Currency Pairs, Charts, Quotes, Bid, Ask, and Spread.

CURRENCY PAIRS
You cannot trade FOREX (FOReign EXchange) without a CURRENCY PAIR. See the following currency pairs:

1. USDNGN
If am trading this pair, it means that for me to make profit, I must be buying dollar (USD) or Naira (NGN) using either one to buy the other.

2. EURUSD
If am trading this pair, it means that for me to make profit, I must be buying EURO(EUR) or Dollar (USD) using either one to buy the other.

3. EURNGN
If am trading this pair, it means that for me to make profit, I must be buying EURO (EUR) or Naira (NGN). using either one to buy the other.

Same applies to USDJPY, USDCHF, and other pairs. Currency of Countries is joined (paired) and traded.

CHART
CHART is the diagram that is created by the Movement of Currency Price against its pair. It can be in form of lines, Barchart or Candle Stick.

QUOTES
QUOTES is The buying and Selling Price (Rate) of a currency pair.

BID
BID price is the rate amount the Forex trader SELL a currency pair to  his broker. It is at the left side of  QUOTES and lesser than ASK.

ASK
ASK price is the rate amount the Forex trader BUY a currency pair from his broker. It's at the right side of QUOTES and higher than BID.

SPREAD
SPREAD is the difference between BID and ASK price. This difference is set by different brokers. Choose a broker with less SPREAD.

(You are free to use your demo to learn and practice trade on your own. When trading use the Economic Calendar as a profitable tool.) Thanks.


Next Topic: Leverage and Lots

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