In forex trading you trade currencies, which are always traded in pairs such as EUR/USD, USD/CAD, etc. When you trade forex, you are exchanging 1 currency to another currency simultaneously (buying 1 currency and selling the other at the same instance). You will gain from differences of traded currency price rates.
|Buy EUR/USD||Buy EUR by selling USD|
|Sell USD/CAD||Selling USD to buy CAD|
|Buy GBP/USD||Buy GBP by selling USD|
A currency pair depicts a quotation of two different currencies. The first currency in the pair is the base currency. The second currency in the pair is called quote currency or counter currency.
Current ‘buy’ forex quote displays EUR/USD = 1.1240(0), this means to BUY 1 EURO needs 1.1240(0) USD.
Current ‘buy’ forex quote displays GBP/USD = 1.5350(0), British Pound is the base currency and USD is the quote or counter currency. It means that one British Pound is exchanged for 1.5350(0) US dollar. If the quote moves from GBP/USD 1.5350(0) to GBP/USD 1.5380(0), the GBP is getting stronger and the dollar is getting weaker. On the other hand if the GBP/USD quote moves from 1.5350(0) to 1.5310(0) the Pound is getting weaker while the dollar is getting stronger.
Price Chart is moving
There is another example:
|If you predict that EUR will be stronger than USD, then you Buy EURUSD.|
|If you predict that USD will be stronger than EUR, then you sell EUR/USD|
|If you predict that USD will be stronger than CAD, then you buy USD/CAD|
|If you predict that CAD will be stronger than USD, then you sell USD/CAD|
There are eight major currency pairs (called the majors).
|NZD||New Zealand Dollar|
As forex trading is always done in pairs, since any trade involves the simultaneous buying of a currency and selling of another currency. The trading revolves around several currency pairs.
These pairs are:
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