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Forex Glossary
By: Norman Fleming iSnare Expert Author
Here are some of the most common terms used in FOREX trading.
Ask Price Sometimes called the Offer Price, this is the market price for
traders to buy currencies. Ask Prices are shown on the right side of a quote
e.g. EUR/USD 1.1965 / 68 means that one euro can be bought for 1.1968 UD
dollars.
Bar Chart A type of chart used in Technical Analysis. Each time division on
the chart is displayed as a vertical bar which show the following information
the top of the bar is the high price, the bottom of the bar is the low price,
the horizontal line on the left of the bar shows the opening price and the
horizontal line on the right of bar shows the closing price.
Base Currency is the first currency in a currency pair. A quote shows how much
the base currency is worth in the quote (second) currency. For example, in the
quote - USD/JPY 112.13 US dollars are the base currency, with 1 US dollar
being worth 112.13 Japanese yen.
Bid Price is the price a trader can sell currencies. The Bid Price is shown on
the left side of a quote - e.g. EUR/USD 1.1965 / 68 means that one euro can be
sold for 1.1965 UD dollars.
Bid/Ask Spread is the difference between the bid price and the ask price in
any currency quotation. The spread represents the broker's fee, and varies from
broker to broker.
Broker the intermediary between buyer and seller. Most FOREX brokers are
associated with large financial institutions and earn money by setting a spread
between bid and ask prices.
Candlestick Chart - A type of chart used in Technical Analysis. Each time
division on the chart is displayed as a candlestick a red or green vertical
bar with extensions above and below the candlestick body. The top of the
extension shows the highest price for the chart division and the bottom of the
extension shows the lowest price. Red candlesticks indicate a lower closing
price than opening price, and green candlesticks indicate the price is rising.
Cross Currency A currency pair that does not include US dollars e.g.
EUR/GBP.
Currency Pair Two currencies involved in a FOREX transaction e.g. EUR/USD.
Economic Indicator A statistical report issued by governments or academic
institutions indicating economic conditions within a country.
First In First Out (FIFO) refers to the order open orders are liquidated. The
first orders to be liquidated are the first that were opened.
Foreign Exchange (FOREX, FX) Simultaneously buying one currency and selling
another.
Fundamental Analysis Analysis of political and economic conditions that can
affect currency prices.
Leverage or Margin The ratio of the value of a transaction to the required
deposit. A common margin for FOREX trading is 100:1 you can trade currency
worth 100 times the amount of your deposit.
Limit Order An order to buy or sell when the price reaches a specified level.
Lot The size of a FOREX transaction. Standard lots are worth about 100,000 US
dollars.
Major Currency The euro, German mark, Swiss franc, British pound, and the
Japanese yen are the major currencies.
Minor Currency The Canadian dollar, the Australian dollar, and the New Zealand
dollar are the minor currencies.
One Cancels the Other (OCO) Two orders placed simultaneously with instructions
to cancel the second order on execution of the first.
Open Position An active trade that has not been closed.
Pips or Points The smallest unit a currency can be traded in.
Quote Currency The second currency in a currency pair. In the currency pair
USD/EUR the euro is the quote currency.
Rollover Extending the settlement time of spot deals to the current delivery
date. The cost of rollover is calculated using swap points based on interest
rate differentials.
Technical Analysis Analysis of historical market data to predict future
movements in the market.
Tick The minimum change in price.
Transaction Cost The cost of a FOREX transaction typically the spread
between bid and ask prices.
Volatility A statistical measure indicating the tendency of sharp price
movements within a period of time.
About the Author:
This article provided courtesy of http://www.daytraderfutures.net |
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