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3 main things you shall know about Forex.
05/06/2009 - By Alex Graphicson
So, we already know what Forex is. We already know that it is the largest financial market in the world that offers immense opportunities for the people who want to make money online and depend on themselves and their own will only.
We have already learn what software we need to start our Forex trading. We know what software we will need and we have already learn what Forex robots are.
So we are fully equipped now and we are and we are on the eve of our financial success eager to start our activity on Forex.
So, what are first steps will be there?
What are we going to trade there actually?
1. Any currency is always traded in pairs, for example, pound sterling vs US dollar or Euro vs US dollar and other combinations. So, one currency is bought and the other is sold in a synchronous manner.
Any currency on the Forex market is considered as Base currency and Counter currency. Base currency is the term that is used for the first currency in the pair. Counter currency is correspondingly is the second currency in the pair. It may also be called the terms currency.
2. The US dollar is the focal point of the Forex market and usually it is the the "base" currency. For most currencies in pair, the quotes are expressed as one US dollar to the second currency in pair. For example, a quote of USD/EUR of 1.3133 stands for one US dollar equal to 1.3133 Euro.
So, what is next?
3. You can see that any quote consists of two positions: "bid" and "ask" The "bid" position stands for the price at which you can sell your base currency (simultaneously you will be buying the counter currency) and the "ask" position is the price at which you can purchase the base currency (simultaneously you will be selling your counter currency).
Since you will be trading with the help of a Forex broker, you shall know that the Forex brokers usually don't charge you for commissions. Instead you will be charged for the difference between the the bid and ask price of the currency traded.
Next time we will continue speaking about Forex and its main features.
Would you like to learn more? You are welcome at http://programcan.com/
By: Alex Graphicson
