ForexSecret123 (35)

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Forex Trading for Beginners

• Presented By The Forex Secret

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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.

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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.

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BASE CURRENCY

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

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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.

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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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