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The price at which the broker sells to you — i.e. the price at which you can buy.

The price at which the broker buys from you — i.e. the price at which you can sell.

A flat or per-lot fee charged in addition to the spread — typical on ECN/STP raw-spread accounts.

A spread that the broker keeps constant regardless of market conditions — wider but predictable.

The standard FX position size — 1 lot = 100,000 units of the base currency.

The chosen position size for a trade — drives pip value and therefore total risk.

1,000 units of the base currency — 0.01 standard lots. Pip value ≈ $0.10.

10,000 units of the base currency — 0.10 standard lots. Pip value ≈ $1.

100 units of the base currency — 0.001 standard lots. Pip value ≈ $0.01.

The smallest standard price change in a currency pair — usually the 4th decimal place (or 2nd for JPY pairs).

The dollar (or account-currency) value of a 1-pip move on a given position size — drives position sizing math.

1/10 of a pip — the 5th decimal place (or 3rd for JPY pairs) on a 5-digit broker.

A complete trade cycle — entry plus exit. Commissions are usually quoted on a round-turn basis.

The difference between the price you expected on an order and the price it actually filled at.

The difference between the bid (sell) and ask (buy) price — your unavoidable cost on every round-turn trade.

100,000 units of the base currency — the original 'lot' size in retail FX.

The interest credit or debit applied when a position is held overnight — reflects interest rate differentials between the two...

The smallest price increment for a given instrument — for major FX pairs typically 0.00001 (pipette) on 5-digit brokers.

The dollar value of a one-tick price move at a given lot size — the most granular form of pip...

On Wednesdays, brokers charge three days of swap to cover the weekend — Wednesday rollover prices Wed/Thu/Fri/Sat/Sun.

A spread that changes with market liquidity — tight in normal conditions, wider during news and low-liquidity sessions.

Gold priced in US dollars — traded on FX platforms as a 'CFD' or 'spot metal' alongside currency pairs.