Forex Trading Course (Part 4)

Currencies are always quoted in pairs, such as GBP/USD or USD/JPY. The reason they are quoted in pairs is because in every foreign exchange transaction, you are u

simultaneously buying one currency and selling another. Here is an example of a foreign exchange rate for the British pound verst.

The first listed currency to the left of the slash (“/”) is known as the base currency (in this example, the British pound),

while the second one on the right is called the counter or quote currency (in this example, the U.S. dollar).

When buying, the exchange rate tells you how much you have to pay in units of the quote currency to buy one unit of the base currency.

In the example above, you have to pay 1.51258 U.S. dollars to buy 1 British pound.When selling, crunccy in two pairs.

the exchange rate tells you how many units of the quote currency you get for selling one unit of the base currency. In the example above, you will receive 1.51258 U.S.

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dollars when you sell 1 British pound.The base currency is the “basis” for the buy or the sell. trade wasnot waste.

If you buy EUR/USD this simply means that you are buying the base currency and simultaneously selling the quote currency.

In caveman talk, “buy EUR, sell USD.” depreciate (lose value) relative to the quote currency. trade is the best for you

You would buy the pair if you believe the base currency will appreciate (gain value) relative to the quote currency. You would sell the pair if you think the base currency will

First, you should determine whether you want to buy or sell.If you want to buy (which actually means buy the base currency and sell the quote currency),

you want the base currency to rise in value and then you would sell it back at a higher price. In trader’s talk, this is called “going long”

or taking a “long position.” Just remember: long = buy.If you want to sell (which actually means sell the base currency and buy the quote currency)