It goes without saying that there are quite a considerable number of currencies that forex traders can choose when trading. However, the vast majority of forex currency traders tend to concentrate on common pairs, such as the EUR/USD, GBP/USD, or USD/HKD etc. But there are certain types of currency pairs.
Here we provide a brief overview of some of the characteristics of four of the most common currency pair types, and why they are important for trading.
After you have downloaded and opened the Metatrader 4 software and started familiarising yourself with the platform, the first thing you will most certainly come across is the forex price quote for your chosen currency. The quote is basically a record of a previous transaction in which a currency pair changed hands.