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Trading foreign currencies effectively requires skill and knowledge. The very first order of business is being able to study materials and not get lost in the terminology. This article describes some of the most commonly used terms in the business of foreign exchange.

Forex

Forex, FX, or foreign exchange, is used to refer to the market in which trades are conducted by buying the money of one country using the money of another. There is not actually a single market, but groups of markets around the world, and a given trade can be executed from Australia to New York, 24 hours a day, 5.5 days per week.

Currency

"Currency" is a country’s money. The US Dollar is the currency of the United States. The British pound is the currency of Great Britain. There are the New Zealand, Australian and Canadian dollars. When one travels in foreign countries, the currency of one’s home country needs to be exchanged for the local currency to buy things.

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