8. Forex Trading Resources
(i) Major Currency Symbols
CURRENCY
CODE
SYMBOL
FOREX SLANG
US DOLLAR
USD
$
Dollar Buck
EUROPEAN EURO
EUR
€
Fiber
SWISS FRANC
CHF
CHF
Swissy
BRITISH STERLING
GBP
Cable
JAPANESE YEN
JPY
£
¥
CANADIAN DOLLAR
CAD
$
Loonie
AUSTRALIAN DOLLAR
AUD
$
Aussie
NEW ZEELAND DOLLAR
NZD
$
Kiwi
Yen
(ii) Six (6) Main Types of Trading Orders
These are the six (6) important order types when trading Forex:
(1) Market Order
Buying or selling a currency pair at the current market price.
(2) Limit Order
Buying or selling a currency pair at a pre-determined (limited) price.
(3) Stop-Loss Order
A stop-loss is the most important order type. A stop-loss sets a limit to the maximum
amount you are willing to risk in any trade.
(4) Target Profit Order
This common order sets your targeted price level. It pre-determines your profit
potential.
(5) Limit Entry & Stop-Entry
Buy or sell a currency pair below or above the market at a pre-specified level.
(6) OCO Order
OCO means One-Cancels-Other. Based on this order if a trade is executed then
another trade is automatically cancelled.
(7) GTC Order
GTC means Good-Till-Cancelled. A GTC order remains in the market active until it is
either filled or cancelled.
Forex Guide v1.0 – Qexpert.com
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