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    Basic Terminology and understanding of FOREX


    Posts : 4
    Join date : 2009-12-17

    Basic Terminology and understanding of FOREX Empty Basic Terminology and understanding of FOREX

    Post  Admin on Fri Dec 18, 2009 11:03 am

    Symbols- An arrangement of letters abbreviating a particular currency,
    which is globally recognized. The symbol is usually three letters, for
    United States Dollar- USD
    Great British Pound- GBP
    In the Forex market, one currency is always traded against another currency.
    For instance GBP/USD- In order to buy Pounds one must sell the equivalent
    in U.S Dollars.
    Two trading currencies are called a currency pair featuring a base currency,
    that is always on the left side of the pair and a secondary currency which is
    situated on the right hand side of the pair.
    In the currency markets numerous currencies are traded more frequently
    than others, making them more liquid and easier to buy and sell. Due to
    economic situations, the U.S Dollar has been the most valued currency over
    the last couple of decades, making it the most traded currency. To help us
    understand which currencies are more popular than others, currency pairs are
    divided into different categories.
    Majors- Liquid currencies that trade against the dollar.
    Crosses- Popular currencies that trade against each other, not including the
    Exotics- Currencies that represent emerging economies. These currencies are
    often unique to individual countries.
    An excellent example is the Turkish Lira.
    Below is a list of commonly traded currency pairs:
    Bid price- The price at which an investor, trader or institution is willing to
    buy the currency price (Bid for the currency).
    Ask Price- The price at with an investor, trader or institution is willing to sell
    the currency price (Their asking price).
    Once the Ask price meets the Bid price the transaction is made.
    Spread- The difference between the Bid price and the Ask price. Depending
    on the currency pair, the spread will vary.
    David Young

    Posts : 153
    Join date : 2015-10-14

    Basic Terminology and understanding of FOREX Empty Re: Basic Terminology and understanding of FOREX

    Post  David Young on Sat Nov 07, 2015 9:29 am

    Forex in a way pretty simple and straight forward way to work, but it is made so much harder just because of the confused state of mind we get into, it is general thing when we overthink stuff, I believe the straight we keep this the easier we make it. The best way for me is by Nova FX support, it is a sensational brokerage company to work with especially thanks to their 200 dollars free welcome bonus scheme where I can practice very well.
    Master Mohan

    Posts : 33
    Join date : 2016-06-06

    Basic Terminology and understanding of FOREX Empty Re: Basic Terminology and understanding of FOREX

    Post  Master Mohan on Sun Jun 19, 2016 4:19 pm

    It’s important to make sure we understand how Forex works correctly, it’s only then we will be able to work out things rightly, I am lucky that I have got great help from OctaFX broker since they have outstanding educational setup which covers up everything and really helps me in trading easily, it helps me further that I can practice all this with demo contest like Southampton Supreme where we can win unlimited prizes and that’s what really keeps up with the motivation for me.
    Andrew Symonds

    Posts : 45
    Join date : 2016-07-31

    Basic Terminology and understanding of FOREX Empty Re: Basic Terminology and understanding of FOREX

    Post  Andrew Symonds on Wed Aug 31, 2016 9:26 am

    It’s absolutely vital that we have proper understanding of things in a business like Forex, it’s a massive business where we can win some serious rewards, but all we need to do is hard work, it’s not possible for anyone to be successful without doing that. I trade with OctaFX broker where they have educational setup; it’s outstanding and really helps with understanding things very easily with been able to perform very well and allow us to be successful in every way.

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    Basic Terminology and understanding of FOREX Empty Re: Basic Terminology and understanding of FOREX

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