19 Forex Trading Terms Every Forex Trader Should Know In 2019

 

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In your first day of school, did your teacher give you a long para of chapter 7 in English subject to read aloud in class? I guess the answer is, hard No. Of course, she made you comfortable with letters, then she made you learn ABCs. And today you can pronounce all the difficult words and understand them as well. Same goes for every other skill you learn in your life. Trading and Investing is also a kind of life skill that makes you capable to fulfill your financial goal.

Today we will learn about the basic terminology of Forex Trading that every trader should know. Forex trading is the global level trading where you will be trading among millions of investors or forex traders around the globe. You need to understand the basics of forex and all the important terminology related to forex if you want to start with the right approach.

Lets first learn a few basics of forex and currency representation in forex trading. In forex, currencies are always traded in pairs as you exchange one currency with other with the given exchange rate between the currency. Suppose you are trading in Euro and US dollar, then the representation will be. MMF Solutions have brought you the 19 forex trading terms to learn, that will help traders in Short for Percentage in Point. It is a numerical value with decimal.

In forex Pip or Pippet is the measure for exchange between currencies. It is also a measurement for minimum price fluctuation in a forex transaction. If a trader says he has made 50 pip in last trade that means he has gained 50 points in last hour. Ask price is also known as the offer price at which you buy base currency in exchange of quote currency.

It means you can buy 1 EURO at 1. The bid price is the price at which you sell the currency you are holding. The bid price is always less than Ask price. The left-hand side of the quote represents the bid price. The difference between ask and bid price is known as the spread. Spread is of two types. As the name suggests fixed spread maintain the same number of pip, it does not change with the market.

Variable spread changes with the market. Spread it basically brokerage service costs which replace transaction fees. It is expressed in percentage. The minimum amount of fund you will need if you want to open a position and keep it open. It is a kind of loan from the forex broker to the trader. You can also say that it is a minimum guarantee or deposit to the broker. This is how you will calculate margin.

This warning is known as Margin Call. The trader has to borrow fund from the broker to buy and sell securities. A margin call is basically a demand to maintain the margin value in the trading account.

A position trader is a trader who hold the position currency or stock for long-term like for weeks, month or year. The position is of two type. When a forex trader buys an assets currency or security and owns it expecting that value of that asset will rise in future, this is called Long Position. The main difference in going long or short is the expectation of trader. The number of units of currency you are trading is Lot Size in forex.

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