Learn Forex Online -The forex signals market includes every currency denomination in the world since every nation imports and exports. In 1945 the Gold Standard was stopped and replaced by the B Woods Agreement which valued the US Dollar vs gold, and all other currencies against the US dollar. In 1975 that agreement fell apart and a system of floating exchange rates.
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|1||Euro / US Dollar||EUR/USD|
|2||US Dollar / Japanese Yen||USD/JPY|
|3||British Pound / US Dollar||GBP/USD|
|4||US Dollar / Swiss Franc||USD/CHF|
|5||Euro / British Pound||EUR/GBP|
|6||Euro / Japanese Yen||EUR/JPY|
|7||Euro / Swiss Franc||EUR/CHF|
|8||Australian Dollar / US Dollar||AUD/USD|
|9||US Dollar / Canadian Dollar||USD/CAD|
|10||New Zealand Dollar / US Dollar||NZD/USD|
Together, the two currencies are called a currency pair.
Currency pairs therefore have a common or preferred order. As mentioned above, EUR/USD is the preferred order for that trade, and is offered on trading platforms.
With only a short break on the weekend, forex trading takes place 24 hrs per day. With the increased use of global high speed Internet connections and 24 hour trading.
A Few Forex Terms
Everyone trading forex needs to know the basic terms listed below to get started. For more information, be sure to browse our online glossary.
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Foreign exchange, or Forex, is a decentralized global market for buying and selling currencies.
Spot Market, Forwards and Futures Markets
The “spot market” is the largest segment of the forex market, and deals with the current price of currency, and immediate trades.
Two currencies are always involved in a forex trade – one is being bought in exchange for the other. Together, those two currencies are called a currency pair, and are usually represented as two three-letter currency abbreviations.
A pip is the smallest unit of price for any currency. It is an abbreviation of Percentage in Point. Most currencies are expressed to the fourth decimal point, and the pip is the smallest change in the fourth decimal place, or 0.0001. This means that for USD, a pip is 1/100th of a cent. The Japanese Yen is the only currency expressed to the second decimal place, making its pip value 0.01. Profits or losses in forex trading are often expressed as pips.
Currency Pair Symbols
Forex currencies are always traded in pairs, with one currency being bought and the other currency being sold. In forex trading, a small number of currency pairs make up most currency trading. Those pairs are often called “Major Pairs”.
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EUR/USD, USD/JPY, GBP/USD, USD/CHF, EUR/GBP, EUR/JPY, EUR/CHF, AUD/USD, USD/CAD, and NZD/USD. Note that most of those pairs include the US Dollar or Euro.