To walk on the slippery path of Forex and be a successful trader, we need to know the fundamental technical languages used frequently in this market. We have compiled some technical terminologies that we should know before starting trading.Try to read this article carefully as it will improve your basic skills at trading.
Basic Forex Terminology
- Currency pair: The currency pair represents the exchange rate between two different currencies. It consists of three parts – Exchange Rate, Base Currency, and Quote Currency.
- Exchange Rate: It shows us the current exchange rate of ‘Base’ and ‘Quote.’ (Example, ‘EUR/USD = 1.22’.