Hi everyone,
I read that a forex trade is "simultaneous buying of one currency and the selling of another".
When I finally do open an account I will be putting in US dollars. Since that is the only currency I will have I will "sell" it to buy another non-US currency. Is that right? I'm looking at AUD/USD and USD/CHF. The USD is on the left in one and on the right in the other. What position does the USD have to be in in order for me to sell it. I guess I could only trade one of these. Would this also mean I wont be able to trade things like EUR/JPY or EUR/GBP because neither of them has USD in it?
Also, I know that CHF is Swiss Franc, but what does CHF mean? I thought Swiss Franc would have been SWF? Also, what is cable?
Thanks everyone!
Mike
I read that a forex trade is "simultaneous buying of one currency and the selling of another".
When I finally do open an account I will be putting in US dollars. Since that is the only currency I will have I will "sell" it to buy another non-US currency. Is that right? I'm looking at AUD/USD and USD/CHF. The USD is on the left in one and on the right in the other. What position does the USD have to be in in order for me to sell it. I guess I could only trade one of these. Would this also mean I wont be able to trade things like EUR/JPY or EUR/GBP because neither of them has USD in it?
Also, I know that CHF is Swiss Franc, but what does CHF mean? I thought Swiss Franc would have been SWF? Also, what is cable?
Thanks everyone!
Mike
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