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"Forex Trading Basics: Forex terms Home // Forex Trading Basics: Forex terms 6 May 2016 Forex Trading Basics: Forex terms by Shamim Hoque in Earning Post Comment Forex trading is a smart business and it can generate huge profit for you. Before you start Forex trading you should be familiar with terms used in Forex and Forex brokerages. Pip: The first term is the pip or pips because you will trade on pips and it will determine your profit or loss. On the most trading system there is 5 digits on the meta trader terminal after the decimal point. Each point value is counted as pip and each pip determine 0.01 profit or 0.01 loss for 0.01 lot size. Lot: It is the volume or size of a trade. 1 lot equals to 100000 in 5 digit breakage . Usually traders trades in 0.01 to 0.03 lot size. As a beginner you should use only 0.01 lot size. Currency pair: Currency pair is the combination of two currency for trading. The first currency is called based currency and you will sell or buy base currency with the second currency on the pair. For example: EUR/USD is a currency pair where Euro is the base currency and USD is the second currency. EUR/USD ask price 1.46493 is the price of 1 Euro to buy with 1.46493 USD. Similarly EUR/USD bid price 1.46481 is the price at which you will sell 1 Euro at 1.46481 USD. Stop loss: Stop loss is the point where your opened order will be closed automatically accepting loss amount You may also read Get adsense account within 24 Hours Take profit: Similarly take profit is the point where your order will be closed taking profit. Trailing Stop Loss: Trailing stop loss is a continuous process to reduce the loss amount as your order has reached profit and it help traders to take profit without a loss. For example if you set 15 points as your trailing stop loss and you have gained 16 pips in profit then it will set to close the order at 1 pip. Suppose your profit is now 30 pips then it will set stop loss at 18 pips profit. Trailing stop loss do not go reverse, it just go towards your profit and use the last reached profit point. To make you clear suppose you have reached 100 pips and it get reversed of 15 pips from 100 to 85 pips, your order will be closed taking 85 pip profit. Ask: It is the action to place a buy order or long position. Bid: It is the action to place a sell order or short position. Forex: It is the trade of foreign currencies. Brokerage: Brokerage is a platform that allow you to run a forex trading. Leverage: Leverage is liquidity of your funds. For example if your account has 1:100 leverage and your deposit is 10 USD then you are trading with 10000 USD virtually with your small y. It is recommenced that you should use small leverage if you are a beginner at forex. I will say, it is mandatory that you should practice in demo accounts first and become expert in forex before you start forex trading. You may also read Get adsense account within 24 Hours Equity: Equity is the current balance of your trading account. If you close all the opened position, your balance will be the equity amount showing there on the mt4 trading terminal. Margin, free margin and level: These are trading term that determine your trading volume and availability to place a order. To open a free trial account you may try Exness reliable Forex trading platform Tags: Earnings, Money, Profit Written by Shamim Hoque Shamim Hoque is an expert in web design and development field. He has designed and developed many websites in Wordpress, HTML and PHP. He has good experience in freelancing and writing articles too. Do you have any jobs or project you want to get done? Please use our "Contact" page. Website: http://webadventurous.com Leave a comment Your email address will not be published. Post Comment Name * Mail * Website Submit Your Comment SEARCH ON THIS SITE Subscribe us and we will notify you about latest posts. Name Email * Interested groups * All Posts Online Earnings Web design and Coding Tips and tricks Indian Visa Subscribe FOLLOW US RECENT PROJECTS RECENT POSTS Forex Trading Basics: Forex terms Indian Visa all Codes Indian Visa Home Page Error Soultion 404 or 500 status code Payoneer master card get free bonus Ways to Move WordPress site CATEGORIES Daily Life Discount Offer Coupon Domain and Hosting Earning Service order Tips And Tricks Tutorials and Guidelines Wordpress Recent Projects Tags Buy CMS Code Coupon Discount Domain E-Currency Earnings Free Hosting Install Mobile Recharge Money Offer Payment Profit Revenue Sell Skrill Website Wordpress Recent Posts Forex Trading Basics: Forex terms Indian Visa all Codes Indian Visa Home Page Error Soultion 404 or 500 status code Payoneer master card get free bonus Ways to Move WordPress site Archives Archives Our Alexa Rank SiteMap Copyright © 2016 Webadventurous"