you will learn some basic terminology of the forex market. Please spend a few minutes to understand these terms; they will be helpful when you trade.
Exchange Rate: The value of one’s currency in comparison to another.
For example if you see, EUR/USD 1.2100, 1 Euro is worth $1.21 Currency Pair: Two currencies that make up an exchange rate. Base Currency The first currency in the pair. This also describes the currency your account is traded in Counter Currency: The second currency in the pair. This is also described as the counter currency. ISO Currency Codes – Below are listed currency codes, there are many more, but
these are the main ones:
USD = US Dollar
EUR = Euro
JPY = Japanese Yen
GBP = British Pound
CHF = Swiss Franc
CAD = Canadian Dollar
AUD = Australian Dollar
NZD = New Zealand Dollar
Currency Pair Terminology-This is basically the slang terms for trading certain currency pairs.
EUR/USD – “Euro”
USD/JPY – “Dollar Yen”
GBP/USD – “Cable” or “Sterling”
USD/CHF – “Swissy”
USD/CAD – “Dollar Canada”
Tags: EUR/USD – “Euro”, Forex Trading Training, GBP/USD – “Cable” or “Sterling”, USD/CAD – “Dollar Canada”, USD/CHF – “Swissy”, USD/JPY – “Dollar Yen”
