Global OTC foreign exchange activity in April 2025, including spot transactions, forwards, swaps, and options. This measures transaction activity across the market.
Source: BIS updated 2025 survey ↗︎ORE & SABLE THE MARKET EXPLAINEDCurrencies move.
Currencies move.
Context matters.
Understand what forex is, when it trades, and how it compares with owning shares in a company.
UNDERSTANDING FOREXA global market.
A global market.
A clear perspective.
Foreign exchange, or forex, is the market for exchanging currencies. It supports international trade, travel, investment, and the movement of capital between countries.
Generally Sunday at 5:00 p.m. through Friday at 5:00 p.m., New York time (Eastern Time). Activity moves across global financial centres. Broker and holiday schedules can affect availability.
Source: FOREX.com market hours ↗︎Two currencies. One relationship.
Currencies trade in pairs, such as EUR/USD and GBP/JPY. If EUR/USD moves from 1.10 to 1.12, one euro buys more US dollars: the euro has strengthened against the dollar.
Exchange rates respond to interest rates, central-bank policy, economic conditions, capital flows, and market expectations. A position can gain or lose as that relationship changes.
Why forex matters to Ore & Sable
Forex is the initial market in which MIDUS_X applies its execution rules. Defined conditions govern entry, position management, and exit.
Extended market hours reinforce the importance of monitoring and risk controls. Participation depends on qualifying conditions; an open market does not mean continuous trading.
FOREX & THE STOCK MARKETDifferent exposures.
Different exposures.
Different roles.
Forex trades the relative value of currencies. Stocks represent ownership in companies. Understanding the distinction comes before choosing an approach.
The scale of daily trading.
Global forex alongside global stock trading reported by the World Federation of Exchanges.
Forex
Global OTC · April 2025 daily average
Stocks
Global shares · 2025 estimated daily equivalent
Forex includes spot and derivatives; stocks cover cash share trading. Different coverage and periods make this a scale comparison, not a like-for-like measure or a signal of higher returns.
Sources & how the stock estimate is calculated
Forex: BIS reports approximately $9.5 trillion per trading day in April 2025 across global over-the-counter spot and FX derivatives. This is a survey-period average, not a live figure or retail-only volume.
Stocks: WFE reports $203.643894 trillion of share trading in 2025. Dividing by an assumed 252 trading days gives about $808 billion per day. This is Ore & Sable’s illustrative daily conversion, not a WFE-published daily average; exchange calendars vary. Stock derivatives are excluded.
Trading value measures transaction activity, not market capitalization, new money entering a market, or investor profit. Bars share a zero-based $10 trillion scale. Figures checked November 1, 2026.
| The comparison | Forex | Stock market |
|---|---|---|
| Daily trading value | ~$9.5 trillion. Global OTC spot and FX derivatives, April 2025 daily average. | ~$808 billion, estimated. WFE global cash share trading in 2025, converted using 252 assumed trading days. View sources and method ↑ |
| What is traded | Currency pairs, such as EUR/USD or GBP/JPY. | Shares representing ownership in businesses. |
| What a position represents | Exposure to one currency strengthening or weakening against another. | Ownership exposure to a company’s performance and valuation. |
| Trading hours | Generally Sunday 5 p.m. to Friday 5 p.m. Eastern Time, around the clock. | US core session: Monday–Friday, 9:30 a.m.–4 p.m. Eastern Time, excluding exchange holidays. Extended and overnight access varies by broker and venue. |
| Price influences | Interest rates, central-bank policy, economic conditions, capital flows, and expectations. | Company earnings, business prospects, interest rates, economic conditions, and expectations. |
| How returns arise | Favorable currency movements; financing charges or credits and transaction costs also affect results. | Share-price appreciation and dividends where paid; active traders also trade price movements. |
| Market structure | Primarily a global over-the-counter network. Retail OTC customers transact with their dealer. | Shares trade through exchanges and other trading venues. |
| Leverage | Common in retail forex; magnifies gains and losses. | Shares can be purchased without borrowing. Margin and derivatives add leverage. |
| Typical approaches | Currency hedging and active trading, including systematic execution. | Long-term ownership, diversified investing, and active trading. |
Scale is context. Results require evidence.
The comparison above measures trading activity, not the total value of either market. Forex includes derivatives, while the stock figure covers cash share trading; their reporting periods also differ.
A larger market and longer trading hours do not establish a profitable strategy. Ore & Sable’s credibility rests on demonstrated execution, measured risk, and results after costs.
Forex can produce substantial losses. Leverage magnifies exposure, and protective orders may execute at different prices than planned. Automation cannot remove market or execution risk.
Further reading: Investor.gov: stock ownership · NYSE: core trading hours · CFTC: retail forex and leverage. Market references checked October 29, 2026. The turnover figure is a survey-period average, not a live counter.
THE MX9 TRADING UNIVERSENine currency pairs.
Sterling · Yen cross Sterling · Australian dollar cross Euro · Yen cross US dollar major Commodity-linked cross US dollar major US dollar major Euro · Australian dollar cross Sterling · Canadian dollar cross
Nine currency pairs.
One disciplined framework.
MX’s configured universe spans nine forex pairs across six currencies. Each pair represents one currency’s value relative to another. Inclusion in MX9 does not mean every pair has an active trade.
GBP/JPY
British Pound / Japanese Yen
Connects UK and Japanese monetary conditions. Bank of England and Bank of Japan policy expectations can shift the exchange rate.
GBP/AUD
British Pound / Australian Dollar
Combines UK economic conditions with Australian growth and commodity exposure. Changes in relative interest-rate expectations can influence both currencies.
EUR/JPY
Euro / Japanese Yen
Links the euro area and Japan. Differences in European Central Bank and Bank of Japan policy expectations help shape this relationship.
USD/JPY
US Dollar / Japanese Yen
Pairs the US dollar with the yen. US and Japanese interest-rate expectations are important influences on its price.
AUD/CAD
Australian Dollar / Canadian Dollar
Connects two commodity-exporting economies. Australian resources, Canadian oil exposure and relative interest rates can influence this pair.
GBP/USD
British Pound / US Dollar
Expresses sterling against the US dollar. UK and US economic releases and Bank of England versus Federal Reserve expectations can move the pair.
EUR/USD
Euro / US Dollar
Connects the euro area and the United States. European Central Bank and Federal Reserve expectations, inflation and growth data help shape its price.
EUR/AUD
Euro / Australian Dollar
Contrasts euro-area conditions with Australia’s economy. Australian commodity exposure and relative policy expectations can influence the exchange rate.
GBP/CAD
British Pound / Canadian Dollar
Links UK conditions with Canada’s economy. Canadian oil exposure and Bank of England versus Bank of Canada expectations can influence its price.
Different pairs. Shared exposure.
Four pairs include GBP; three include JPY. Positions across these pairs can reinforce the same currency exposure, depending on trade direction and size. Nine pairs do not equal nine independent risks.
These characteristics provide market context—not MX entry signals. MX applies its defined price-structure rules. Volatility, spreads and correlations change; these descriptions are not fixed risk ratings or return forecasts.
About these descriptions
The MX9 selection is supplied by Ore & Sable. General currency context draws on OANDA’s explanation of interest rates and currencies and Standard Chartered’s explanation of commodity-linked currencies. These sources do not validate MX performance or imply broker endorsement.
MX / POTENTIAL OUTCOMESExplore the potential.
Explore the potential.
Adjust the possibilities.
Choose your starting capital, pip assumption and risk. See how weekly compounding changes the illustration over time.
Custom illustration. Pair and risk ranges can exceed proposed membership limits.
ILLUSTRATIVE COMPOUNDED OUTCOME
Before actual Ore & Sable fees and tax. The monthly membership and account-based program fee are not deducted. Review both charges →
net pips / week across all pairs modeled weekly change
Hypothetical balance
How this illustration compounds
Profits stay in the modeled account. At the start of each week, position size is recalculated from the updated balance and your selected risk percentage. Gains can increase subsequent position sizes; losses reduce them. This calculator uses weekly resizing, not resizing after every trade or campaign.
With weekly compounding With fixed position size
Both ending balances use the same capital, period, pip assumptions and entered costs and fees. Fixed sizing uses the initial capital throughout; compounding uses each week’s opening balance.
Mathematics, not a performance claim. The model repeats the assumed net pip result each week. It does not establish that MX can achieve it. Actual outcomes can be substantially lower, including loss of capital.
View calculation assumptions
The weekly pip input is already net of losing trades, before entered costs and fees. The 55% win rate is not applied again to those net pips; together with average win and stop distance, it estimates trade count for costs.
Weekly modeled return = pairs × (weekly net pips per pair − estimated trade costs per pair) ÷ stop distance × risk percentage, less any entered profit fee. The next week starts with the resulting balance. Costs and fees are excluded when their inputs are zero.
Trade-by-trade or campaign-by-campaign compounding would require a separate model of completion order, realized results and overlapping exposure. This illustration excludes those effects, margin constraints, lot-size limits and tax. It is not a backtest, forecast or guarantee.
Illustration only. Assumed pips and risk are not verified MX results or a promise of returns. Repeating these assumptions can produce extremely large projections; actual trading can result in substantial loss, including all capital.
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From market knowledge
to informed participation.
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