Currency Pair
Currency is traded in pairs like EUR/USD, (EUR/USD) is a pair of Euro & US Dollar) Ist currency is called base currency and second currency is called counter currency
The most traded currency pairs in the world are called the Majors. Currencies involve in majors pair are Euro, Pound Sterling, Japanese Yen, US Dollar, Swiss France, Australian Dollar and Canadian Dollar.
Exchange Rate
The exchange rates, foreign-exchange rate, forex rate or FX rate mean how much one currency is worth against the other currency. For example EUR/USD exchange rate is 1.2500 that means one euro worth is1.2500 US dollars.
Currency Abbreviations
US Dollar (USD)
Euro (EUR)
Japanese Yen (JPY)
British Pound (GBP)
Australian Dollar (AUD)
Canadian Dollar (CAD)
Swiss Franc (CHF).
Tick
Smallest change in Exchange Rate is called Tick.
Pips or Points
If EUR/USD Exchange rate is 1.2500 that mean one Euro is equal to 1.2500 US Dollar if rate change from 1.2500 to 1.2501 that mean Euro increased one Pip or Point in value.
Lot
Currencies are traded in Lots. Standard lot size is 100,000 (100K) units Mini Lot size is 10,000 (10K) units of currency. if you have mini account and you want buy Euro then minimum you can buy 10,000 Euro
Update
keep reading my blog i will add more basic information in this post as soon as possible
keep reading my blog i will add more basic information in this post as soon as possible