Forex Basic 3 - basic forex discussion this time will directly discuss important terms in the forex, last week I have explained forex broker that is where we are trading forex. If we follow the forex broker, I suggest following the first virtual forex strategy and solidify your understanding of the forex, and nearly every online broker has a virtual forex / meta-trader.
When you start the forex either virtual or real trades, then you must open position (OP) in the position of selling or buying position (sell and or buy).
sell = SHORT: do if you feel that you open currency position will continue to fall. Marked with downward arrows in red
buy = LONG: do if you feel that you open currency position will continue to rise. Marked with arrows on the green.
bid and ask: suppose you take a sell position open, then you will take the price that is positioned in the "bid" whereas if you buy an open position, then the price is taken to be positioned on the "ask".
spread: the difference between bid and ask values, each of the forex brokers have spread values different.
see the image below (illustration)
Ok, important terms forex options I will explain later, to be continued
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