Understanding the structure of the forex market is crucial for effective trading. This section delves into the market's organization, including the roles of major participants such as banks, brokers, and retail traders. Explore the three key levels of the forex market: the interbank market, which handles the majority of large transactions between financial institutions; the broker-dealer market, which connects banks with individual traders; and the retail market, where individual traders engage in currency exchange. Learn about market liquidity, how currency pairs are quoted, and the significance of bid-ask spreads. By mastering these basics, you'll gain insight into how trades are executed and how market dynamics influence your trading strategies.