Forex trading is commonly known as the foreign exchange trade. At present it is a global phenomenon. It is simply a de-centralized financial market which deals with the exchange and trading of various currencies. These forex markets play a vital role globally in entertaining a range of purchasers and sellers almost twenty four hours a day and seven days a week. However, weekends are close days. Forex markets thus determine the value and rate of exchange for various currencies, whenever there is a need to exchange one currency into another.