Courses › From Zero to Trader: The Ultimate Starter Guide
Forex Market Structure, Key Players, and the Role of Prop Firms
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What this lesson covers
Forex has no central exchange. It runs as a network of banks, funds, brokers and traders quoting prices to one another, and understanding that shape explains a great deal about why price behaves as it does. This lesson maps the participants from central banks at the top down to retail traders, and shows how liquidity passes between them. It then places proprietary trading firms inside that structure. A prop firm is not a broker and does not profit from your losses; it allocates capital and takes a share of what that capital earns, which makes its incentives quite different. The lesson explains why that distinction matters, how firms manage the risk of backing strangers, and why identifying genuinely skilled traders is the hardest problem the industry has.