Forex Trading Terms – Need to know to win the game!

Forex trading market is a platform where a little careless will lead an investor to face huge loss in the coming days ahead. This may be due to the lack of knowledge about the forex trading terms and principles used it. Hence, it is highly advised by expert advisors to learn every nook and corner of forex trading before investing in it for a great deal in the future. Moreover, below are some of the basic trading terms and basics explained…!

Trading time:

The forex trading in Singapore is open 24 hours a day and 5 days a week (24/5). Hence, there is chance for people to earn money while sleeping too.

Currency Pairs:

Forex trading happens in currency pairs where one currency is traded for the other. Every deal happens by choosing a currency pair which you wish to trade. In the international forex market, with forexbroker Singapore, NordFX, there are about 44 currency pairs available to trade.

Base currency:

The base currency is known as the first currency in the currency pair as a measure of its value against the second currency. For example, a GBP/USD = 1.7100 means that 1 GBP is worth 1.7100 USD.

Quote currency:

The quote currency is nothing but the second currency in the currency pair. Apart from it, any profit or loss is a measure of this currency.

Cross currency:

Cross currency is referred to a currency pair which does not have USD in it. This type of currency pair often faces complicated price movements as each trade actually involves the buying and selling of 2 different currency pairs. 

Pips:

Pip is nothing but the small unit of price of any foreign currency pair. In general, most currency pairs of forex tradingcompany Singapore consist of 5 digits and the pip signifies the smallest change in the fourth decimal place, ie 0.0001.

Hence, to become a successful forex trader, just go through the online forums and eBooks to know more about the core international market. Also, if interested to make a new start in the forex trading market, just Mail me at in.support@nordfx.com or log on to http://nordfx.com/?id=623681 or Call us at +919818803369