Glossary

The record of completed transactions and cancelled orders executed by a client

The price at which you buy at
A term for AUD/USD
Funds in a trading account which are not being use as margin, to cover running losses, or to pay swap fees
The first currency in a quoted pair.
The rate at which Central Banks lend to commercial banks
Someone who expects prices to fall/negative sentiment
The price at which you sell
Someone who expects prices to rise/positive sentiment
A term for GBP/USD

Contract For Difference. An OTC derivative product which enables traders to speculate on underlying market prices without making a physical purchase
TeraFX (UK) MT4
The amount paid to execute a transaction
In Forex one standard unit (eg 1 lot)
An instrument which prices the value of one currency against another
A practice account to test trading and strategies
A cash adjustment applied to an equity or index CFD position when the share or component shares within the index pass their ex-dividend date
An automated program executed within the Client Terminal which manages positions and orders automatically without (or with very little) manual control

The European Central Bank

The US central bank, the Federal Reserve Bank
The unrealised net running profits or losses within a clients account
The Federal Open Market Committee, the committee which determines US monetary policy and in particular sets interest rates
The process of buying one currency whilst simultaneously selling another, or speculating on currency price movement

A significant difference between two price quotes. May occur within a trading session, most likely over the release of economic data, and also in between the closing and opening of the market, for example over the weekend

Gross Domestic Product, the total value of the goods and services produced by a country within a specified period

Good Til Cancelled. A pending order which is live until it is executed or cancelled
Maintaining a market neutral position by holding positions in opposite directions
The amount required to open a position
A term for the NZD/USD
The ability to open a trade without having to fund the full value of the contract. For example 100:1 leverage means that only 1% of the contract value is required as initial deposit
A composite index (1992 = 100) of ten macroeconomic indicators predicting medium term economic activity
London Inter-Bank Offered Rate. Lending rate benchmark
A resting order to trade at a better rate than the current prevailing price
An open position which will profit from the rise in value of a price or rate
A term for USD/CAD

A standardised transaction size. In FX, 1 lot is the equivalent to 100,000 of the base currency. For example, 1 standard lot of GBP/USD has a notional value of £100,000
Cleared funds within a trading account, which may be used as deposit to open a trade or to cover running losses on net open positions. Funds which are not being used as collateral to maintain open positions may be referred to as free margin
A request made by a broker to a client for extra funds to cover running losses on a margin trading account. The inability to meet a margin call may lead to the closing of open positions, possibly realising a loss.
An account which facilitates the act of trading financial markets using leverage
An instruction to open a new position at the current market price
The trading platform provided free to clients of TeraFX (UK)
The price at which you buy
The status of an order once it has been executed and is currently live.
A resting instruction to either open a new position, or close an open position.
The minimum price movement of any FX pair
The price at which a financial market is quoted at
A technical analysis term which describes a level in a market where upwards price momentum stalls, normally due to the existence of multiple resting sell orders
An indicator which determines if a market is overbought or oversold
A style of very short term trading where clients aim to make frequent, small profits
An open position which has been closed and profit or loss has been realised
The difference between an order’s price and the price at which the order was executed. Slippage may be positive or negative
The difference in pips between the Bid and the Offer
An instruction to close an open position if the current prevailing price moves to a less favourable price
An instruction to open a new position if the price of a market reaches a specified less favourable price than the current prevailing price
A technical analysis term which describes a level in a market where downward price momentum stalls, normally due to the existence of multiple resting buy orders
A swap is an adjustment made to your account for holding a position overnight, based on the interest rate differential between the two currencies making up the pair. Swap adjustments may be positive or negative, based on the local base rates of the currency pair you are trading and what direction your trade is in
A term for USD/CHF
An instruction to close out an open position once the market price has moved to a more favourable position
The art of analysing a market and establishing likely future trends based on historical price movement and data
A stop loss order attached to an open position which, as the market moves in a favourable direction, trails the current price at a pre-determined distance
An FX trade
The amount of contracts traded
The running profit or loss attached to an open position
The amount of available funds in a dealing account which can be used for trading
The amount of funds being used as margin to hold open positions or pending orders to open
A statistical measure of the number of price changes for a given currency pair within a specific time period
Stop or Limit orders yet to be triggered. May be orders to open a new position or contingent orders