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Currency Pairs: Currencies are quoted in pairs; the primary currency is known as the 'base' currency, and the secondary is called the 'quote' currency. The price indicates the amount of the quoted currency that is needed to buy one unit of the base currency.
Leverage: With leverage, traders can easily manage enormous positions with just a modest amount of cash. Using leverage may boost earnings, but traders need to be smart about it and carefully control their risk.
Spread: The spread is the variation between a currency pair's bid (sell) and ask (buy) price. This is the broker's compensation for carrying out the deal. Narrower spreads often result in reduced trading expenses.
Pips: A pip is the smallest price fluctuation that may occur in a currency pair. Usually, it's the fourth decimal point in most currency pairings. When it comes to pairings with the Japanese yen, a pip corresponds to the second decimal point. Having a good grasp of pips is essential for effectively managing risk and accurately determining profit or loss.
Margin: Margin trading allows you to borrow money from a broker and trade with a greater position than your capital would normally allow. It has a strong connection to leverage.