To start trading with Marketiva, you need to understand some basic notions.

A currency pair is a Forex instrument, also known as a cross, for example GBP/USD. When you trade in Forex, you always trade currencies in pairs. Thus in the example of GBP/USD, this pairing indicates that you trade Great Britain Pounds against U.S. dollars. If you buy pounds, you pay in dollars, and if you sell pounds, you receive dollars.

Pip stands for "percentage in point" and it is the smallest increment by which a Forex cross price changes. For instance, if the currency pair EUR/USD is currently trading at 1.3000 and then the exchange rate changes to 1.3010, the pair did a 10 pips (smallest units) move. The pip is the smallest measure regardless of the fractional representation of the currency exchange rate. Thus, 1.3000 to 1.3010 is the same move in pips terms as 110.00 to 110.10. Pips are sometimes called Points.

The bid/offer spread (also known as bid/ask spread) for assets (such currency pairs) is the difference between the price available for an immediate sale (bid) and an immediate purchase (ask).

A market order is an order to buy or sell at the current market price.

Limit orders are commonly used to enter a market and to take profit at predefined levels. Limit orders to buy are placed below the current market price and are executed when the Ask price hits or breaches the price level specified.(If placed above the current market price, the order is filled instantly at the best available price below or at the limit price.) Limit orders to sell are placed above the current market price and are executed when the Bid price breaches the price level specified. (If placed below the current market price, the order is filled instantly at the best available price above or at the limit price.) When a limit order is triggered, it is filled as soon as possible at the price obtainable on the market.

Stop orders are commonly used to exit positions and to protect investments in the event that the market moves against an open position. Stop orders to sell are placed below the current market level and are executed when the Bid price hits or breaches the price level specified. Stop orders to buy are placed above the current market level and are executed when the Ask price hits or breaches the price level specified.

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