Forex Currency Trading Company

Ok. So, you're ready to choose a Forex currency trading company, open a mini or normal Forex trading account, and start getting going. Wait! Do you even know what all those letters and numbers mean? It's all a bit daunting at first. But if you take things step by step you'll be on you way to working with a Forex currency trading company in no time. Here is a good place to take a step back and explain how to read codes, numbers, and quotes. Each currency is assigned a three letter code. For example, the United States Dollar is the USD and the Japanese Yen is the JPY. Most currencies are defined by a two letter country code and the first letter of the currency, with a few exceptions like the EU's euro. Currency rates are the ratio of two different country's currency units in relation to each other. When you see a currency rate you will see a 6 letter word made up of two different currencies – like USDJPY. The first position is the code of the more expensive currency. And the rate is calculated in terms of the second units relation to the first unit. So, USDJPY shows how many Japanese Yen are in a dollar. But the GBPUSD shows how many US dollars are in one Great British Pound. The rates are expressed in five digit numbers. As I write this, the USDJPY = 119.25. This means that there are 119.25 Japanese Yen in one dollar.