Currency Symbols
In Forex trading, currencies are traded in pairs. There are more than 25 currency pairs that are traded electronically in the Forex market; however most of the money are made from seven currency pairs, known as the Majors.
The Majors
These are as follows:
US Dollars (USD) Nickname {Green back}
Great British Pounds (GBP) Nickname {Cable}
The Euro (EUR)
Australian Dollars (AUD) Nickname {Aussie}
New Zealand Dollars (NZD) Nickname {Kiwi}
Canadian Dollars (CAD) Nickname {Loonie}
Japanese Yen (JPY)
Swiss Franc (CHF) Nickname {Swissy}
Currency Pairs
As we already know, Forex trading involves the simultaneous buying and selling (exchange) of one currency for another. This implies that for every transaction that takes place in the Forex market, there must always be 2 currency pairs involved. Thus, it will be safe to say that currencies are traded in pairs, one for the other.
In Forex trading, when you buy one currency in a currency pair, you are automatically selling the other. Likewise, when you sell one currency in a currency pair, you are automatically buying the other currency in that same pair
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