Forex Dictionary G-K

G

GBP: Great Britain pound

George Soros: A forex legend who made over one Billion dollars in a single trade while trading Pounds with Bank of England and left the Bank at the verge of Bankruptcy.

Gopher: Nickname of the currency pair GBPJPY (i.e. Great Britain pound and Japanese Yen).

GTC (Good Till Canceled) — this is the type an order that is set in advance to buy or sell a currency at the set price. This order is alive (good) until execution or cancellation and it doesn’t matter how long the orders lasts. The other types of orders are time-based and expire at the specified time in case the order has not filled before expiry time.

H

Hedging — Hedging mean staking certain positions with the objective to secure the existing open positions. There are multiple kinds of Hedging practices where the main one is to open an opposite position on the same pair in the same account. However, this practice has now been abolished by the CFTC (Markets controlling body of United States), so the facility does not exist anymore with the U.S. based Brokers. Traders now resort to other forms of hedging by taking positions on cross-pairs and taking counter- positions in other trading accounts.

High: A sharp reversal point or a peak seen on the chart from where the market price returns to the opening price.

Hyip: It stands for “High yield investment program”. This program aim for extraordinarily high returns for their investors while trading at extreme risks. The probability of finding a total loss is higher under this program compared to conventional investment schemes. (Also see “PONZI schemes”)

I

Instrument– See Currency pair

Interbank rates: The buy and sell rates at which the international banks trade with each other.

Intra-day: All trading activities that close in the same day. (Also see “Day trader”)

Introducing broker: a person or a corporate that introduces new clients to the brokers and earns trading commission on client’s trading activities.

Islamic account: See “Swap-free account”

J

Jobber: A trader who trades for short and quick profits rarely carrying the position to the next session.

Joint Account: A forex trading account with to or more owners to the capital in it and with clearly- defined ownership rights.

Journal: A statement of a trader’s account trading history including his closed and open position.

Jpy: It stands for the currency of Japan i.e. Japanese Yen.

K

Key points: The support and resistance points in the ongoing trend.

Killer: A sudden spike that triggers the stop- loss.

Kiwi — this is the Nick name for the New Zealand dollar and United States dollar pair, i.e. NZD/USD. Kiwi is another Marjory traded currency-pair and shows strong stability, demand and liquidity as against the other currency pairs.

Knocking: double-touch to the key support and key resistance levels.

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