FOREX BASIC TERMINOLOGY

In order to become a successful trader, it is vital to understand the basic Forex terminology, which at times may be misleading.
Odd Lot
An odd lot is an order amount for a security that is less than the normal until of trading for that particular asset. Odd lots are considered to be anything less than the standard 100 shares for stocks. Trading commission for odd lots are generally higher on a percentage basis than those for standard lots.
Offer
The rate at which a dealer is willing to sell a currency.
Offsetting transaction
A trade with which serves to cancel or offset some or all of the market risk of an open position.
One Cancels the Other Order (OCO)
A designation for two orders whereby one part of the two orders is executed the other is automatically cancelled.
Open order
An order that will be executed when a market moves to its designated price. Normally associated with Good 'til Cancelled Orders.
Open position
A deal not yet reversed or settled with a physical payment.
Over the Counter (OTC)
Used to describe any transaction that is not conducted over an exchange.
Overnight
A trade that remains open until the next business day.

PACKED WITH THE KNOWLEDGE OF THE BASIC TERMS, YOU ARE ONE STEP AHEAD IN MAKING YOUR TRADING JOURNEY A PROSPEROUS ONE.