Forex Academy | ForexGen

As in any new skill that you learn, you need to learn the lingo...especially if you wish to woo your love's heart. You, the newbie, must know certain terms like the back of your hand before making your first trade. Some of these terms you've already learned, but it never hurts to have a little review.

Currency

-Any form of money issued by a government or central bank and used as legal tender and a basis for Forex market trading.

Cross Currency

-A pair of currencies traded in forex that does not include the U.S. dollar. One foreign currency is traded for another without having to first exchange the currencies into American dollars.

Historically, an individual who wished to exchange a sum of money into a different currency would be required to first convert that money into U.S dollars, and then convert it into the desired currency; cross currencies help individuals and traders bypass this step. The GBP/JPY cross, for example, was invented to help individuals in England and Japan who wanted to convert their money directly without having to first convert it into U.S dollars.

What are the five major currencies that you can trade?

Most trading platforms offer trading with:

-EUR (Euro)

-JPY (Japanese Yen)

-GBP (British Pound)

-CHF (Swiss Franc)

-AUD (Aussie Dollar), all paired up against the USD, so there’ll be four main currency pairs that are heavily traded and that offer immediate liquidity most of the time:

* Euro / US Dollar
* US Dollar / Japanese Yen
* British Pound / US Dollar
* US Dollar / Swiss Franc

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