Understand Basic Forex Terminology: The currency you are buying is called quote currency In foreign currency trading, you sell a currency to buy second currency. With the help of exchange rate, you know how much you need to have to spend in quote currency to purchase base currency. A long position means that you want to buy base currency and want to sell the bid currency. A small situation means that you want to buy a quote currency and you want to sell the base currency. You need to know everything about Forex first.
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