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Thread: Forex Pairs.

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    Forex Pairs.

    Forex pairs trade in 1000, 10,000 and 100,000 units, called micro, mini and standard lots. When starting out in forex day trading it's recommended traders open a micro lot account. Trading micro lots allow for more flexibility so risk remains below 1% of the account on each trade. When the USD is listed second in the pair, as in the EUR/USD or AUD/USD, the value of the pip is fixed. If you hold a 1000 micro lot, each pip movement is worth $0.10. If you hold a 10,000 mini lot then each pip is worth $1.

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    Quote Originally Posted by Dustin View Post
    Forex pairs trade in 1000, 10,000 and 100,000 units, called micro, mini and standard lots. When starting out in forex day trading it's recommended traders open a micro lot account. Trading micro lots allow for more flexibility so risk remains below 1% of the account on each trade. When the USD is listed second in the pair, as in the EUR/USD or AUD/USD, the value of the pip is fixed. If you hold a 1000 micro lot, each pip movement is worth $0.10. If you hold a 10,000 mini lot then each pip is worth $1.
    Profit targets are also important to set because we need care equally about exit and entries

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    Quote Originally Posted by Dustin View Post
    Forex pairs trade in 1000, 10,000 and 100,000 units, called micro, mini and standard lots. When starting out in forex day trading it's recommended traders open a micro lot account. Trading micro lots allow for more flexibility so risk remains below 1% of the account on each trade. When the USD is listed second in the pair, as in the EUR/USD or AUD/USD, the value of the pip is fixed. If you hold a 1000 micro lot, each pip movement is worth $0.10. If you hold a 10,000 mini lot then each pip is worth $1.
    Profit targets are also important to set because we need care equally about exit and entries

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    I personally don't get much joy from USD/JPY.. however, I do really like GBP/USD and GBP/JPY. I hate NZD as a base currency. Never touch it, got myself burned more than once with it.

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