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By Dunson D.B., Herring A.H.

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Gee, thanks, Mr. Specialist! In the forex market, the spread is often “fixed,” allowing the trader a greater degree of certainty. ” Stock traders can “go long” (place a trade that will become profitable if the stock rises) whenever they wish, but in order to “sell short” (place a trade that will become profitable if the stock falls), equity traders must go through a series of machinations that can prove both maddening and costly. This rule requires that every short sale transaction be entered at a price that is at least equal to, or higher than, the price of the previous trade.

When we’re dealing with a vast, liquid market like forex, it’s important to understand which times of day are the most active. This is especially chap03 JWPR014-Ponsi (JWBK014-Ponsi) May 31, 2007 19:11 Questions and Answers Char Count= 29 important when we place intraday trades—trades that are intended to have a short duration. HOW IS THE TRADING DAY STRUCTURED? Since the forex market is open 24 hours per day, we can’t really say that the market opens or closes at a particular time of day. ” Since we’ll be working with charts that require an opening price and a closing price, forex traders must designate a particular time of day as a benchmark.

Dollar JPY = Japanese yen CHF = Swiss franc CAD = Canadian dollar AUD = Australian dollar NZD = New Zealand dollar Nicknames Many of these currencies possess colorful nicknames. Traders love to use slang, so you need to know these nicknames in order to understand what they are saying. S. dollar British pound Euro Swiss franc Canadian dollar Australian dollar New Zealand dollar “greenback” or “buck” “cable” or “sterling” “single currency” “Swissy” “loonie” “Aussie” “kiwi” The origins of these nicknames are an interesting topic of discussion.

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