Common Forex Terms/Terminology:
1.Currency Pair:
Exchange rate between two different currencies, e.g., EUR/USD, where 1 EUR equals 1.1 USD.
2.Position:
Quantity of currency contracts bought or sold, representing ownership in the forex market.
3.Opening a Position:
Placing an order to enter a trade.
4.Closing a Position:
Exiting a previously placed order.
5.Hedging:
Opening a position opposite to existing orders to lock in profits or losses.
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