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Forex (Foreign Currency Exchange) - Trading Pairs
 Within the forex market the different currencies are priced in pairs. All of the trades you make consist of buying one and then at the same time buying another currency. The goal here is is to trade one with the idea that the currency rate will change favorably to your position. Thus, the one you bought increases relative to the value of the one you have sold. Once you buy a currency and you see the price increase in value, you have to sell back the currency in order to profit for your exchange. Any position or trade called "open" is simply a case where a currency pair was bought/sold but not yet sold/bought in the equal amount to close your position.
The base currency in a trading pair is the first currency in that pair, while the second one is called the counter or quote currency. Therefore, a currency quote is referred to as a unit of one of the first per the second of the two quoted.
Forex quotes consist of a bid and an ask. In this case, the bid equals the price that the market is willing to buy the base currency for the counter currency. Alternatively, the ask price is that which the market can sell the base in exchange for the counter. The difference between those two figures is called the spread.
Forex Symbol | Currency Pairs | Trading Terminologies | EUR/USD | Euro / U.S. Dollar | Euro | GBP/USD | British Pound / U.S. Dollar | Cable or Sterling | USD/JPY | U.S. Dollar / Japanese Yen | Dollar Yen | USD/CHF | U.S. Dollar / Swiss Franc | Dollar Swiss | USD/CAD | U.S. Dollar / Canadian Dollar | Dollar Canada | AUD/USD | Australian Dollar / U.S. Dollar | Aussie Dollar or Aussie | EUR/GBP | Euro / British Pound | Euro Sterling | EUR/JPY | Euro / Japanese Yen | Euro Yen | EUR/CHF | Euro / Swiss Franc | Euro Swiss | GBP/JPY | British Pound / Japanese Yen | Sterling Yen |
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