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Understanding Currency Pairs: Majors, Minors, Exotics

In forex, prices are quoted as currency pairs: one currency is the base (shown first) and the other is the quote (shown second). A pair tells you how much of the quote currency is needed to buy one unit of the base currency (for example, EUR/USD = 1.10 means €1 costs $1.10). Currencies use three-letter ISO codes such as EUR, USD, JPY and GBP to keep naming consistent across venues and brokers.

Reading Forex Quotes (Base vs. Quote Currency)

A forex quote always shows one currency priced in another. The first currency is the base, the second is the quote (or counter). A price like EUR/USD = 1.1000 means €1 costs $1.10. When you buy the pair, you buy the base currency and sell the quote; when you sell the pair, you sell the base and receive the quote. Currency codes follow the ISO 4217 standard (e.g., EUR, USD, JPY), which keeps naming consistent across brokers and venues.

Risk, Reward, Expectancy, and R-Multiples

You will learn how to define risk and reward in the same units for every trade, how to convert outcomes into R-multiples (profit or loss relative to initial risk), and how to compute expectancy—the average amount you make or lose per unit of risk over many trades.