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6 Understanding Bid & Ask A Bid is what someone is willing to pay for an asset. The Ask, or offer, is what someone is willing to accept to sell an asset. As a Forex trader, you can Buy at the Ask and Sell at the Bid. TradeStation Forex Quote from RadarScreen. Understanding the Forex exchange quote system is essential to Forex trading. You need to remember that the first currency listed in the symbol is the base currency, and the quote is the base currency in terms of the second currency in the symbol. Major currency pairs are EUR/USD, GBP/USD, USD/JPY, and USD/CHF. For example: 1.) A price quote of EURUSD at means that one Euro is equal to U.S. Dollars. When that number increases, it means the Euro is appreciating while the U.S. Dollar is depreciating and vice versa. 2.) USDJPY is trading at It means 1 U.S. Dollar is equal to 124 Japanese Yen. An increase in the number means that the U.S. Dollar is appreciating while the Japanese Yen is depreciating, and vice versa. Again, if a currency quote goes higher, that increases the value of the base currency. A lower quote means the base currency is weakening. Cross currency pairs are currency pairs that do not involve the U.S. dollar. For example: 3.) With EURJPY at a price of , it means that 1 Euro is equal to Japanese Yen. 6

9 Forex Math Calculating Profit & Loss Although the trading platform automatically does the profit and loss calculation for you in real time, it is important to understand how these equations are derived. Profit & Loss Examples: Based on one 100,000 unit contract trade, buying EURUSD with an initial exchange rate of \$1.3088, the initial margin is \$1, Initial Exchange Rate Closing Exchange Rate Profit / Loss \$ \$ \$ 1, \$ \$ \$ \$ \$ \$ Equations for calculating the major currency pairs: The equation for EUR/USD, GBP/USD, and AUD/USD (direct US currency pairs) is: P/L = (Closing Price - Opening Rate) x (Lot Size) x (Number of Lots) The equation for USD/JPY, USD/CHF and USD/CAD (indirect US currency pairs) is: P/L = ((Closing Price - Opening Rate) / Closing Price) x (Lot Size) x (Number of Lots) Note: In a 100,000 units/contract size account, 1 pip results in a \$10 profit/loss in EUR/USD, GBP/USD, AUD/USD, and approximately \$9 for USD/JPY, and \$8 for USD/CHF, based on recent prices. 9

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