Your essential forex glossary

 

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Nine forex terms you need to know
 

• Base currency
 

This is the first currency in a currency quote. The base currency shows how many units of the other currency there are in the quote.
 

• Bid
 

This is the price you sell at. It’s lower than the offer price.
 

• Counter currency
 

This is the second currency in a currency quote. This number of units equals one unit of the base currency. This is also known as the term currency or the quoted currency.
 

• Derivatives
 

Financial instruments that derive their value from another asset. With forex trading, derivatives you can use include currency futures and spread trading.
 

• Initial margin
 

This is the money you place down when you place a forex trade.

 

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• Leverage
 

This is using what you gain by trading on margin. It’s also known as gearing. Leverage allows you to control a much larger amount of forex than your margin covers.
 

• Offer
 

This is the rate you buy at. It’s higher than the bid price. 
 

• Pip
 

This is the smallest incremental value which a currency pair moves at on the forex market. A pip is the last decimal place of the exchange rate, which is usually to four decimal places. The exception to this rule is the yen where this is to two decimal places.
 

• Stop loss
 

These are a vital part of risk management when you trade forex. When setting your stop loss you can decide how much you’re willing to risk on each trade.

 

So there you have it. Your essential forex glossary.

 

Regards,

FSPInvest Team

 

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