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The following are a few helpful first insights.
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Forex Currency Pairs
The Forex is a market place for trading the value of one currency against the value of another currency. What results is a currency pair and a comparative price between them.
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The top 10 currency pairs accessible to trade in order of daily volume traded:
  1 – EURUSD  (1,105 B)
  2 – USDJPY  (  851 B)
  3 – GBPUSD   (  445 B)
  4 – AUDUSD (  249 B)
  5 – USDCAD   (  206 B)
  6 – USDCHF  (  172 B)
  7 – EURGBP  (    96 B)
  8 – EURJPY  (    76 B)
  9 – NZDUSD  (    72 B)
10 – EURCHF  (    43 B)
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Price
The Forex price is the price paid to buy one currency with another.
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Base Currency / Quote Currency, or XXX/YYY, or simply XXXYYY.
XXX is the base currency of the pair.
YYY is the quote currency of the pair.
For example: EURUSD of 1.55000.
Buy – EURUSD = To purchase 1 EUR a $1.55000 USD is required.
Sell – EURUSD = Upon sale of 1 EUR a $1.55000 USD is gained.
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Alternative example: USDJPY of 115.678.
Buy – USDJPY = To purchase 1 USD $115.678 JPY is required.
Sell – USDJPY = Upon sale of 1 USD $115.678 JPY is gained.
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PIPs
A PIP is the common measure of movement in the Forex market.
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Definition
The definition of a PIP is not important, but is ascribed these types of descriptions:
PIP – Price Interest Points, or
PIP – Percentage In Point (just think of a PIP as one movement in the Forex market).
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Forms
The exact position of a PIP in the price varies by the price relationship of the currency pairs.
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Two most common forms of PIP currency representation:
1/10,000 or 0.0001 of a dollar – Most Common
1/10 or 0.01 of a dollar used with JPY currency pairs
Other representations exist based on the currency pair, such as:
Silver – 1 PIP = 0.001
Gold – 1 PIP = 0.1
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Trade Value = PIP Value
As stated above a PIP is most often represented by 1/10,000 or 1/100 of a dollar, but with leverage it can take on greater or lesser value.  Practically speaking use the following guidance.
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PIP value rule of thumb – 1.00 Lot size (Risk / Reward) causes 1 PIP = $10.00
Company Best Practice – Make Lot size no more than 0.1% of account size
Single trade examples:
$  1,000 account – Maximum Risk/Reward = 0.10 Lot size or 1 PIP = $  1.00.
(0.10 is a forgiving practice lot size)
$  2,500 account, Maximum Risk/Reward = 0.25 Lot size or 1 PIP = $  2.50.
$  5,000 account, Maximum Risk/Reward = 0.50 Lot size or 1 PIP = $  5.00.
$10,000 account, Maximum Risk/Reward = 1.00 Lot size or 1 PIP = $10.00.
$50,000 account, Maximum Risk/Reward = 5.00 Lot size or 1 PIP = $50.00, etc.
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Multiple trade examples:
$  5,000 account with 2 trades simultaneously, then each at 0.25 Lot size or 1 PIP = $2.50.
$10,000 account with 3 trades simultaneously, then set each trade at 0.33 Lot size or 1 PIP = $3.30.
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PIP Math Examples
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Most Common Forex Price Formats
1 PIP = 0.0001
Most currency pairs displayed to four decimal places.
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Example –    0.12345 Price
Position 3 =  10    Pip
Position 4 =    1    Pip (or 10 Points)
Position 5 =      1  Point, 1/10th PIP, or Micro-PIP
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Math Examples:
Subtract 5 PIPs from a price. Add 10 PIPs.
0.12345                         0.12345
      – 5                               + 10 
       0.12295                         0.12445

Alternative Forex Price Formats
1 PIP = 0.01 Japanese Yen
1 PIP = 0.001 Silver / 1 PIP = 0.1 Gold
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Example –    115.678 Price
Position 6 =  10    Pips
Position 7 =    1    Pip (or 10 Points)
Position 8 =      1  Point, 1/10th PIP, or Micro-PIP
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Math Examples:
Subtract 5 PIPs from a price. Add 10 PIPs.
115.678                         115.678
      – 5                              + 10  
115.628                         115.778

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Trade Basics
Let’s discuss a couple of helpful observations about PIPs.
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PIP – A movement in the market (second number from the right)
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Light Gray Lines (full lines)
♦  Emotional or softer support or resistance (based on rounded numbers).
♦  At each 10 PIP price point.
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Dark Gray Lines (partial lines)
♦  “Pivot Point” Factual harder support or resistance.
♦  Placed automatically based upon statistical analysis of the previous day’s trading.
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Trade Basics
♦  Upward Market Candlestick – When the price moves in the trade direction.
♦  Downward Market Candlestick – When the price moves opposite the selected trade direction.
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Uses of the Softer and Harder Support and Resistance
♦  Trade Time (Pink vertical) – Trade entry time.
♦  Buy / Sell Entry (Pink) – Placed at the entry price.
♦  Take Profit (Blue) – 5 PIPs in the trade direction, and inside the barrier.
♦  Trade Protection (Red) (Stop Loss, Buy Stop, Sell Stop) – 25 to 35 PIPs opposite the trade direction, seek closer, but outside any nearby barriers.  Use a loss or hedge to manage the degree of loss one is willing to loss with the chosen trade.
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Forex Trading Costs
The following are the two primary costs in trading the Forex market.
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Spread
The difference between the buy position and the sell position. Consider it a type of fee for participation in the Forex market.
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In the image the spread is:
1.23941 Buy side
1.23929 Sell side
0.00012 PIP Spread
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Commission
Commissions vary by broker, with the following considerations:
♦  Commission are listed with the specific trade.
♦  Commission also vary by the Lot size or the risk / reward sought in the market. The greater the Lot size the greater the commission.
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Swap Fees
These are fees associated with carrying a trade from one Forex day to the next, with the following considerations:
♦  They are usually small and of little significance, unless a trade is left in for many days.
♦  Swap fees are usually negative, but can be positive and add value to your account.
♦  More important than swap fees in leaving a trade in over a Forex day or the weekend is the unpredictability of the market direction at the open of the next market.
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You have to overcome the spread, commissions, swap fees, etc. before your trade will clear profitably. The market accounts for this for you automatically. This can be a concern is you are placing smaller 3, 5, 7, etc. PIP trades, but has little significance with larger trades.
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These basics will get you started with some understanding to begin winning some trades.