How To Trade

How to trade

Trading and investing both involve the exchange of money and carry certain risks. Conducting a "fundamental" or "technical" analysis is a technique used to attempt to reduce risk when investing or trading.

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Overview of currency trading

Fundamental analysis is a technique used to evaluate a company's performance and calculate the intrinsic value of its stock.

FX stands for "Foreign Exchange," and it is the largest and most liquid market in the world.
Each pair consists of a "base" currency (on which transactions are conducted) and a "quote" currency (the currency being quoted).
The exchange rate indicates the value of one unit of the base currency.
When you buy a pair, you are simultaneously buying the base currency and selling the quote currency. For sell positions, the opposite is true.
The most frequently traded pairs are the "majors," which represent the largest global economies.
Traders "buy" at the ASK price and "sell" at the BID price. Traders will "sell" at the BID price and "close" at the ASK price.
The "spread" is the difference between the Ask and Bid prices.

Trading charts

O-H-L-C refers to the opening price, highest price, lowest price, and closing price for the specified period.
Charts are generated using only the "bid" prices; the live "ask" price can be added to the charts as a horizontal line.
Line charts are the simplest—they only display the "closing" prices. Bar charts cover all the data for the period.
Candlestick charts are the most common and visually accessible as they display all the data for the period.
Candlesticks consist of two elements: a "body" (opening and closing prices) and "wicks" (high and low prices).

Pips and points

Pips, points, and ticks are all terms used to indicate market price movements.
In currency trading, a pip is often the fourth decimal place.
A point is a fraction of a pip and is the last digit shown in a quote.
The spread and PnL are determined by multiplying the pip value by the number of pips.
A pip equals ten units of the "quote" currency (for 4-digit pairs).
Other asset classes use points and ticks differently.