of agricultural and trade policies.
Professor Babcock is originally from Southern California. He received his B.S. in economics of resource use and his M.S. in agricultural economics from the University of California at Davis, and his Ph.D. in agricultural and resource economics from the University of California at Berkeley.
What is forex?
Quite simply, it’s the global market that allows one to trade two currencies against each other.
If you think one currency will be stronger versus the other, and you end up correct, then you can make a profit.
If you’ve ever traveled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet into the currency of the country you are visiting.
You go up to the counter and notice a screen displaying different exchange rates for different currencies.
An exchange rate is the relative price of two currencies from two different countries.
You find “Japanese yen” and think to yourself, “WOW! My one dollar is worth 100 yen?! And I have ten dollars! I’m going to be rich!!!”
When you do this, you’ve essentially participated in the forex market!
You’ve exchanged one currency for another.
Or in forex trading terms, assuming you’re an American visiting Japan, you’ve sold dollars and bought yen.
Before you fly back home, you stop by the currency exchange booth to exchange the yen that you miraculously have left over (Tokyo is expensive!) and notice the exchange rates have changed.
It’s these changes in the exchange rates that allow you to make money in the foreign exchange market.
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