How to Read A
Forex Quote
It can be pretty hard for a
beginner to understand forex quotes. It can look like some
alien document covered in strange symbols and numbers. Throw in
the fact that everything will be abbreviated and you have one
confusing sheet. Don't let this deter you though. You will soon
come to understand forex basics and those quotes will be clear
as day.
Examining Forex Quotes
Forex quotes usually follow a
standard format. It will probably appear similar to USD/JPY =
116.832. How hard is that to understand? Okay, it's a little
strange. Each quote only has three parts though. Just
understand those and it will suddenly become clear. There is
the base currency, then the quote currency, and you'll find the
price at the end.
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The Base
Currency – This is the symbol at the beginning. It will be your
reference. Any quote will show the value of the quote currency
as it relates to the base. The example above shows the USD as
the base. Most of the big forex traders use this as their
base.
The Quote Currency – This is the
second symbol. It shows the currency that you want to trade.
The example shows a comparison between US dollars and the
Japanese Yen.
The Price - The price gives the
amount of the quote currency which you can buy using just one
unit of the base. The example shows that you could buy 116.832
Japanese yen with $1.
You are watching the price when
trading. If the price decreases then you have a loss. Your
unite of currency can buy a smaller quantity of quote currency
than it could before. If the price increases then you have made
money. Your base unit is able to buy a larger quantity of quote
currency than it could before.
Simple Spreading
“Spread” is also used a lot when
discussing forex trading. This can obviously make things much
more complicated for the beginner. Spreads just refer to the
difference that exists between the price to buy and the price
to sell a currency. The spread exists to ensure that brokers
make a profit on all forex transactions. It takes the place of
a commission in trading.
The spread is often listed via a
slash at the ten hundredth decimal. The number listed in front
of the decimal is the value. Including the numbers after the
slash will give you the actual sale price of said currency
including the spread.
This first stage isn't too much
fun for anyone. The good news is that this learning stage is
temporary. Once you get past it, you'll be able to start
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