Forex trading quiz: how much do you know?
10 beginner questions on pips, lots, leverage and risk. We explain every answer.
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Forex basics FAQ
What is a pip in forex?
A pip is the smallest standard price move for a currency pair. For most pairs it is the fourth decimal place, 0.0001. For yen pairs it is the second decimal place, 0.01.
How big is one standard lot?
One standard lot is 100,000 units of the base currency. A mini lot is 10,000 units and a micro lot is 1,000 units.
How much should a beginner risk per trade?
Many traders keep risk to about 1% to 2% of their account on any single trade, so a losing streak does not wipe out the account.
What does a stop loss do?
A stop loss is an order that closes your trade at a set price to cap how much you can lose if the market moves against you.
Is this quiz financial advice?
No. Our quiz is for learning only. Trading involves risk and you can lose money.