Forex Trading for Beginners

Category: Education

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Forex trading helping tips for beginners


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Forex Trading for Beginners:

Forex Trading for Beginners Presented By The Forex Secret

Forex Trading for Beginners:

Forex Trading for Beginners Trading currency in the foreign exchange market (forex) is fairly easy today with three types of accounts designed for retail investors: standard lot, mini lots and micro lots. Beginners can get started with a micro account for as little as $50. Before you start jumping in you should familiarize themselves with the market and terminology of the forex market, and if you've already been trading stocks online it should be easy to get started.


PIP The smallest price change that a given exchange rate can make. Since most major currency pairs are priced to four decimal places, the smallest change is that of the last decimal point. A common exception is for Japanese yen (JPY) pairs which are quoted to the second decimal point.


BASE CURRENCY The first currency quoted in a currency pair on forex. It is also typically considered the domestic currency or accounting currency.


CURRENCY PAIR The quotation and pricing structure of the currencies traded in the forex market: the value of a currency is determined by its comparison to another currency. The first currency of a currency pair is called the "base currency", and the second currency is called the "quote currency". The currency pair shows how much of the quote currency is needed to purchase one unit of the base currency.


QUOTE CURRENCY The second currency quoted in a currency pair in forex. In a direct quote, the quote currency is the foreign currency. In an indirect quote, the quote currency is the domestic currency. This is also known as the "secondary currency" or "counter currency".


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