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3 How You Make Money in Forex? In the forex market, you buy or sell currencies. The object of forex trading is to exchange one currency for another in the expectation that the price will change, so that the currency you bought will increase in value compared to the one you sold. let take a trade example using EUR/USD Trade Example: We buy 1,000 Euros at EUR/USD exchange rate of Two days later, we exchange the 1,000 Euros back into U.S. dollar at the rate of Let's get the difference of the exchange rate, which is, ( ) = 0.07 Since we bought 1,000 Euros, we have (1000 * 0.07) = 70 So we made \$70 form the Trade An exchange rate is simply the ratio of one currency valued against another currency. For example, the USD/CHF exchange rate indicates how many U.S. dollars can purchase one Swiss franc, or how many Swiss francs you need to buy one U.S. dollar. How to Read a Forex Quote Currencies are always quoted in pairs, such as GBP/USD or USD/JPY. The reason they are quoted in pairs is because in every foreign exchange transaction, you are simultaneously buying one currency and selling another. Here is an example of a foreign exchange rate for the British pound versus the U.S. dollar: The first listed currency to the left of the slash ("/") is known as the base currency (in this example, the British pound), while the second one on the right is called the counter or quote currency (in this example, the U.S. dollar).

6 Using this example, if we traded 10,000 units of USD/CAD, then a one pip change to the exchange rate would be approximately a 0.98 USD change in the position value (10,000 units x USD/unit). (We use "approximately" because as the exchange rate changes, so does the value of each pip move) Here's another example using a currency pair with the Japanese Yen as the counter currency. GBP/JPY at Notice that this currency pair only goes to two decimal places to measure a 1 pip change in value (most of the other currencies have four decimal places). In this case, a one pip move would be.01 JPY. (The value change in counter currency) times the exchange rate ratio = pip value (in terms of the base currency) [.01 JPY] x [1 GBP/ JPY] Or Simply [(.01 JPY) / ( JPY)] x 1 GBP = GBP So, when trading 10,000 units of GBP/JPY, each pip change in value is worth approximately GBP. Finding the Pip Value in your Account Denomination Now, the final question to ask when figuring out the pip value of your position is, "what is the pip value in terms of my account currency?" After all, it is a global market and not everyone has their account denominated in the same currency. This means that the pip value will have to be translated to whatever currency our account may be traded in. This calculation is probably the easiest of all; simply multiply/divide the "found pip value" by the exchange rate of your account currency and the currency in question. If the "found pip value" currency is the same currency as the base currency in the exchange rate quote: Using the GBP/JPY example above, let's convert the found pip value of.813 GBP to the pip value in USD by using GBP/USD at as our exchange rate ratio. If the currency you are converting to is the counter currency of the exchange rate, all you have to do is divide the "found pip value" by the corresponding exchange rate ratio:

7 .813 GBP per pip / (1 GBP/ USD) Or [(.813 GBP) / (1 GBP)] x ( USD) = USD per pip move So, for every.01 pip move in GBP/JPY, the value of a 10,000 unit position changes by approximately 1.27 USD. If the currency you are converting to is the base currency of the conversion exchange rate ratio, then multiply the "found pip value" by the conversion exchange rate ratio. Using our USD/CAD example above, we want to find the pip value of.98 USD in New Zealand Dollars. We'll use.7900 as our conversion exchange rate ratio: 0.98 USD per pip X (1 NZD/.7900 USD) Or [(0.98 USD) / (.7900 USD)] x (1 NZD) = NZD per pip move For every.0001 pip move in USD/CAD from the example above, your 10,000 unit position changes in value by approximately 1.24 NZD. Lots, Leverage, and Profit and Loss In the past, spot forex was traded in specific amounts called lots. The standard size for a lot is 100,000 units. There is also a mini, micro, and nano lot sizes that are 10,000, 1,000, and 100 units respectively. Lot Number of Units Standard 100,000 Mini 10,000 Micro 1,000 Nano 100

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