As an absolute beginner, I've always found it difficult to understand what everyone meant by trending markets, ranging markets, swing markets, etc.  Now that I've had about 6 months to digest some of this information, sometimes I forget to really identify the market environment a currency pair is trading in. 

Here are 4 types of markets that you will encounter as a forex or any other securities trader:

1.  Trending Market

Defined:  Overall Direction of pair is moving up or down. 

Goal: Join the move early and hold the position until the trend reverses!

2.  Ranging Markets

Defined: Currency pairs that are trading in sideways ranges or channels

Goal: Sell at top of channel or buy at the bottom of the channel

3.  Swing Markets

Defined: Catching major trends but getting in later than most regular trend followers

Goal: Wait for pull back and then buy or sell in direction of trend

4.  Volatile Markets

Defined:  Market that has no particular direction and has very large swings and reversals

Goal: Look to take advantage of break-outs and large spikes