Yelokab Pipza | Forex Mistress

Forex Trivia – Forex Currency Pairs

Posted by Yelokab Pipza on Mar 11th, 2010 | 10 comments home title

What is Traded in Forex? US Dollar by dungvinacosh from flickr.com Money is what traders trade in forex. Money is currency. One buys and another sells at the same time in forex; thus, currencies are traded in pairs. All trades in forex require the simultaneous buying one currency and selling another currency—but the pair is considered as one single unit that is used to perform forex...

Forex Trivia-List of Currency Codes

Posted by Yelokab Pipza on Mar 7th, 2010 | 4 comments home title

A currency code is the 3-letter code, established by the ISO (International Organization for Standardization), that describes the common currency used in a specific country. These currency codes were developed in 1973 to be used in application of trade, commerce, and banking. In 1978, the UN/ECE Group of Experts officially permitted the use of 3-letter currency codes suitable in international...

Forex Trivia

Where should I place my stop and take profit orders? As a general rule of thumb, traders should set stop/loss orders closer to the opening price than take profit orders. If this rule is followed, a trader needs to be right less than 50% of the time to be profitable. For example, a trader that uses a 30 pip stop/loss and 100-pip take profit orders, needs only to be right 1/3 of the time to make a profit. Where the trader places the stop and take profit will depend on how risk-adverse he is. Stop/loss orders should not be so tight that normal market volatility triggers the order. Similarly, take profit orders should reflect a realistic expectation of gains based on the market's trading activity and the length of time one wants to hold the position. In initially setting up and establishing the trade, the trader should look to change the stop loss and set it at a rate in the 'middle ground' where they are not overexposed to the trade, and at the same time, not too close to the market. Source: Forums.BabyPips.com (posted by Adam2010)

Forex Trivia – Forex Currency Pairs

Forex Trivia-List of Currency Codes

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