Currencies are categorized into three groups:  the majors; the minors; and the exotics.


Lecture:


Summary of the lecture:

  • 3 categories of currencies: majors, minors, exotics
  • Currencies are shortened to 3 letters.  The first two are the country and the last is the currency.  USD = U.S. Dollar, JPY = Japanese Yen, etc.
  • Currencies have slang names that traders like to use.  Buck, Cable, Swissy, Kiwi, Loonie, etc.
  • Don’t trade the exotic currencies because the spreads are too large.
  • Currencies are traded in pairs,  USD/JPY, AUD/USD, etc.

The infographics used in this lecture:

The next lecture is on:  Forex Sessions

Categories: Lecture

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