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Basic Forex Terms
Here I list down FOREX online trading terms (words) that might be useful: - Base currency - the first currency in the currency pair against which the Customer buys or sells the quote currency - Quote currency - the second currency in the currency pair which can be bought or sold by the Customer for the base currency -Currency pair - the object of transaction based on the change in the value of one currency against the other -Leverage - is a ratio in respect of transaction size and margin, i.e. 1:100 ratio means that in order to make a deal the required amount on the trading account is hundred times less than transaction size -Lot - an abstract notion of the number of shares, base currency, or other underlying asset in the trading platform -Order - Customer instruction to the Dealer to open or close a position when the price reaches order's level -Dealer - Broker's employee who processes Customer instructions, executes orders and stop out -Market opening - the time when the market opens after weekends, holidays or trading sessions time gaps -Pending order - Customer's instruction to the Dealer to open a position once the price has reached the level of the order -Floating profit/loss - unrecorded profit/loss on open positions at the current prices -Point / pips - the numerical value of the last, or right-most, digit of a quote -Free margin - funds on the trading account, which may be used to open a position. It is calculated as equity less necessary margin -Spread - the difference Ask and Bid prices -Trading platform - programs and technical facilities which provide information of trading on the financial markets in real time, allowing to make transactions, define all mutual obligations between the Customer and the Dealer, as well as compliance of all terms and conditions -Ask - the higher price in the quote. The price a Customer may buy at -Bid - the lower price in the quote. The price a Customer may sell at -Equity - balance + floating profit - floating loss
The important of all is Broker. Before we could start trading online FOREX, we need to identify with which broker we want to have our account with. For me, the criterias to look for a broker are the ways to deposit/withdraw our money, reputation and what the broker could give me in return. |
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