Basic Terminology
"Going Long/Short"

Long means you are buying the base currency and selling the quoted currency and going short means you are selling the base currency and buying the quoted currency.
"Bid/Ask Prices"

Majority of the time the bid is lower than the asking price.
The bid price is the best available price the broker is willing to buy the base currency for in exchange for the quoted currency to sell to market.
The ask price is the best price at which your broker will sell the base currency for in exchange for the quoted currency. This means the ask price is the best available price to purchase from the market.

"The Spread"

A “spread” is simply the difference between the bid and ask price.

"Types Of Charts"

Line Charts

These allow you to view overall trend quickly due to their smooth plotting. Position traders use these most often to see where price may head down the road.




Bar Chart

bar charts are very similar to candlestick charts without a real body. The tick on the left indicates where price opened, tick on the right indicates where price closed, and the vertical bar represents extreme highs and lows of price movement.





Candlestick Charts

These are the most commonly used charts. They are the same as Bar Charts except they have a real body to them.