Pips Wizard Pro

Reading a Forex quote may be confusing at first, but will eventually get easier as you get used to it. The major challenge you need to deal with is familiarizing yourself with the different terms associated with the quote. Primarily, codes using three letters are used in identifying and distinguishing the different currencies across the world.

Buying one currency and selling another is always simultaneously done in any Forex transaction. The two currencies involved in the foreign exchange transaction form the currency pair. To identify the current pair, indicate the base currency first, followed by the quote currency or counter currency. A slash would also be found between the two currencies. Two prices will also be posted. The first of these would be the selling or the bid price and the second would serve as the asking price. Similar to the currency pair, a slash should also be posted between the two prices. In indicating the bid price, only the last two decimal places will be posted.


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