←Stage 63 · Premium
Forex

The Pair

Every forex trade is two currencies and one price, and a dealer stands on the other side. This stage teaches you to read a dealer's board before you touch it. You'll learn which currency you're buying, what a pip is worth in your own money, and what the spread costs. Eleven lessons, and the last one hands you a pair you've never seen.

Stage 63 of the TradeWize forex track: how to read a dealer's board. Base and quote, bid and ask, pips and lots, what a pip is worth in your own currency, what the spread costs, cross rates, and how spot forex differs from a future or an ETF.

0 / 11 done
StartLesson 1 · Two Currencies, One Price
What you’ll leave with11 lessons · 5-line playbook
  • A currency pair is one price for two currencies, and I know which one I am buying.
  • A pip is the fourth decimal, the second on a yen pair, and I count moves in pips before dollars.
  • A lot is 100,000 units of the base currency, and my ticket is in hundredths of one.
  • I know what one pip is worth in my account's currency before I place the trade.
  • A cross is two dollar pairs multiplied or divided, and I can compute it.

All lessons

  1. 01Two Currencies, One Price
  2. 02Reading a Quote
  3. 03Pips and Pipettes
  4. 04The Spread
  5. 05Lots and Units
  6. 06Pip Value
  7. 07Long and Short Are the Same Trade
  8. 08Cross Rates
  9. 09Majors, Minors and Exotics
  10. 10Forex Against Everything Else
  11. 11Read the Board Cold