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Terminology/FAQ

Forex is Abbreviated for Foreign exchange, this where where you change your currency into another while the value is Increading/decreasing in Value.

Going long means you’re buying the Quoted currency.

Going short means you’re taking sell on the base currency.

Bid price is The position you’re broker will be entering you’re trade when you execute a position, usually starting below the asking price.

Ask price is The position you’re broker will be entering you’re trade when you execute a position, usually starting above the bid price.

Spread is the distance your trade needs to cover before your in profit, when you take a position theres a small broker spread usually unless there high news even then spread can get wild, don’t get caught trading during the turn over.

So when you buying one currency you’re basically selling the other one, and vise versa if you’re buying. EXAMPLE: USDCAD SELL: Im selling the USD and buying the CAD. If I were to buy USD I would be selling CAD

Well when you take the spread of the broker x Lot size – your commission fees, (swap fees can be applied if hold trade over the turn over)