FOREX TRADING FOREIGN EXCHANGE

FOREX TRADING FOREIGN EXCHANGE
EUR - ANSWER-Euro

USD - ANSWER-US dollar

GBP - ANSWER-British pound

JPY - ANSWER-Japanese yen

CHF - ANSWER-Swiss Franc

AUD - ANSWER-Australian dollar

CAD - ANSWER-Canadian dollar

NZD - ANSWER-New Zealand dollar

7 liquid pairs - ANSWER-EUR/USD , GBP/USD, USD/JPY, USD/CHF, AUD/USD,
NZD/USD, USD/CAD

When is forex "open"? - ANSWER-Forex is run electronically within a network of banks
24 hours , 5 days a week

What is forex? - ANSWER-foreign exchange market
More in depth, in which one nations currency is traded for another at an agreed rate

For all non-JPY forex pairs 1 pip represents - ANSWER-The 4th decimal place of the
quote

1 standard lot is always equivalent to - ANSWER-100,000 of the base currency

For JPY forex pairs 1 pip represents - ANSWER-The 2nd decimal place of the quote

A mini lot is - ANSWER-10,000 of the base currency

A micro lot is - ANSWER-1,000 of the base currency

A nano lot is - ANSWER-100 of the base currency

How to calculate forex profit - ANSWER-# of pips x # of lots x $value per pip per
standard lot

Going short is - ANSWER-To sell high & buy low