Lyrics to Wizards Of Waverly Place Theme Song :
Well you know everything's gonna be a breeze
that the end will no doubt justify the means
You could fix any problem at the slightest ease
Well you might find out It'll go to your head
When you write a report on a book you never read
With the snap of your fingers you can make your bed
That's what I said
Everything is not what it seems
When you can get all you wanted in your wildest dreams
You might run into trouble if you go to extremes
Because everything is not what it seems
When you can get what you want by the simplest of means
Be careful not to mess with the balance of things
so in forex, I've learnt
after fundamental economic indicator NEWS release
the imminent movement has no relation to GOOD NEWS or BAD NEWS
just the excitement or disappointment of the traders
Direct Quote vs. Indirect Quote
There are two ways to quote a currency pair, either directly or indirectly. A direct quote is simply a currency pair in which the domestic currency is the base currency; while an indirect quote, is a currency pair where the domestic currency is the quoted currency. So if you were looking at the Canadian dollar as the domestic currency and U.S. dollar as the foreign currency, a direct quote would be CAD/USD, while an indirect quote would be USD/CAD. The direct quote varies the foreign currency, and the quoted, or domestic currency, remains fixed at one unit. In the indirect quote, on the other hand, the domestic currency is variable and the foreign currency is fixed at one unit.
For example, if Canada is the domestic currency, a direct quote would be 0.85 CAD/USD, which means with C$1, you can purchase US$0.85. The indirect quote for this would be the inverse (1/0.85), which is 1.18 USD/CAD and means that USD$1 will purchase C$1.18.
In the Forex spot market, most currencies are traded against the U.S. dollar, and the U.S. dollar is frequently the base currency in the currency pair. This would apply to the above USD/JPY currency pair, which indicates that US$1 is equal to 119.50 Japanese yen.
However, not all currencies have the U.S. dollar as the base. The Queen's currencies - those currencies that historically have had a tie with Britain, such as the British pound, Australian Dollar and New Zealand dollar - are all quoted as the base currency against the U.S. dollar. The Euro, which is relatively new, is quoted the same way as well. This is why the EUR/USD quote is given as 1.55, for example, because it means that one euro is the equivalent of 1.55 U.S. dollars.
Most currency exchange rates are quoted out to four digits after the decimal place, with the exception of the Japanese yen (JPY), which is quoted out to two decimal places.
Types of Orders
For trader looking to open a new position:
This trade will can use either a Market Order or a Pending Order.
A Market Order:
This order gives a trader the ability to obtain the asset at whatever price it is currently trading at in the market.
A Pending Order:
This order allows the trader to specify a certain entry price. A trader can enter a sell or a buy trade as using limit orders as follows:
Sell Limit: An order to sell a specified quantity of a currency at a specified that is above the current market bid price.
Sell Stop: An order to sell a specified quantity of a currency at a specified that is below the current market bid price.
Buy Stop: An order to buy a specified quantity of a currency at a specified that is above the current market ask price.
Buy Limit: An order to buy a specified quantity of a currency at a specified that is below the current market ask price.
For traders that already hold an open position:
This trader has also two types of order which are a Take profit order or a Stop loss order.
This order allows the trader to lock in profit. Say, for example, that a trader is confident that the GBP/USD rate will reach 1.7800, but is not as sure that the rate could climb any higher. A trader could use a take-profit order, which would automatically close his or her position when the rate reaches 1.7800, locking in their profits.
This order allows traders to determine how much the rate can decline before the position is closed and further losses are accumulated. Therefore, if the GBP/USD rate begins to drop, an investor can place a stop-loss that will close the position (for example at 1.7787), in order to prevent any further losses.
thank you sandra for your valuable information and hope to see more soon
dear trader we confirm that you can trade on the green as it already overshadowed the current index changes