Forex trading basics

these Forex Trading Basics

 

Understand what is forex pips and spread and how it works. These are very important measure of success in forex trading.
 
Pips and Lots
 
Pips is the basic measurement use in forex trading to measure price movement. Pip is the smallest price movement in forex trading and pip stands for the acronym percentage in point. If you bought EUR/USD at 1.3123 and you sold it at 1.3126 you earned 3 pips, you get that when you subtract from your selling price (1.3126) your buy price (1.3123) and the equivalent dollar of every pip depends on your trade lot size, micro lots is the smallest lot size 1 pip equals $ 0.10 per pip, next is mini lots and 1 pip equals $ 1.00 per pip and for standard lots 1 pips is equal to $ 10.00.
 
Forex Quotes
 
To better understand how forex quotes works let us assume on the following sample quote price for EUR/USD (Euro Dollar); EUR/USD buy price 1.3123, sell price 1.3120, you can then buy EUR/USD at 1.3123 and look to sell it above this price and every changed to the upside of the last digit equals 1 pip. Did you notice the difference between the buy price and the sell price? This is called forex spread.
 
Forex Spread
 
Most of the best forex brokers do not charge you commission or broker’s fee

Source: geekyfieds.com

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