Foreign Exchange · Spot Market
Learn how to read a currency pair, understand bid and ask, and see how a spot position makes or loses money. We compare the global major EUR/USD with the desk’s local focus, USD/TRY and EUR/TRY, before a risk-free simulation and scored test.
Part 01 · Knowledge
FX always exchanges one currency for another. We begin with EUR/USD, then apply the same language to USD/TRY and EUR/TRY from a Turkish treasury perspective.
If you sell the base currency to the dealer, you receive the lower bid. If you buy the base currency, you pay the higher ask.
Local-currency focus
In the common market quotations USD/TRY and EUR/TRY, TRY is the quote currency. The number tells you how many lira are needed for one dollar or one euro.
The client pays the USD/TRY ask. At 40.0060, buying USD 1 million costs TRY 40,006,000.
The client receives the USD/TRY bid. At 39.9940, selling USD 1 million receives TRY 39,994,000.
TRY pairs can move more sharply and trade with wider spreads than EUR/USD. Check liquidity, event risk and position limits before trading.
A spot trade agrees the currencies, amount and price now. For many major currency pairs, standard settlement is typically two business days later. Holidays and some pairs can change the date.
The spread is ask − bid. In the EUR/USD example, 1.1002 − 1.0998 = 0.0004, or 4 pips. It is an immediate trading cost.
A pip is a standard small price move. For most pairs it is 0.0001. USD/JPY is commonly quoted with a pip of 0.01.
| Move | Base currency | Quote currency | Plain English |
|---|---|---|---|
| EUR/USD 1.1000 → 1.1100 | EUR stronger | USD weaker | One euro buys more dollars |
| USD/TRY 40.00 → 41.00 | USD stronger | TRY weaker | One dollar buys more lira |
| USD/CNY 7.20 → 7.15 | USD weaker | CNY stronger | One dollar buys fewer yuan |
Before every trade, say one sentence: “I am buying/selling the base currency, and I expect this pair to rise/fall.” If the sentence does not make sense, pause.
Part 02 · Dynamic demonstration
The prices below are generated for training. Open one position, watch its value change, then close it. Nothing here connects to a real market or dealing system.
One US dollar costs approximately 40.0000 Turkish lira.
Part 03 · Assessment
Ten questions. Each answer includes an explanation. Every trainee may take the test more than once; the class leaderboard uses each person’s best attempt.
Enter your name consistently so your attempts are grouped under one leaderboard entry.
Completed attempts are sent to the class leaderboard and also backed up in this browser.
Attempt complete
Class results
Ranked by best score. Equal best scores share the same rank.
Newest local attempt first.
This table is a browser backup. The live leaderboard above is shared across trainees and devices.