Speak trader

Pick a letter to see every term that starts with it. Each one opens a plain-English page with a stickman, an example and the classic mistake.

#

• 51% AttackWhen one person or group controls most of a blockchain's mining or staking power and uses it to rewrite recent history.

A

• AAII Sentiment SurveyA weekly poll asking US individual investors whether they expect stocks to rise, fall or go nowhere over the next six months.
• Abandoned BabyA rare three-candle reversal pattern where a doji sits alone, separated by gaps from the candles on either side.
• Account Statement ReportThe record your broker sends showing every trade, fee, deposit, withdrawal and your balance over a period.
• Account ValueWhat your trading account is worth right now: your cash balance plus or minus the profit or loss on open trades.
• Accumulation AreaA sideways price zone, often after a fall, where bigger players are thought to be quietly buying before a move up.
• Accumulative Swing IndexAn indicator by Welles Wilder that adds up a 'swing' value for each bar to show the true direction and strength of a trend.
• ACH TransferA cheap, slow US bank-to-bank electronic transfer, often used to move dollars into or out of a crypto exchange account.
• ADP National Employment ReportA monthly estimate of US private-sector job growth from payroll firm ADP, released a couple of days before the official jobs report.
• Advance/Decline IndexA running count of how many stocks rose minus how many fell each day, used to judge how broad a stock-market move is.
• Afghan Afghani (AFN)The official currency of Afghanistan, code AFN, issued by Da Afghanistan Bank.
• Agency ModelA broker setup where your orders are passed on to outside liquidity providers, so the broker earns fees rather than betting against you.
• AggressorThe trader who hits an existing price to make a deal happen right now, instead of waiting for someone to come to them.
• AirdropFree tokens sent to a batch of wallets, usually to reward early users or spread a new coin around.
• Alameda ResearchThe crypto trading firm founded by Sam Bankman-Fried that collapsed with FTX in November 2022.
• Alan GreenspanAn American economist who chaired the US Federal Reserve from 1987 to 2006, one of the longest runs in the job.
• Albanian Lek (ALL)The official currency of Albania, code ALL, issued by the Bank of Albania.
• Algerian Dinar (DZD)The official currency of Algeria, code DZD, managed by the Bank of Algeria.
• AlgorithmA fixed set of step-by-step instructions a computer follows to solve a problem or reach a result.
• All-or-None OrderAn order that must be filled in full or not at all: no partial fills allowed.
• All-Time HighThe highest price something has ever traded at.
• All-Time LowThe lowest price an asset has ever traded at since it started trading.
• AlligatorBill Williams' trend indicator made of three shifted moving averages nicknamed the jaw, teeth and lips.
• AlphaThe part of a return that beats a benchmark after accounting for the risk taken. Skill, or luck dressed up as skill.
• AltcoinAny cryptocurrency other than Bitcoin.
• Ample Reserves RegimeThe Fed's way of steering rates by keeping banks flush with reserves and moving the rate it pays on them, rather than rationing reserves.
• AnalystSomeone paid to study markets, economies or companies and publish views on where prices might go.
• ANDOSA cryptographic protocol that lets a buyer get exactly one secret out of a set, without the seller learning which one.
• Andrews' PitchforkA three-line channel tool drawn from three swing points, used to map where a trending price might find support and resistance.
• Angela MerkelChancellor of Germany from 2005 to 2021 and a central figure in Europe's response to the eurozone debt crisis.
• Angolan Kwanza (AOA)The official currency of Angola, code AOA, issued by the National Bank of Angola.
• AnonymityActing with no link at all to your real identity. Most crypto is not truly anonymous, only pseudonymous.
• Anti-Money LaunderingRules that force financial firms to spot and report money from crime, which is why brokers ask for ID and proof of funds.
• ANZ Commodity Price IndexA monthly index from ANZ bank tracking prices of New Zealand's main export commodities, watched by NZD traders.
• API Weekly Statistical BulletinA weekly report of US crude oil and fuel stockpiles from the American Petroleum Institute, released the day before the government's figures.
• Application Programming InterfaceA doorway that lets one piece of software talk to another, such as your trading bot talking to your broker.
• AppreciationWhen a currency or asset gains value, so each unit buys more than it did before.
• ArbitrageBuying something in one place and selling it at the same moment somewhere it costs more, to pocket the price gap.
• Argentine Peso (ARS)The official currency of Argentina, code ARS, known for long bouts of high inflation and repeated devaluations.
• Armenian Dram (AMD)The official currency of Armenia, code AMD, issued by the Central Bank of Armenia.
• Aroon OscillatorA single line made by subtracting Aroon Down from Aroon Up, showing whether recent highs or recent lows are winning.
• Aroon Up/DownTwo lines that measure how many bars ago the latest high and latest low happened, to judge whether a trend is starting or fading.
• Aruban Florin (AWG)The currency of Aruba, code AWG, pegged to the US dollar at a fixed rate of 1.79 florins per dollar.
• Ascending ChannelTwo parallel upward-sloping lines that contain price as it makes higher highs and higher lows.
• Ascending Trend LineA line drawn under two or more rising lows, acting as a sloping floor in an uptrend.
• Ascending TriangleA chart pattern with a flat ceiling and rising lows, often read as buyers pressing until the ceiling breaks.
• AskThe price at which the market will sell to you, so it is the price you pay when you buy.
• AssetAnything with value that can be owned or traded: cash, currencies, shares, bonds, gold, property or coins.
• Asset PurchasesWhen a central bank creates money to buy bonds and other assets in bulk, pushing long-term interest rates down.
• ASX 200Australia's benchmark stock index, tracking about 200 of the largest companies listed on the Australian Securities Exchange.
• Asymmetric SlippageWhen a broker passes price moves that hurt you through to your fill, but keeps the moves that would have helped you.
• At BestAn instruction to buy or sell straight away at the best price currently available.
• At or BetterAn order to trade at a set price or a more favourable one, never worse.
• Atomic SwapA direct trade of coins on two different blockchains that either completes fully for both sides or doesn't happen at all.
• AusterityWhen a government slashes spending or raises taxes to shrink its budget deficit and debt.
• Australian Dollar (AUD)Australia's currency, code AUD, nicknamed the Aussie, and one of the most traded currencies in the world.
• AuthenticationProving you are who you say you are before an account or wallet lets you in.
• Automated Market MakerA trading system that sets prices with a formula and a pool of tokens, instead of matching buyers with sellers.
• Autorité des marchés financiersFrance's financial markets regulator, known as the AMF. (Quebec in Canada also has a regulator with the same name.)
• Average Directional IndexAn indicator from 0 to 100 that measures how strong a trend is, without caring which direction it runs.
• Average True RangeAn indicator that shows how far price typically moves per candle, used to size stops and gauge volatility.
• Awesome OscillatorBill Williams' momentum histogram: a 5-bar average of midpoints minus a 34-bar average, showing whether short-term momentum beats the longer trend.
• Azerbaijani Manat (AZN)The official currency of Azerbaijan, code AZN, an oil-linked currency held at a stable level against the US dollar.

B

• BacktestingRunning a trading strategy's rules over past price data to see how it would have done.
• BackwardationWhen a futures contract for later delivery is cheaper than the price for immediate delivery, usually because people want the thing now.
• BagSlang for the amount of a particular coin you are holding.
• Bag HolderSomeone stuck holding a coin that has crashed, still hoping it will come back.
• Bahamian Dollar (BSD)The currency of the Bahamas, code BSD, pegged one-to-one with the US dollar.
• Bahraini Dinar (BHD)The currency of Bahrain, code BHD, pegged to the US dollar and one of the highest-valued currency units in the world.
• Bail-InRescuing a failing bank by making its own investors and large creditors take losses, instead of using taxpayer money.
• BailoutWhen a government, central bank or group of lenders pumps money into a failing company, bank or country to keep it alive.
• Baker Hughes Rig CountA weekly count of active oil and gas drilling rigs, mostly watched for the US, published by oilfield firm Baker Hughes.
• Balance of PaymentsA country's full record of money flowing in and out over a period: trade, income, investment and loans.
• Balance of TradeThe value of a country's exports minus its imports. Positive is a trade surplus; negative is a trade deficit.
• Balance Sheet RecessionA slump where companies and households focus on paying down debt after a bubble bursts, so cheap money fails to get them borrowing again.
• Baltic Dry IndexA daily index of what it costs to ship bulk raw materials like iron ore, coal and grain by sea.
• Bangladeshi Taka (BDT)The currency of Bangladesh, code BDT, managed by Bangladesh Bank.
• Bank for International SettlementsAn international organisation in Basel, Switzerland, that serves as a bank and meeting place for the world's central banks.
• Bank LevyA special tax charged on banks, often on the size of their balance sheets, to make them pay for the risk they pose.
• Bank of CanadaCanada's central bank, which sets the country's key interest rate and steers the Canadian dollar's monetary backdrop.
• Bank of EnglandThe UK's central bank, whose Monetary Policy Committee sets Bank Rate and steers the British pound's monetary backdrop.
• Bank of JapanJapan's central bank, famous for decades of ultra-low interest rates and massive bond buying.
• Bank RunWhen many depositors rush to pull their money out of a bank at once because they fear it will fail.
• Banking InstitutionsCommercial and investment banks: the biggest players in currency markets, trading for clients and for themselves.
• Bar ChartA price chart where each period is a vertical line showing the high and low, with small ticks for the open and close.
• Barbados Dollar (BBD)The currency of Barbados, code BBD, pegged at two Barbados dollars to one US dollar.
• Base currencyThe first currency in a pair. It is the one you are buying or selling, and the price is always for one unit of it.
• Base RateThe main interest rate a central bank sets, which ripples out to every loan and savings rate in the economy.
• Basel Committee on Banking SupervisionThe international body that writes the global rulebook for how much capital banks must hold, including against crypto.
• BasingWhen a price that has been falling stops and moves sideways in a tight range, building a 'base' that may come before a rise.
• Basis PointOne hundredth of one percent (0.01%). Used to describe small changes in interest rates and yields.
• BearA trader who expects prices to fall and may sell or go short to profit from it.
• Bear FlagA pattern where a sharp drop (the pole) is followed by a small, slightly upward drift (the flag), often before another leg down.
• Bear MarketA long, deep fall in prices. For stock indexes, a drop of 20% or more from a recent high is the common rule of thumb.
• Bear TrapA false breakdown below support that lures sellers in, then snaps back up and leaves them trapped in losing shorts.
• Bear WhaleA huge holder who dumps a massive amount of a coin, shoving its price down.
• BearishExpecting a price to fall. A bearish market, candle or trader leans toward lower prices.
• Bearish Engulfing PatternA two-candle top pattern where a big down candle completely swallows the body of the previous up candle.
• Beige BookA Fed report, published eight times a year, that collects stories from businesses across the twelve Federal Reserve districts.
• Belarusian Ruble (BYN)The currency of Belarus, code BYN, introduced in 2016 when four zeros were knocked off the old ruble.
• Belize Dollar (BZD)The currency of Belize, code BZD, pegged at two Belize dollars to one US dollar.
• Ben BernankeChair of the US Federal Reserve from 2006 to 2014, who led its response to the 2008 financial crisis.
• Bermudian Dollar (BMD)The currency of Bermuda, code BMD, pegged one-to-one with the US dollar.
• BetaA measure of how much an asset tends to move compared with the overall market.
• Beta CurrencyA currency that tends to amplify moves in the wider market or in a related currency, swinging harder than its peers.
• Beveridge CurveA chart plotting job vacancies against unemployment, used to judge how well the labour market matches workers to jobs.
• Bhutanese Ngultrum (BTN)The currency of Bhutan, code BTN, pegged one-to-one with the Indian rupee.
• BidThe price at which the market will buy from you, so it is the price you get when you sell.
• BiflationWhen some prices are rising (inflation) while others are falling (deflation) in the same economy at the same time.
• Big FigureThe leading digits of an exchange rate that rarely change during the day, which dealers leave out when quoting.
• Big Mac IndexThe Economist's light-hearted comparison of burger prices around the world, used to judge whether currencies look cheap or expensive.
• BinanceOne of the world's largest crypto exchanges by trading volume, founded in 2017 by Changpeng Zhao.
• Binary OptionsA yes-or-no bet on whether a price will be above a level at a set time: a fixed payout if right, the stake lost if wrong.
• Biometric SecurityUnlocking an account or device with part of your body, such as a fingerprint or your face.
• BitcoinThe first cryptocurrency: digital money with a fixed cap of 21 million coins, run by a network that no single company controls.
• Bitcoin ATMA kiosk that lets you buy, and sometimes sell, bitcoin with cash or a card, usually for hefty fees.
• Bitcoin DominanceBitcoin's share of the total value of the whole crypto market, shown as a percentage.
• Bitcoin Improvement ProposalA formal written design document proposing a change or standard for Bitcoin, numbered and debated in public.
• Bitcoin Pizza DayMay 22, the anniversary of the 2010 purchase of two pizzas for 10,000 bitcoin, an early real-world use of the coin.
• BitstampOne of the oldest crypto exchanges still running, founded in Europe in 2011.
• BittrexA US crypto exchange founded in 2014, known for listing many small altcoins, that shut down in 2023.
• BlackRock Geopolitical Risk IndicatorA gauge from asset manager BlackRock that tracks how much markets and media are focused on geopolitical risks.
• BlockA bundle of confirmed transactions added to a blockchain, sealed with a link to the block before it.
• Block RewardThe coins paid to whoever successfully adds a new block to a blockchain: newly created coins plus the transaction fees inside.
• Block TimeThe average time it takes a blockchain to produce a new block.
• BlockchainA shared digital ledger, copied across many computers, where records are grouped into blocks and chained so they can't be quietly changed.
• Blockchain ExplorerA website that lets anyone search a blockchain and look up any transaction, address or block.
• Bloomberg U.S. Economic Surprise IndexA measure of whether US economic data has been coming in better or worse than forecasters expected.
• Blue ChipA share in a large, long-established, financially solid company.
• BNBThe native coin of the BNB Chain blockchain, created by the Binance exchange and once called Binance Coin.
• Bolivian Boliviano (BOB)The currency of Bolivia, code BOB, held for years at a fixed official rate against the US dollar.
• Bollinger BandsA moving average with two bands drawn above and below it, spaced by standard deviation, that widen and narrow with volatility.
• Bond AuctionThe sale where a government sells new bonds to investors, who bid for them and set the interest rate it pays.
• Bond VigilantesBond investors who punish governments they see as reckless by selling their bonds and driving borrowing costs up.
• Bond YieldThe return a bond pays you each year as a percentage of its price. When bond prices fall, yields rise, and vice versa.
• BondsLoans to a government or company that pay regular interest and return the original amount on a set date.
• BookA dealer's full set of open positions, or the list of buy and sell orders waiting at each price.
• Boris SchlossbergA long-time forex analyst, author and commentator, known for co-founding BK Asset Management with Kathy Lien.
• Botswana Pula (BWP)The currency of Botswana, code BWP, managed against a basket that includes the South African rand.
• Brain WalletA wallet whose key is generated from a phrase you memorise, which is risky because people choose guessable phrases.
• Brazilian Real (BRL)Brazil's currency, code BRL, a volatile emerging-market currency often traded for its high interest rates.
• BreakdownWhen price falls through a support level or the bottom of a pattern, often bringing more selling.
• BreakevenThe price where a trade neither makes nor loses money once costs are counted.
• BreakoutWhen price bursts through a resistance level or out of a pattern, often with a surge of momentum.
• Breakout TradingA strategy of entering trades as price escapes a range or key level, aiming to catch the start of a strong move.
• Brent Crude OilA grade of crude oil from the North Sea whose price is the main global benchmark for oil.
• Bretton Woods AgreementThe 1944 deal that tied major currencies to the US dollar, and the dollar to gold, until it fell apart in the early 1970s.
• Brian ArmstrongCo-founder and chief executive of Coinbase, one of the biggest US crypto exchanges.
• Bricked FundsCrypto that still exists on the blockchain but can never be moved again, usually because of a mistake or a bug.
• BRICSA group of large emerging economies: originally Brazil, Russia, India and China, later South Africa and more.
• British Pound (GBP)The UK's currency, code GBP, also called sterling, and one of the most traded currencies in the world.
• Broadening FormationA chart pattern where swings get wider, with higher highs and lower lows, forming a megaphone shape.
• BrokerThe company that gives you access to the market, holds your money, and executes your trades.
• Broker-DealerA firm that both executes trades for clients (broker) and trades for its own account (dealer).
• BTFDSlang for 'buy the dip': buying after a price drop on the belief it will bounce back.
• BubbleWhen an asset's price balloons far above any sensible value because people buy simply expecting it to keep rising.
• Bucket ShopA dodgy firm that takes customer orders but never sends them to a real market, effectively betting against its own clients.
• Building PermitsA monthly count of how many new homes local authorities approved for construction, an early read on the housing market.
• Bulgarian Lev (BGN)Bulgaria's former currency, code BGN, which was tied to the euro and then replaced by it at the start of 2026.
• BullA trader who expects prices to rise and buys to profit from it.
• Bull FlagA pattern where a sharp rise (the pole) is followed by a small, slightly downward drift (the flag), often before another leg up.
• Bull MarketA long stretch of rising prices and optimism. For stock indexes, a rise of 20% or more from a low is the usual rule of thumb.
• Bull TrapA false breakout above resistance that lures buyers in, then reverses and leaves them stuck in losing trades.
• BullishExpecting a price to rise. A bullish market, candle or trader leans toward higher prices.
• Bullish Belt HoldA single tall up candle that opens at its low after a decline, hinting buyers have grabbed control.
• Bullish Engulfing PatternA two-candle bottom pattern where a big up candle completely swallows the body of the previous down candle.
• BurnPermanently destroying coins or tokens by sending them to an address nobody can ever spend from.
• Burundian Franc (BIF)The currency of Burundi, code BIF, issued by the Bank of the Republic of Burundi.
• Business InventoriesA monthly US report on the value of goods that manufacturers, wholesalers and retailers have sitting in stock.
• Buy the DipSlang urging people to buy after a price drop, betting the fall is temporary.
• Buy WallAn unusually large pile of buy orders at one price in an order book, which can act like a floor under the price.
• Buy-SideThe investors who buy financial services and products: fund managers, pension funds, hedge funds and the like.
• Buying PressureWhen eager buyers outnumber sellers, pushing price up as they accept higher and higher prices.

C

• CableTrader slang for the GBP/USD pair, from the transatlantic telegraph cable that once carried its price.
• CAC 40France's benchmark stock index, tracking 40 of the biggest companies on the Paris exchange.
• Caixin Manufacturing PMIA monthly survey of purchasing managers at Chinese factories, with a heavier tilt toward smaller private firms than the official survey.
• Caixin Services PMIA monthly survey of Chinese service-sector companies, where a reading above 50 signals growth.
• Camarilla Pivot PointsA set of eight intraday support and resistance levels calculated from the previous day's high, low and close.
• CambistAn old word for a foreign exchange dealer or an expert in currency exchange.
• Cambodian Riel (KHR)The currency of Cambodia, code KHR, used alongside the US dollar in daily life.
• Canadian Dollar (CAD)Canada's currency, code CAD, nicknamed the loonie after the bird on its one-dollar coin.
• CandlestickA chart bar that shows a period's open, high, low and close price: a fat body for open-to-close and thin wicks for the extremes.
• Capacity UtilizationThe share of an economy's factories, mines and utilities that is actually in use, compared with what could be used.
• Cape Verdean Escudo (CVE)The currency of Cape Verde, code CVE, pegged to the euro.
• Capital AccountThe part of the balance of payments that records investment and borrowing flows across a country's borders.
• Capital Gains TaxA tax on the profit you make when you sell an asset for more than you paid.
• Carbon CreditsTradable permits that each allow the holder to emit a set amount of carbon dioxide, usually one tonne.
• CardanoA proof-of-stake blockchain founded by Ethereum co-founder Charles Hoskinson, with ADA as its coin.
• Caroline EllisonFormer chief executive of Alameda Research who pleaded guilty to fraud after the 2022 collapse of FTX.
• Carry TradeBorrowing in a low-interest currency to hold a high-interest one, aiming to earn the interest difference.
• Cash MarketA market where things are bought and sold for immediate delivery and payment, rather than at a future date.
• CatalystAn event or piece of news that sparks a big move in price.
• Cayman Islands Dollar (KYD)The currency of the Cayman Islands, code KYD, pegged so that one Cayman dollar equals 1.20 US dollars.
• Cboe EuroCurrency Volatility IndexA Cboe index that estimates how volatile traders expect EUR/USD to be over the next 30 days, based on option prices.
• Central bankThe institution that manages a country's money supply and sets its key interest rate, such as the Federal Reserve or European Central Bank.
• Central Bank Digital CurrencyA digital form of a country's money issued directly by its central bank, as opposed to private cryptocurrencies.
• Central Bank InterventionWhen a central bank buys or sells its own currency in the market to push its exchange rate in a chosen direction.
• Central Counterparty Clearing HouseAn institution that steps between buyer and seller, becoming the buyer to every seller and the seller to every buyer, to guarantee trades.
• Central Limit Order BookA single shared list of all buy and sell limit orders on a venue, matched by price and then by time.
• CFA FrancTwo currencies used by fourteen African countries, the West African (XOF) and Central African (XAF) francs, both pegged to the euro.
• CFP Franc (XPF)The currency of French Polynesia, New Caledonia and Wallis and Futuna, code XPF, pegged to the euro.
• Chaikin OscillatorAn indicator by Marc Chaikin that measures momentum in buying and selling pressure using price and volume.
• Changpeng ZhaoFounder and former chief executive of Binance, known across crypto simply as CZ.
• Charles HoskinsonAn Ethereum co-founder who went on to found Cardano and its development company.
• Chart PatternA recognisable shape made by price on a chart, which traders use to guess what might happen next.
• ChartistA trader or analyst who makes decisions mainly by reading price charts.
• Chicago PMIA monthly survey of business activity in the Chicago region, released just before the national ISM manufacturing report.
• Chilean Peso (CLP)Chile's currency, code CLP, which often moves with the price of copper.
• Chinese Yuan (CNY)China's currency, code CNY. 'Renminbi' is the currency's name; 'yuan' is its unit.
• Choppy MarketA market that jerks up and down in short, messy swings without heading clearly anywhere.
• Christine LagardeFrench lawyer and politician who became President of the European Central Bank in 2019, after leading the IMF.
• Circulating SupplyHow many coins of a cryptocurrency exist and are actually available to trade right now.
• Claimant CountA monthly UK figure showing how many people claim unemployment-related benefits, and how that number changed.
• Cleared FundsMoney that has fully arrived in an account and is available to use, rather than still in transit.
• ClearingThe behind-the-scenes process of confirming a trade, working out who owes what and preparing it for settlement.
• Clearing PriceThe price at which the amount buyers want equals the amount sellers want to sell.
• ClientA customer of a broker or bank. In retail trading, that is you.
• Closed PositionA trade that has been exited, so its profit or loss is now locked in.
• CoinA cryptocurrency that is the native money of its own blockchain, like bitcoin on Bitcoin or ether on Ethereum.
• CoinbaseA large US crypto exchange founded in 2012 and listed on the Nasdaq stock market in 2021.
• Cold WalletA wallet whose keys are kept offline, away from the internet and the hackers on it.
• CollateralSomething of value pledged to back a loan or trade, which the lender can keep if you cannot pay.
• Colombian Peso (COP)Colombia's currency, code COP, which often moves with oil prices.
• ComdollTrader slang for the 'commodity dollars': the Australian, New Zealand and Canadian dollars.
• Commercial CorporationsOrdinary businesses that trade currencies because they buy and sell abroad, not to speculate.
• CommissionA fee a broker charges for handling your trade, usually a fixed amount per lot or a percentage of the trade's size.
• Commitments of Traders ReportA weekly CFTC report showing how different groups of traders are positioned in US futures markets, including currency futures.
• CommoditiesRaw materials like oil, gold, wheat and copper, traded in global markets where supply shocks hit prices hard.
• Commodity Channel IndexAn oscillator that measures how far price has strayed from its average, used to spot new trends or stretched moves.
• Commodity Futures Trading CommissionThe US government agency that regulates futures, options on futures, swaps and retail forex.
• Commodity Research Bureau IndexA long-running index that tracks the prices of a basket of commodities such as energy, metals and crops.
• Commodity Trading AdvisorA registered professional or firm that manages money or gives advice on trading futures and other derivatives.
• Comorian Franc (KMF)The currency of the Comoros, code KMF, pegged to the euro.
• CompletenessAn auditing principle: checking that every transaction that should be in a company's records actually made it in.
• Conference Board Leading Economic IndexA monthly composite of ten US indicators designed to signal turning points in the economy before they happen.
• ConfirmationExtra evidence that a signal is real before you act on it, such as a candle close beyond a level or a second indicator agreeing.
• ConfluenceWhen several separate tools point to the same price level or the same conclusion, making that level more interesting.
• Congolese Franc (CDF)The currency of the Democratic Republic of the Congo, code CDF.
• ConsolidationA period when price moves sideways in a range, neither side winning, often after a strong move.
• Construction SpendingA monthly US report on how much is being spent on building homes, offices, factories and public works.
• Consumer Confidence IndexA monthly US survey from The Conference Board asking households how they feel about the economy, jobs and income now and ahead.
• Consumer CreditThe total amount households owe on credit cards, car loans, student loans and other non-mortgage debt.
• Consumer Price IndexA monthly measure of how the prices of a typical basket of household goods and services are changing: the headline inflation gauge.
• Continuation DiamondA diamond-shaped chart pattern that forms mid-trend and then breaks in the same direction the trend was going.
• Continuation PatternA chart pattern that suggests a trend is pausing, not ending, and is likely to resume.
• Continuing Jobless ClaimsThe weekly US count of people who are still receiving unemployment benefits after their first week.
• Continuous Linked SettlementA system used by big banks to settle both sides of a currency trade at the same moment, so neither side pays without being paid.
• ContractAn agreement between two parties to trade something on set terms. In markets, also the standard unit of a futures or options trade.
• Contract for DifferenceA contract with your broker to exchange the difference in an asset's price between when you open and close, without owning the asset.
• ConvergenceWhen two things that were moving apart start moving together again, such as price and an indicator, or two prices for the same thing.
• Conversion RateThe rate used to turn an amount in one currency into another, for example to show profits in your account currency.
• CopperAn industrial metal used in wiring, building and electronics, often seen as a barometer of global economic health.
• Copper/Gold RatioThe price of copper divided by the price of gold, used as a rough gauge of growth optimism versus fear.
• Core PCE Price IndexA US inflation measure based on what consumers spend on, excluding food and energy. The Fed watches it closely.
• CornOne of the world's most traded farm commodities, used for food, animal feed and biofuel.
• CorrelationHow closely two prices move together, measured from −1 (always opposite) through 0 (unrelated) to +1 (always together).
• Cost of CarryThe total cost of holding a position over time: financing, storage and insurance, minus any income it earns.
• Costa Rican Colón (CRC)The currency of Costa Rica, code CRC, named after Christopher Columbus (Colón in Spanish).
• Council of the European UnionThe EU body where ministers from each member country meet to pass laws and coordinate policy.
• CounterpartyThe other side of your trade: whoever is selling when you buy, or buying when you sell.
• Country RiskThe risk that problems in a particular country, from politics to debt to sudden capital controls, hurt investments tied to it.
• CoverTo close a short position by buying back what you sold.
• Cover on a BounceClosing a short position once price starts rebounding, rather than waiting to see how far the bounce goes.
• Cover on ApproachClosing a short as price nears a level where it is expected to bounce, instead of waiting for the level to be hit.
• CPUA computer's main processor: the chip that runs its programs.
• Crack SpreadThe price gap between crude oil and the fuels refined from it, a rough measure of refinery profit margins.
• Credit RatingA grade, such as AAA or BB, showing how likely a government or company is to repay its debts.
• Credit Rating AgencyA firm that grades how creditworthy governments, companies and bonds are. The big three are S&P, Moody's and Fitch.
• Credit RiskThe risk that a borrower or trading partner fails to pay what it owes.
• Croatian Kuna (HRK)Croatia's former currency, code HRK, replaced by the euro on 1 January 2023.
• Cross RateAn exchange rate between two currencies where neither is the US dollar, such as EUR/GBP or AUD/JPY.
• CrossoverThe point where two lines on a chart cross, such as a fast moving average crossing a slow one, often read as a signal.
• Crush SpreadThe price gap between soybeans and the soybean oil and meal made from crushing them, a gauge of processors' margins.
• CryptoDigital currencies such as Bitcoin and Ether that run on blockchains instead of being issued by a central bank.
• CryptographyThe science of protecting information with maths, so only the right people can read it or prove it came from them.
• cTraderA trading platform offered by many forex and CFD brokers, known for depth-of-market views and its own automated trading tools.
• Cuban Peso (CUP)Cuba's currency, code CUP, which became the country's only official currency in 2021.
• Cup and HandleA bullish pattern shaped like a teacup: a rounded dip, a recovery, a small pullback (the handle), then a possible breakout.
• CurrencyA country's or region's money, such as the dollar, euro or yen.
• Currency BasketA weighted mix of several currencies treated as one, used to peg a currency or to measure one's overall strength.
• Currency CodeThe three-letter code for each currency, like USD, EUR or JPY, defined by the international standard ISO 4217.
• Currency DevaluationA deliberate official cut in the value of a currency that is pegged or managed.
• Currency Exchange ControlsGovernment limits on buying, selling or moving foreign currency in and out of a country.
• Currency ExposureHow much you stand to gain or lose from moves in a particular currency.
• Currency ForwardA private agreement to exchange currencies at a fixed rate on a set date in the future.
• Currency FuturesStandardised exchange-traded contracts to buy or sell a currency at a set price on a set future date.
• Currency HedgingUsing trades such as forwards or options to protect against losses from exchange-rate moves.
• Currency ManipulationAccusation that a government is deliberately pushing its currency's value, usually down, to gain a trade advantage.
• Currency OptionA contract giving the right, but not the obligation, to exchange currencies at a set rate before or on a set date.
• Currency pairTwo currencies quoted against each other, like EUR/USD, showing how much of the second it takes to buy one unit of the first.
• Currency PegA policy of fixing a currency's value to another currency, a basket or gold, defended by the central bank.
• Currency RiskThe chance of losing money because exchange rates move against you.
• Currency Swap LineAn agreement between two central banks to swap currencies, so each can lend the other's currency to its own banks in a pinch.
• Current AccountThe part of the balance of payments covering trade in goods and services, plus income and transfers with the rest of the world.
• Custodial WalletA wallet where a company, usually an exchange, holds the private keys and so controls the coins for you.
• Cypriot Pound (CYP)Cyprus's former currency, code CYP, replaced by the euro in 2008.
• Czech Koruna (CZK)The currency of the Czech Republic, code CZK, which floats freely.

D

• Daily ChartA chart where each candle or bar represents one full trading day.
• Daily Cut-OffThe time each day when the forex trading day officially ends, usually 5 p.m. New York time, and overnight interest is applied.
• Dallas Fed Manufacturing IndexA monthly survey of factory activity in Texas from the Federal Reserve Bank of Dallas.
• Danish Krone (DKK)Denmark's currency, code DKK, kept in a narrow band around a fixed rate to the euro.
• Dark Cloud CoverA two-candle top pattern where a down candle opens above the previous up candle's high and closes below its midpoint.
• Dark PoolA private trading venue where large orders are matched without showing them to the public order book first.
• Dark WebHidden websites that can only be reached with special software like Tor and are not indexed by normal search engines.
• Data CenterA building packed with computers, power and cooling, used to run servers or crypto mining at scale.
• DAXGermany's benchmark stock index, tracking 40 of the largest companies on the Frankfurt Stock Exchange.
• Day TradingOpening and closing trades within the same day, so no positions are held overnight.
• De-DollarizationEfforts by countries to rely less on the US dollar for trade, reserves and borrowing.
• Dead Cat BounceA brief recovery during a steep decline that fizzles out, after which the fall continues.
• Dead CoinA cryptocurrency that has been abandoned: no development, almost no trading, and a price near zero.
• Deal BlotterA running log of all trades made by a trader or desk during the day.
• Deal TicketThe record, or order window, that holds a trade's details: instrument, direction, size, price and time.
• DealerA firm or person who trades from their own account, quoting prices and taking the other side of customers' trades.
• Debt CeilingA legal cap on how much debt the US government can have outstanding, which Congress must raise or suspend to keep borrowing.
• Debt-to-GDP RatioA country's government debt divided by the size of its economy, a common gauge of how heavy its debt load is.
• DefaultWhen a borrower fails to make a payment it owes on time.
• DeFiFinancial services like lending, borrowing and trading run by smart contracts on a blockchain instead of by banks.
• DeficitWhen spending is larger than income. For governments, the gap between what they spend and what they collect in taxes in a year.
• DeflationA sustained fall in the general level of prices across an economy.
• DeliveryThe actual handing over of the asset or currency in a trade; the delivery date is when it happens.
• DeltaHow much an option's price is expected to change for a one-unit move in the underlying asset.
• Delta HedgingOffsetting an option position's directional risk by trading the underlying asset, and adjusting as delta changes.
• DeMarker IndicatorAn oscillator from 0 to 1 by Tom DeMark that compares recent highs and lows to gauge whether a market is overbought or oversold.
• Demo accountA practice trading account funded with pretend money, so you can learn the platform and test ideas without risking real cash.
• DepreciationWhen a currency loses value against others because of market forces, so each unit buys less.
• DepressionA severe, long-lasting economic downturn, much deeper and longer than a normal recession.
• DerivativesContracts whose value comes from something else, like a currency, stock or commodity. Futures, options, swaps and CFDs are all derivatives.
• Descending ChannelTwo parallel downward-sloping lines that contain price as it makes lower highs and lower lows.
• Descending Trend LineA line drawn across two or more falling highs, acting as a sloping ceiling in a downtrend.
• Descending TriangleA pattern with a flat floor and falling highs, often read as sellers pressing until the floor gives way.
• DeskA team inside a bank or broker that trades a particular market, such as the FX desk or the rates desk.
• DetailsThe information two parties swap after agreeing a deal so it can be settled: names, rates, dates and payment instructions.
• Detrended Price OscillatorAn indicator that strips the trend out of price to make shorter cycles, from peak to peak, easier to see.
• Deutsche BundesbankGermany's central bank, once the guardian of the Deutsche Mark and now part of the euro system.
• DiamondA rare chart pattern that first widens and then narrows, forming a diamond shape, often at the top of a trend.
• Diamond HandsSlang for refusing to sell through big drops and scary swings, holding on no matter what.
• Digital CurrencyAny money that exists only in electronic form, from bank balances and cryptocurrencies to central bank digital currencies.
• Digital Currency GroupA US crypto investment company founded by Barry Silbert and the parent of Grayscale.
• DipA short-lived drop in price, usually within a broader rise.
• Direct Market AccessA setup where your orders go straight into a market's order book, letting you see and trade on live prices yourself.
• Direct Price StreamLive prices sent electronically from a bank or liquidity provider straight to a client's system.
• Direct QuotationAn exchange rate shown as how much home currency it takes to buy one unit of a foreign currency.
• Directional Movement IndexTwo lines, +DI and −DI, that show whether buyers or sellers have been pushing harder, built by Welles Wilder.
• Dirty FloatAn exchange rate that mostly floats, but with the central bank stepping in now and then to steer it.
• Discount RateThe interest rate the Federal Reserve charges banks that borrow directly from it through the discount window.
• Discount WindowThe Fed's lending facility where banks can borrow short-term cash against collateral when they need liquidity.
• Discretionary AccountAn account where you give a professional permission to make trades for you without asking each time.
• Discretionary TradingTrading where a human decides each entry and exit using judgement, rather than following fixed automated rules.
• Disparity IndexAn indicator showing how far price is above or below a moving average, as a percentage.
• Distributed Ledger TechnologyA record-keeping system where many computers each hold and update a shared copy of the same ledger.
• DivergenceWhen price and an indicator move in opposite directions, hinting that the current move is running out of steam.
• Djiboutian Franc (DJF)The currency of Djibouti, code DJF, pegged to the US dollar for decades.
• DogecoinA cryptocurrency started in 2013 as a joke based on the Shiba Inu 'doge' meme, which became one of the best-known coins.
• DojiA candlestick where the open and close are almost the same, leaving a cross shape that signals indecision.
• Dominican Peso (DOP)The currency of the Dominican Republic, code DOP.
• Double BottomA W-shaped reversal pattern where price hits the same low twice, fails to break it, and then rises.
• Double SpendSpending the same digital coin twice, the core cheat that every cryptocurrency has to prevent.
• Double TopAn M-shaped reversal pattern where price hits the same high twice, fails to break it, and then falls.
• DoveA central banker who favours low interest rates to support growth and jobs, even at the risk of higher inflation.
• Dow Jones Industrial AverageA famous US stock index that tracks 30 large companies, calculated by share price rather than company size.
• Dow TheoryA century-old set of ideas from Charles Dow about how trends form, last and confirm each other.
• DowntickA trade or quote at a lower price than the one before it.
• DowntrendA market that keeps making lower highs and lower lows.
• Dragonfly DojiA doji with a long lower wick and no upper wick: sellers pushed price down, buyers dragged it all the way back.
• DrawdownHow far your account has fallen from its highest point, usually shown as a percentage.
• DumpA sudden, heavy sell-off that sends a price plunging, or the act of selling a lot of something fast.
• Durable Goods OrdersA monthly US report on new orders for long-lasting manufactured goods like machinery, appliances and aircraft.
• DYORShort for 'do your own research': a reminder to check things yourself instead of trusting tips from strangers.

E

• E-Trading DeskThe team at a bank that runs its electronic pricing and trading, where algorithms quote and fill most client orders.
• Earnings RecessionTwo or more quarters in a row where company profits, usually for a major stock index, fall compared with a year earlier.
• East Caribbean Dollar (XCD)The shared currency of several Eastern Caribbean islands, code XCD, pegged at 2.70 to the US dollar.
• ECNAn electronic network that matches buy and sell orders from many participants, used by 'ECN brokers' to give clients market prices.
• Economic and Monetary UnionThe EU framework that coordinates economic policy and created the euro, with a single currency and central bank for members who join.
• Economic CalendarA schedule of upcoming economic data releases, central bank meetings and events, with forecasts and past results.
• Economic IndicatorA statistic that shows how an economy is doing, such as GDP, unemployment or inflation.
• EconomistSomeone who studies how economies work: production, prices, jobs, money and trade.
• Efficient Market HypothesisThe theory that market prices already reflect all available information, so consistently beating the market is extremely hard.
• Egyptian Pound (EGP)Egypt's currency, code EGP, which has gone through several sharp devaluations as authorities loosened control of its rate.
• EIA Crude Oil InventoriesThe US government's weekly report on how much crude oil is in storage, released by the Energy Information Administration.
• Electronic Brokering ServicesA major electronic platform where banks trade currencies with each other, especially EUR/USD and USD/JPY.
• Electronic Direct TradingTrading currencies electronically straight with one bank, through that bank's own platform or price feed.
• Electronic Indirect TradingTrading currencies electronically through a venue that pools prices from many dealers, instead of with one bank directly.
• Electronic Market MakerA firm that uses algorithms to quote buy and sell prices continuously, earning the spread across huge numbers of trades.
• Elliott Wave TheoryRalph Elliott's idea that market moves unfold in repeating wave patterns: five waves with the trend and three against it.
• Elon MuskTech billionaire behind Tesla and SpaceX whose social media posts have repeatedly jolted crypto prices, especially Dogecoin.
• Emerging MarketAn economy that is growing and industrialising but is not yet considered fully developed, such as Brazil, India or South Africa.
• Empire State Manufacturing IndexA monthly New York Fed survey of manufacturers in New York State, one of the earliest reads on US factory activity each month.
• Employment ChangeThe monthly change in the number of people employed, a headline jobs figure in countries like Canada and Australia.
• Employment Cost IndexA quarterly US measure of how much employers' costs for wages and benefits are rising.
• Employment Situation ReportThe monthly US jobs report, home of the non-farm payrolls number and the unemployment rate.
• EncryptionScrambling information with a key so that only someone with the right key can turn it back into readable form.
• End of Day OrderA pending order that is automatically cancelled if it has not been filled by the end of the trading day.
• Engulfing PatternA two-candle reversal pattern where the second candle's body completely covers the first one's body, in the opposite colour.
• Entry OrderAn order to open a trade automatically if price reaches a level you choose, so you do not have to watch the screen.
• Eritrean Nakfa (ERN)The currency of Eritrea, code ERN, pegged to the US dollar.
• Estonian Kroon (EEK)Estonia's former currency, code EEK, replaced by the euro in 2011.
• EthereumA programmable blockchain that runs smart contracts and apps, with ether (ETH) as its coin.
• Ethereum Virtual MachineThe shared computing engine that runs smart contracts on Ethereum, copied by many other blockchains.
• Ethiopian Birr (ETB)Ethiopia's currency, code ETB, which moved to a market-based rate in 2024 after years of tight control.
• EuriborA benchmark interest rate showing what eurozone banks pay to borrow unsecured euros from each other for set periods.
• Euro (EUR)The shared currency of the eurozone countries, code EUR, and the second most traded currency in the world.
• EURO STOXX 50A stock index of 50 large companies from across the eurozone.
• EurobondsBonds issued in a currency other than that of the country where they are sold; also used for proposed jointly backed eurozone debt.
• EurodollarsUS dollar deposits held in banks outside the United States.
• EurogroupThe informal meeting of finance ministers from the countries that use the euro.
• European Central BankThe central bank for the euro, based in Frankfurt, which sets interest rates for every country that uses it.
• European CommissionThe EU's executive arm: it proposes laws, enforces EU rules and manages the budget.
• European Currency UnitA basket of European currencies used as an accounting unit from 1979 to 1998, the forerunner of the euro.
• European Economic AreaThe single-market zone covering EU countries plus Iceland, Liechtenstein and Norway.
• European Financial Stability FacilityA temporary rescue fund set up in 2010 to lend to eurozone countries in debt trouble, later succeeded by the ESM.
• European Free Trade AssociationA trade bloc of four European countries outside the EU: Iceland, Liechtenstein, Norway and Switzerland.
• European Markets Infrastructure RegulationEU rules from 2012 that require many derivative trades to be reported and, where possible, cleared through a central counterparty.
• European ParliamentThe EU's directly elected parliament, which shares the job of passing EU laws and the budget.
• European Securities and Markets AuthorityThe EU's markets watchdog, which sets common rules for brokers and markets across member countries.
• European Stability MechanismThe eurozone's permanent rescue fund, which lends to member countries in financial trouble, with conditions attached.
• European UnionA political and economic union of 27 European countries with a single market and shared laws.
• EurozoneThe group of EU countries that use the euro as their currency.
• Evening Doji StarA three-candle top pattern: a strong up candle, then a doji, then a strong down candle.
• Evening StarA three-candle reversal pattern at a top: a big up candle, a small candle, then a big down candle.
• ExchangeA marketplace where buyers and sellers trade assets under common rules, such as a stock exchange or a crypto exchange.
• Exchange rateThe price of one currency in terms of another: how much of the quote currency one unit of the base currency costs.
• Exchange-Traded FundA fund that holds a basket of assets, like an index of stocks or gold, and trades on an exchange like a single share.
• Existing Home SalesA monthly US report on how many previously owned homes were sold, published by the National Association of Realtors.
• Exotic pairsPairs that match a major currency with one from a smaller or emerging economy, such as USD/TRY or EUR/ZAR.
• ExpectancyThe average amount you can expect to win or lose per trade, based on your win rate and the size of your wins and losses.
• Expiry DateThe last day a futures or options contract is valid, after which it settles or expires worthless.
• Exponential Moving AverageA moving average that gives more weight to recent prices, so it reacts faster than a simple moving average.
• ExportsGoods and services a country sells to the rest of the world.
• ExposureThe amount of money you have at risk in a market, position or currency.

F

• F-You MoneySlang for having so much money that you never again have to do anything you don't want to, like going to work.
• Fat FingerA typing mistake when placing a trade, like an extra zero, that can send prices lurching or cost a fortune.
• FinCENA US Treasury agency that fights money laundering and sets reporting rules for banks and many crypto businesses.
• FintechShort for financial technology: companies and software that use tech to deliver money services in new ways.
• FlippeningThe hypothetical moment when Ethereum's market cap overtakes Bitcoin's.
• ForexThe global market where currencies are traded against each other, open 24 hours a day, five days a week.
• Forex Spot RateThe current exchange rate for swapping currencies now, with standard settlement in two business days for most pairs.
• ForkA change to a blockchain's rules, or a split where one chain becomes two that share the same past.
• FTXA major crypto exchange founded by Sam Bankman-Fried that collapsed in November 2022 after customer funds went missing.
• Full NodeA computer that downloads and checks every block and transaction against a blockchain's rules for itself.
• Fundamental analysisJudging where a price might go by studying the economy, interest rates, news and politics behind it.

G

• Gavin WoodEthereum co-founder who wrote its technical specification, created Solidity and later founded Polkadot.
• GeminiA US crypto exchange and custodian founded in 2014 by the Winklevoss twins.
• Gemini DollarA stablecoin issued by the Gemini exchange, designed to stay worth one US dollar.
• Genesis BlockThe very first block of a blockchain, the one every later block traces back to.
• GeoblockBlocking access to a website or service based on the country a user appears to be in.
• GPUA graphics chip built to do thousands of simple calculations at once, which made it a popular crypto-mining tool.
• Grayscale Bitcoin TrustA fund holding bitcoin whose shares trade like a stock; it converted into a spot bitcoin ETF in the US in 2024.

H

• HalvingThe scheduled event, roughly every four years, when the number of new bitcoins paid to miners per block is cut in half.
• Hard ForkA rule change to a blockchain that old software rejects, so everyone must upgrade or the chain splits in two.
• Hardware WalletA small physical device that stores your private keys offline and signs transactions without exposing them.
• Have Fun Staying PoorA smug crypto taunt aimed at sceptics, implying they'll miss out on getting rich.
• Hayden AdamsThe engineer who created Uniswap, one of the first and largest decentralized exchanges.
• Herd MentalityFollowing what everyone else is doing, buying or selling because the crowd is, rather than for your own reasons.
• HODLCrypto slang for holding on to your coins through ups and downs instead of selling.
• Hot WalletA crypto wallet connected to the internet: handy for quick spending, but more exposed to hackers.

I

• ImmutabilityThe property of a blockchain that makes recorded transactions practically impossible to change or delete.
• Initial Coin OfferingA fundraiser where a new crypto project sells its tokens to the public before or at launch.
• Interest rateThe cost of borrowing money, or the reward for lending it, shown as a yearly percentage. Central bank rates move currencies.

J

• John RayThe restructuring lawyer who took over as chief executive of FTX after it collapsed, to wind it down and recover money.
• JOMOThe 'joy of missing out': feeling relieved, not regretful, that you stayed out of a hyped trade.

L

• LamboSlang for crypto riches, from the idea of getting rich enough to buy a Lamborghini.
• Laser EyesA social media trend of adding glowing red laser eyes to profile pictures to show Bitcoin optimism.
• LedgerA record of transactions and balances: who owns what, and who paid whom.
• Ledger WalletA popular brand of hardware wallet made by the French company Ledger.
• LeverageBorrowed buying power from your broker that lets you control a big position with a small deposit, magnifying gains and losses.
• Lightning NetworkA second layer on top of Bitcoin that lets people make fast, cheap payments without recording each one on the blockchain.
• Limit orderAn order to buy below the current price or sell above it, filled only if the market reaches your chosen price.
• LiquidityHow easily something can be bought or sold quickly without pushing its price around.
• LongBuying something because you expect its price to rise. In forex, going long a pair means buying the base currency.
• LotA standard bundle size for a trade. Forex comes in standard (100,000), mini (10,000), micro (1,000) and nano (100) unit lots.

M

• M2A measure of how much money is sloshing around an economy: cash, checking and savings accounts, and other near-cash.
• Macanese PatacaThe currency of Macau, the casino hub on China's south coast, held in a tight peg to the Hong Kong dollar.
• MACDAn indicator that tracks the gap between two moving averages to show when momentum is building or fading.
• Macedonian DenarThe currency of North Macedonia, kept closely in line with the euro by its central bank.
• MainnetA blockchain's live, real network, where transactions use real coins with real value.
• Maintenance MarginThe minimum amount of equity you must keep in your account to hold a leveraged position open.
• Major pairsThe most traded currency pairs, each pairing the US dollar with another big economy's currency, such as EUR/USD or USD/JPY.
• Malagasy AriaryThe currency of Madagascar, and one of the few in the world not split into 100 smaller units.
• Malawian KwachaThe currency of Malawi in southern Africa, a thinly traded exotic that has been devalued several times.
• Malaysian RinggitMalaysia's currency, an emerging-market favourite closely tied to oil, palm oil and the Chinese economy.
• Maldivian RufiyaaThe currency of the Maldives, held close to the US dollar by the country's central bank.
• Maltese LiraMalta's old currency, retired in 2008 when the island switched to the euro.
• Managed FuturesFunds run by professionals who trade futures contracts across many markets, often by following trends.
• MarginThe deposit your broker locks up to keep a leveraged trade open. It is not a fee, but a good-faith slice of your account.
• Margin callA warning, or forced action, from your broker when your losses leave too little money in your account to support your open trades.
• Margin RequirementThe share of a trade's full size you must put up as a deposit to open it, usually shown as a percentage.
• Mario DraghiThe Italian economist who ran the European Central Bank from 2011 to 2019 and promised to do "whatever it takes" to save the euro.
• Mark-to-MarketValuing a position at today's market price instead of the price you paid, so your account shows what it is really worth right now.
• MarketAny place, physical or digital, where buyers and sellers meet to trade, with prices set by supply and demand.
• Market CapThe total value of all of a coin's (or company's) units in circulation: price multiplied by circulating supply.
• Market ImpactHow much your own order pushes the price against you as it fills.
• Market MakerA firm that always stands ready to both buy and sell, earning the spread in return for being there.
• Market MicrostructureThe study of the nuts and bolts of trading: how orders meet, how prices form and who gets filled when.
• Market orderAn order to buy or sell immediately at the best price available right now.
• Market RiskThe risk of losing money simply because prices move against you.
• Markets in Financial Instruments DirectiveThe European Union's rulebook for investment firms and trading venues, beefed up as MiFID II in 2018.
• MarubozuA candlestick with a big body and no wicks, showing one side bossed the market from open to close.
• MaturityThe date a bond, loan or contract ends and the borrower must hand back the money.
• Mauritanian OuguiyaThe currency of Mauritania in West Africa, one of the rare money units split into fifths instead of hundredths.
• Mauritian RupeeThe currency of Mauritius, an Indian Ocean island economy built on tourism, textiles and offshore finance.
• Maximum SupplyThe most coins a cryptocurrency will ever have, fixed by its code.
• Maximum Trading PowerThe biggest total position your account can control: your account value multiplied by your maximum leverage.
• MBA Mortgage ApplicationsA weekly US report on how many people are applying for home loans, a quick pulse check on housing.
• McClellan OscillatorA stock-market breadth indicator that measures whether most shares are joining a move or just a few big names.
• Mean ReversionThe idea that prices stretched far from their average tend to snap back toward it.
• Mechanical TradingTrading by a fixed set of rules for entries, exits and size, with no gut calls allowed.
• Message DigestThe short, fixed-length fingerprint a hash function produces from any piece of data.
• MetaTrader 4The veteran trading platform that most retail forex brokers have offered for nearly two decades.
• MetaTrader 5MetaQuotes' newer trading platform, built to handle forex plus stocks, futures and more.
• MetaverseShared, persistent virtual worlds where people meet, play and trade as avatars, sometimes using crypto and NFTs.
• Mexican PesoMexico's currency and one of the most heavily traded emerging-market currencies in the world.
• Micro lot1,000 units of the base currency, a hundredth of a standard lot. On EUR/USD, one pip is worth about 10 cents.
• MilliardAn old word for a thousand million, the same as a US billion; on trading desks it is shortened to "yard".
• Mine and YoursOld trading-floor shorthand: "mine" means I buy at your price, "yours" means I sell at your price.
• Mini lot10,000 units of the base currency, a tenth of a standard lot. On EUR/USD, one pip is worth about $1.
• MiningUsing computers to secure a proof-of-work blockchain and earn newly created coins as a reward.
• Ministry of FinanceA government's treasury department; in forex, the name usually means Japan's MOF, which decides when to defend the yen.
• Minor pairsCurrency pairs between major currencies that leave out the US dollar, such as EUR/GBP or AUD/JPY.
• Modern Monetary TheoryAn economic school arguing that a government printing its own currency can't run out of money, only into inflation.
• Moldovan LeuThe currency of Moldova, a small country between Romania and Ukraine.
• MomentumHow fast and how forcefully price is moving in one direction.
• Momentum TradingA style that buys what is already rising fast and sells what is falling fast, betting the move keeps going.
• MoneroA privacy-focused cryptocurrency that hides who sent what to whom, and how much.
• Monetary EasingWhen a central bank makes money cheaper and easier to get, by cutting rates or buying assets, to boost the economy.
• Monetary PolicyEverything a central bank does to control the cost and amount of money in an economy.
• Monetary Policy CommitteeThe Bank of England's nine-member panel that votes on UK interest rates.
• Monetary TighteningWhen a central bank makes money more expensive and scarcer, by raising rates or shrinking its balance sheet, to fight inflation.
• Money LegosDeFi apps that can be snapped together and built on each other, like Lego bricks.
• Money ManagementThe rules for how much of your account you put on each trade, so a bad run can't wipe you out.
• Money marketThe market for very short-term borrowing and lending, such as treasury bills, usually for a year or less.
• Money Services BusinessA US legal category for firms that move or exchange money for customers, which includes many crypto businesses.
• Money SupplyThe total amount of money circulating in an economy, measured in layers like M0, M1 and M2.
• Mongolian TugrikMongolia's currency, whose fortunes ride on mining exports and demand from China.
• MoonSlang for a price shooting dramatically higher; 'to the moon' is the hope that it keeps going.
• Morning StarA three-candle pattern at the bottom of a fall that hints sellers are exhausted and buyers are taking over.
• Moroccan DirhamMorocco's currency, managed against a basket made mostly of euros and dollars.
• Mortgage-Backed SecuritiesBonds built from bundles of home loans, paying investors from the monthly payments of homeowners.
• MOVE IndexA gauge of how wildly traders expect US Treasury yields to swing, often called the "VIX of bonds".
• Moving AverageThe average price over a set number of recent candles, drawn as a smooth line that follows the price.
• Mozambican MeticalThe currency of Mozambique on Africa's south-east coast.
• Multiple Time Frame AnalysisChecking the same market on a longer and a shorter chart timeframe before you trade, so you see the big picture and the detail.
• MultisigA crypto wallet setup that needs several separate keys to sign before any money can move.
• Mutual FundA pot of money pooled from many investors and run by a professional manager who buys a mix of stocks, bonds or both.
• Myanmar KyatThe currency of Myanmar, under heavy official control and with a gap between official and street rates.

N

• NAAIM Exposure IndexA weekly survey showing how heavily active US money managers are invested in stocks.
• NAHB Housing Market IndexA monthly survey of US homebuilders asking how good business is right now and how it looks ahead.
• Namibian DollarNamibia's currency, pegged one-for-one to the South African rand.
• NASDAQ 100A stock index of the 100 biggest non-financial companies listed on the Nasdaq exchange, dominated by tech giants.
• NASDAQ CompositeAn index that includes nearly every stock listed on the Nasdaq exchange, thousands of companies in all.
• National Futures AssociationThe US industry watchdog for futures and retail forex firms; brokers serving Americans must be members.
• Natural GasA fossil fuel used for heating and power generation, and one of the most violently volatile commodities traded.
• Negative Interest Rate PolicyA central bank setting its key rate below zero, so banks pay to park cash with it.
• NEMA blockchain platform launched in 2015, known for an unusual "proof of importance" way of choosing who adds blocks.
• NEOA smart-contract blockchain from China, once nicknamed the "Chinese Ethereum".
• Nepalese RupeeNepal's currency, pegged to the Indian rupee.
• Net International Investment PositionA country's foreign assets minus what it owes to foreigners: its net worth against the rest of the world.
• Net PositionWhat's left after you offset all your buys and sells in the same instrument: your true exposure.
• Netherlands Antillean GuilderThe old shared currency of Curaçao and Sint Maarten, pegged to the US dollar and replaced by the Caribbean guilder in 2025.
• NetworkAll the computers running a blockchain's software and talking to each other to keep its shared ledger up to date.
• Neutral Interest RateThe interest rate that neither speeds up nor slows down the economy; a central bank's invisible target.
• New Development BankA development bank set up by the BRICS countries to fund infrastructure, seen as an alternative to the World Bank.
• New Home SalesA monthly US report on how many newly built homes were sold, a quick read on housing demand.
• New Zealand DollarNew Zealand's currency, nicknamed the Kiwi, and a classic commodity- and risk-sensitive currency.
• NFIB Small Business Jobs ReportA monthly survey of US small businesses about hiring, job openings and how hard it is to find workers.
• NFIB Small Business Optimism IndexA monthly gauge of how confident US small-business owners feel about the economy and their own prospects.
• NGMIShort for 'not gonna make it': crypto slang for someone whose choices supposedly doom them to failure.
• Nigerian NairaNigeria's currency, heavily tied to oil exports and sharply devalued in 2023 and 2024.
• Nikkei 225Japan's best-known stock index, tracking 225 big companies listed in Tokyo.
• NocoinerCrypto slang for someone who owns no cryptocurrency, often a vocal sceptic.
• NodeA computer that runs a blockchain's software, keeps a copy of its data and passes transactions along to others.
• Noise TradingTrading on hunches, rumours or random chatter instead of real information or a tested plan.
• Non-Convertible CurrencyA currency that can't be freely swapped for other money, usually because the government restricts it.
• Non-Custodial WalletA wallet where you alone hold the private keys, so nobody else can freeze or move your coins, and nobody can rescue them either.
• Non-Deliverable ForwardA currency forward settled in dollars instead of the actual currency, used for currencies that can't move freely across borders.
• Non-Farm PayrollsThe monthly count of jobs added or lost in the US economy outside farming, one of the most market-moving releases there is.
• Non-Tariff BarriersWays countries block or slow imports without using a tax: quotas, red tape, strict standards and the like.
• NonceThe number miners keep changing, trillions of times, hunting for a block hash that meets the network's target.
• Nonfarm ProductivityA quarterly US measure of how much output American workers produce per hour outside farming.
• NoobSlang for a beginner, someone new to crypto or trading.
• Noob TrapAny setup, scheme or price move that lures in inexperienced traders and takes their money.
• Norges BankNorway's central bank, which sets rates for the krone and runs the country's giant oil fund.
• North Korean WonNorth Korea's currency, which is tightly controlled and essentially untradeable abroad.
• Norwegian KroneNorway's currency, closely tied to the price of oil.
• Notional AmountThe full face value of a position or contract, as opposed to the margin you actually put up.

O

• Off-ChainActivity that happens outside a blockchain and isn't recorded on it directly.
• Offered MarketA market swamped with sellers, where offers keep coming in and buyers can't push the price up.
• Offsetting TransactionA trade that cancels out an existing position, such as selling what you previously bought.
• OilThe world's most important commodity, and a major driver of inflation and of oil-exporting countries' currencies.
• Olaf ScholzGerman politician who served as finance minister and then chancellor of Germany from 2021 to 2025.
• Old LadyA nickname for the Bank of England, which sits on Threadneedle Street in London.
• Omani RialOman's currency, pegged to the US dollar and one of the highest-valued currency units in the world.
• On NeckA two-candle pattern in a downtrend where a weak bounce stalls right at the prior candle's low, hinting the fall will continue.
• On-ChainAnything recorded directly on a blockchain, visible to all and settled by the network itself.
• On-Chain AnalysisStudying public blockchain data, like wallet balances and coin flows, to understand what holders and markets are doing.
• One Cancels OtherA pair of linked orders where, as soon as one fills, the other is automatically cancelled.
• One Triggers OtherA linked order where a second order only goes live after the first one fills.
• OPECA cartel of major oil-exporting countries that coordinates production to influence the price of crude.
• OPEC+OPEC plus a group of other big oil producers led by Russia, who coordinate how much crude they pump.
• Open InterestThe number of futures or options contracts still open, not yet closed out or settled.
• Open Market OperationsA central bank buying or selling government bonds in the market to steer short-term interest rates and liquidity.
• Open OrderAn order you've placed that hasn't been filled or cancelled yet.
• Open PositionA trade that has been entered and not yet closed, so it's still gaining or losing as price moves.
• Open SourceSoftware whose code is public, so anyone can read it, check it, copy it and suggest changes.
• OpenSeaOne of the best-known online marketplaces for buying and selling NFTs.
• Operation TwistA Fed tactic of selling short-term bonds and buying long-term ones to push long-term interest rates down.
• OptionsContracts giving the right, but not the obligation, to buy (call) or sell (put) something at a set price before a set date.
• Options SkewThe pattern where options at different strike prices carry different implied volatilities, revealing which way traders fear a big move.
• OrderAn instruction to your broker to buy or sell, now or when certain conditions are met.
• Order BlockA zone on the chart, usually the last opposite candle before a strong move, where traders believe big institutions placed orders.
• Order BookThe live list of all waiting buy and sell orders at each price for a market.
• OscillatorAn indicator that swings back and forth between set levels, used to spot overbought and oversold conditions or fading momentum.
• OsMAAn indicator showing the gap between the MACD line and its signal line, drawn as a histogram.
• Over-the-CounterTrading directly between two parties instead of on a central exchange.
• Over-the-Counter DerivativesDerivative contracts like swaps and forwards that are agreed privately between two parties instead of traded on an exchange.
• Overnight PositionA trade held open past the daily cutoff, usually 5 p.m. New York time, so it gets rolled over and charged or paid swap.
• Overnight Reverse Repurchase Agreement FacilityA Fed facility where money market funds and others can park cash overnight and earn interest, setting a floor under short-term rates.

P

• Pain TradeThe market move that would hurt the most people, which, annoyingly, often seems to be the one that happens.
• Pakistani RupeePakistan's currency, prone to sharp devaluations during the country's repeated balance-of-payments crises.
• Panamanian BalboaPanama's official currency, fixed one-to-one with the US dollar, which is what people actually use for notes.
• PancakeSwapA decentralized exchange that started on BNB Chain, letting people swap tokens using liquidity pools.
• Pandemic Emergency Purchase ProgrammeThe European Central Bank's emergency bond-buying scheme launched in March 2020 to calm markets during COVID.
• Paper HandsSlang for someone who sells at the first sign of trouble or takes a tiny profit too early.
• Paper WalletA wallet printed on paper: a public address and its private key, usually as QR codes, kept entirely offline.
• Papua New Guinean KinaThe currency of Papua New Guinea, a resource-rich Pacific nation.
• ParabolicA price move that steepens faster and faster until the chart is nearly vertical.
• Parabolic SARA trend indicator that plots dots above or below price, used to trail stops and flag possible reversals.
• Paraguayan GuaraniParaguay's currency, named after the country's Indigenous people and their language.
• ParityWhen two currencies are worth exactly the same, so the exchange rate is 1.0000.
• Passive OrderAn order that waits in the book for someone else to trade against it, instead of grabbing an existing price.
• Payoff RatioYour average winning trade divided by your average losing trade.
• PCE Price IndexThe US Federal Reserve's preferred measure of inflation, based on what people actually spend money on.
• Peer-to-PeerDirect dealings between two parties, with no central company or server in the middle.
• Pending Home SalesA monthly US index of existing homes that are under contract but haven't closed yet, an early hint of future sales.
• PennantA small, tight triangle that forms after a sharp move, often before the move continues.
• People's Bank of ChinaChina's central bank, which sets monetary policy and keeps a firm grip on the yuan's exchange rate.
• Perpetual FuturesFutures contracts with no expiry date, kept in line with the spot price by regular funding payments between longs and shorts.
• Personal Consumption ExpendituresThe monthly US measure of how much households spend on goods and services, the engine of the American economy.
• Personal IncomeA monthly US measure of all the money people receive: wages, benefits, rent, dividends and interest.
• Peruvian SolPeru's currency, known for being one of the steadier currencies in Latin America and tied to copper and gold.
• PetrocurrencyA currency whose value rises and falls with the price of oil because the country exports a lot of it.
• Petrodollar RecyclingOil exporters taking the dollars they earn from selling crude and investing them back into the world economy.
• PetrodollarsUS dollars earned by oil-exporting countries, since crude is mostly priced and paid for in dollars.
• Philadelphia Fed IndexA monthly survey of factory managers in the Philadelphia region, one of the first reads on US manufacturing each month.
• Piercing LineA two-candle bullish reversal where a strong green candle punches back above the middle of the previous red one.
• PIIGSA blunt acronym for Portugal, Italy, Ireland, Greece and Spain, the eurozone countries hit hardest by the debt crisis.
• PipThe standard unit of price movement in forex: 0.0001 for most pairs and 0.01 for pairs quoted in Japanese yen.
• PipetteA tenth of a pip: the extra fifth decimal (or third, on yen pairs) that many brokers now show in their prices.
• Pivot PointsPrice levels calculated from the previous period's high, low and close, used as likely support and resistance for today.
• PlaintextReadable, unencrypted information, before it is scrambled or after it is unscrambled.
• Polish ZlotyPoland's currency, one of the most actively traded in Central and Eastern Europe.
• Political RiskThe chance that elections, policy changes, unrest or conflict will hit a market or an investment.
• PolkadotA blockchain network designed to link many specialised blockchains so they can share security and pass messages.
• PoloniexA crypto exchange founded in 2014, popular with altcoin traders in early boom years, which has changed hands and suffered hacks.
• PositionYour stake in a market: what you've bought or sold and haven't yet closed.
• Position SizingWorking out how big each trade should be so that, if your stop is hit, you lose only what you planned to.
• Position TradingA long-term trading style where you hold trades for weeks, months or longer to ride major trends.
• Positive Interest Rate PolicyThe normal state of affairs where a central bank's key rate is above zero; used to contrast with zero or negative rate policies.
• Prediction marketA market where you trade contracts on whether a future event will happen, priced between $0 and $1 like a live probability.
• PreminingCreating a batch of coins for the founders or insiders before a cryptocurrency is launched to the public.
• PremiumAn extra amount paid above a reference price; in options, the price you pay to buy the option.
• PresaleAn early round of selling a new crypto token, usually at a discount to select buyers before the public launch.
• Price ActionReading and trading the raw movement of price on a chart, with few or no indicators.
• Price DiscriminationCharging different customers different prices for the same thing, based on what each is willing or able to pay.
• Price VariationThe gap between the price you expected when you placed an order and the price you actually got.
• Prime BrokerA big bank that provides hedge funds and large traders with credit, access to many dealers, and settlement services under one roof.
• Principal ModelA way of operating where a dealer trades with clients using its own money and inventory, taking the other side of their trades.
• Principal Trading FirmA firm that trades only with its own money, often using high-speed algorithms, rather than serving clients.
• Principal ValueThe original amount of a loan or bond that has to be paid back, not counting interest.
• Private BlockchainA blockchain run by one organisation or a closed group, where only approved participants can join or write to it.
• Private KeyThe secret code that proves you own your crypto and lets you spend it. Whoever has it controls the coins.
• Producer Price IndexA measure of the prices businesses receive for their goods and services, often an early warning of consumer inflation.
• Profit FactorTotal money won on winning trades divided by total money lost on losing trades.
• Profit/LossHow much money a trade or account has made or lost, either still open (unrealized) or closed (realized).
• Proof of StakeA way for a blockchain to agree on new blocks where validators lock up coins as a deposit instead of burning electricity.
• Proof of Staked AuthorityA consensus method mixing proof of stake with a small set of approved validators, used by BNB Smart Chain.
• Proof of WorkThe system where miners race to solve a costly computing puzzle, and the winner adds the next block.
• ProtectionismGovernment policies that shield home industries from foreign competition, using tariffs, quotas and other barriers.
• ProtocolThe rulebook software follows so that computers on a network can talk to each other and agree.
• PseudonymityActing under a consistent alias instead of your real name, which is how most crypto works: addresses, not names.
• Public BlockchainA blockchain anyone can read, use and help run, with no gatekeeper deciding who gets in.
• Public KeyThe shareable half of a crypto key pair, used to create your receiving address and to verify your signatures.
• PullbackA short move against the main trend, like a breather, before the trend carries on.
• PumpA sharp, fast price rise, or a push to drive a price higher, often through hype.
• Pump and DumpA scheme where insiders hype up an asset they already own to drive the price up, then sell to the late buyers before it crashes.
• Purchasing Managers IndexA monthly survey of business buyers that shows whether manufacturing or services activity is expanding or shrinking.
• Purchasing Power ParityThe theory that exchange rates should drift toward the level where the same basket of goods costs the same everywhere.
• Put-Call RatioThe number of put options traded divided by the number of call options, used as a gauge of fear versus greed.

Q

• Qatari RiyalQatar's currency, pegged to the US dollar and backed by huge natural gas exports.
• QR CodeA square barcode that phones can scan, used in crypto to share wallet addresses without typing them.
• Quantitative AnalysisUsing maths, statistics and data to find and test trading ideas, instead of gut feel or narrative.
• Quantitative EasingA central bank creating new money to buy bonds and other assets in bulk, to push down long-term rates and support the economy.
• Quantitative TighteningA central bank shrinking its balance sheet by selling bonds or letting them mature without replacing them, draining money from the system.
• Quantity Theory of CreditAn economic theory that says bank lending, and what it's used for, drives growth and inflation more than the money supply itself.
• Quantity Theory of MoneyThe idea that if the amount of money grows faster than the economy's output, prices rise.
• Quarterly Refunding AnnouncementThe US Treasury's quarterly statement of how much it plans to borrow and which kinds of debt it will sell.
• QuoteThe current price of a currency pair or asset, usually shown as a bid and an ask.
• Quote currencyThe second currency in a pair. The price tells you how many units of it buy one unit of the base currency.

R

• RallyA strong, sustained rise in price.
• RangeThe band between the high and low a price moves within, or a market stuck bouncing between a floor and a ceiling.
• Range TradingBuying near the bottom of a sideways range and selling near the top.
• Rate of ChangeA momentum indicator that shows how much price has changed, in percentage terms, over a set number of periods.
• RecessionA significant, broad-based decline in economic activity that lasts more than a few months.
• Reciprocal TariffsTariffs set to match, or "mirror", the tariffs and trade barriers another country imposes.
• RectangleA chart pattern where price bounces between flat support and flat resistance, forming a box.
• Redbook IndexA weekly measure of US same-store retail sales at large general retailers.
• ReferendumA public vote on a single question, which can shake currencies badly when the result is uncertain.
• Regional Comprehensive Economic PartnershipA free-trade agreement between China, Japan, South Korea, Australia, New Zealand and the ten ASEAN countries.
• REITA real estate investment trust: a company that owns property and is generally required to pay most of its taxable income to shareholders as dividends.
• RektSlang for 'wrecked': suffering a heavy, painful loss on a trade.
• Relative Strength IndexA popular oscillator from 0 to 100 that measures how strong recent gains are compared with recent losses.
• Relative Vigor IndexA momentum indicator based on the idea that prices tend to close higher than they open in uptrends, and lower in downtrends.
• RepoA short-term loan where one party sells bonds and agrees to buy them back shortly after at a slightly higher price.
• Request for MarketAsking a dealer for both a buy and a sell price without saying which way you want to trade.
• Reserve Bank of AustraliaAustralia's central bank, which sets interest rates for the Aussie dollar.
• Reserve Bank of New ZealandNew Zealand's central bank, the first in the world to adopt an inflation target.
• Reserve CurrencyA currency that central banks and governments around the world hold in large amounts as part of their savings.
• Reserve Demand ElasticityHow sensitive short-term interest rates are to changes in the amount of reserves banks hold, a gauge of whether reserves are getting scarce.
• Reserve RequirementsThe share of customer deposits a central bank requires banks to keep on hand rather than lend out.
• ReservesMoney set aside: bank cash held at the central bank, or a country's stockpile of foreign currencies and gold.
• ResistanceA price level where rising prices tend to stall and turn back, because sellers keep showing up there.
• Return on InvestmentHow much you gained or lost compared with what you put in, usually shown as a percentage.
• Risk-reward ratioHow much you risk on a trade compared with how much you aim to make, such as risking 30 pips to make 60 (1:2).
• Rug PullA scam where a project's creators suddenly abandon it and run off with investors' money.

S

• Salvadoran Colón (SVC)El Salvador's former currency, code SVC, replaced in practice by the US dollar from 2001.
• Sam Bankman-FriedFounder of the FTX exchange and Alameda Research, convicted of fraud in 2023 after FTX collapsed.
• SatoshiThe smallest unit of bitcoin: one hundred-millionth of a coin (0.00000001 BTC).
• Satoshi NakamotoThe pseudonymous person or group who created Bitcoin, published its whitepaper in 2008, then disappeared.
• Securities and Exchange CommissionThe US government agency that regulates securities markets, and a central player in the fight over how to regulate crypto.
• Seed PhraseA list of 12 or 24 words that can rebuild your entire wallet. Whoever has the words has the coins.
• Shiba InuA meme token launched in 2020, styled as a 'Dogecoin killer', with a supply in the hundreds of trillions.
• ShillSomeone who hypes a coin to get others to buy, usually because they own it or are being paid, often without saying so.
• ShitcoinCrude slang for a coin with little or no real value or purpose, often a meme or a scam.
• ShortSelling something because you expect its price to fall, aiming to buy it back cheaper later.
• SlippageThe difference between the price you expected and the price your order was actually filled at.
• Soft ForkA backward-compatible upgrade to a blockchain that tightens the rules, so older software still accepts the new blocks.
• Software WalletA crypto wallet that is an app or program on your phone, computer or browser, rather than a separate device.
• SolanaA high-speed, low-fee blockchain for apps and tokens, with SOL as its coin.
• SolidityThe main programming language for writing smart contracts on Ethereum and EVM-compatible chains.
• SpreadThe gap between the bid and ask price. It is the cost of getting in and out of a trade, paid the moment you open one.
• Standard lot100,000 units of the base currency. On EUR/USD, one pip on a standard lot is worth about $10.
• StocksShares of ownership in a company. Owning a stock means owning a small slice of that business.
• Stop orderAn order to buy above the current price or sell below it, triggered once the market moves through your chosen level.
• Stop-lossAn order that automatically closes your trade at a set price to cap how much you can lose.
• SupportA price level where falling prices tend to stop and bounce, because buyers keep stepping in there.
• SwapThe interest paid or charged for holding a forex position open overnight, based on the interest-rate gap between the two currencies.

T

• Take-profitAn order that automatically closes your trade at a set price to lock in a profit.
• Technical analysisStudying price charts and patterns to judge where a market might go next, based on how it has moved before.
• TestnetA practice copy of a blockchain where coins are free and worthless, used to test software safely.
• The MergeEthereum's September 2022 switch from proof of work to proof of stake, which ended mining on the network.
• TimeframeThe period each candle or bar on a chart represents, like one minute (1m), one hour (1H), one day (D) or one week (1W).
• TimestampA record of when something happened; every blockchain block carries one.
• TokenA crypto asset created on top of an existing blockchain by a smart contract, rather than being the chain's own coin.
• TorFree software that hides where your internet traffic comes from by bouncing it through several volunteer-run relays.
• Total SupplyHow many coins of a cryptocurrency exist right now, including ones that are locked up and not yet trading.
• Trading BotA program that buys and sells automatically according to preset rules, without a human clicking each trade.
• Trading PsychologyThe emotions and mental habits, like fear, greed and impatience, that shape how you trade.
• TradingViewA popular website and app for price charts, technical analysis tools and sharing trade ideas.
• Transaction FeeThe fee you pay a blockchain network to process your transaction, which goes to the miners or validators who include it.
• TrendThe general direction a price is moving over time: up (higher highs and higher lows), down, or sideways.

U

• Unconfirmed TransactionA transaction that has been sent to the network but not yet included in a block, so it isn't final.
• UniswapA leading decentralized exchange on Ethereum that lets anyone swap tokens from their own wallet using liquidity pools.

V

• ValidatorA participant in a proof-of-stake blockchain who locks up coins to propose and check new blocks, earning rewards for honest work.
• Vitalik ButerinThe programmer who proposed Ethereum in 2013 and remains its most influential voice.
• VolatilityHow much and how fast a price swings. High volatility means big, rapid moves; low volatility means calm, small ones.

W

• WalletAn app or device that holds the keys to your crypto and lets you send, receive and check your coins.

Explore topics below. Under each topic is a list of related terms to learn together.

A

Algo and automated trading 7

Robots, backtests and expert advisors.

• Application Programming Interface
• E-Trading Desk
• Electronic Market Maker
• Mechanical Trading
• Principal Trading Firm
• Profit Factor
• Quantitative Analysis

B

Blockchain technology 50

Blocks, nodes, consensus and how the ledger stays honest.

• 51% Attack
• Algorithm
• ANDOS
• Atomic Swap
• Bitcoin Improvement Proposal
• Block
• Block Time
• Blockchain
• Blockchain Explorer
• Cryptography
• Distributed Ledger Technology
• Double Spend
• All 50 terms →

Bonds and money markets 22

Lending money for a price: yields, coupons and T-bills.

• Bond Auction
• Bond Vigilantes
• Bond Yield
• Bonds
• Credit Rating
• Credit Rating Agency
• Credit Risk
• Default
• Euribor
• Eurobonds
• Eurodollars
• Interest rate
• All 22 terms →

Brokers and platforms 33

Who you trade through, how they get paid, and the software you click.

• Account Statement Report
• Agency Model
• Anti-Money Laundering
• Application Programming Interface
• Asymmetric Slippage
• Autorité des marchés financiers
• Broker
• Broker-Dealer
• Bucket Shop
• Cleared Funds
• Client
• Commission
• All 33 terms →

C

Central banks and interest rates 53

The Fed, the ECB and friends, and the rates they set.

• Alan Greenspan
• Ample Reserves Regime
• Asset Purchases
• Bank for International Settlements
• Bank of Canada
• Bank of England
• Bank of Japan
• Base Rate
• Basis Point
• Beige Book
• Ben Bernanke
• Carry Trade
• All 53 terms →

Chart patterns 22

Shapes price draws again and again: triangles, flags, heads and shoulders.

• Ascending Channel
• Ascending Triangle
• Basing
• Bear Flag
• Bear Trap
• Breakout
• Broadening Formation
• Bull Flag
• Bull Trap
• Chart Pattern
• Continuation Diamond
• Continuation Pattern
• All 22 terms →

Charts and candlesticks 22

Reading price on a chart, candle by candle.

• Abandoned Baby
• Bar Chart
• Bearish Engulfing Pattern
• Bullish Belt Hold
• Bullish Engulfing Pattern
• Candlestick
• Chartist
• Daily Chart
• Dark Cloud Cover
• Doji
• Dragonfly Doji
• Engulfing Pattern
• All 22 terms →

Commodities 20

Gold, oil, wheat and the raw stuff of the economy.

• API Weekly Statistical Bulletin
• Backwardation
• Baker Hughes Rig Count
• Baltic Dry Index
• Brent Crude Oil
• Carbon Credits
• Commodities
• Commodity Research Bureau Index
• Copper
• Copper/Gold Ratio
• Corn
• Crack Spread
• All 20 terms →

Crypto basics 36

Coins, tokens and the ideas underneath them.

• Airdrop
• Altcoin
• Basel Committee on Banking Supervision
• Bitcoin
• BNB
• Burn
• Cardano
• Central Bank Digital Currency
• Charles Hoskinson
• Circulating Supply
• Coin
• Crypto
• All 36 terms →

Crypto slang 33

HODL, FUD, WAGMI and the language of crypto Twitter.

• All-Time Low
• Bag
• Bag Holder
• Bear Whale
• Bitcoin Pizza Day
• Buy the Dip
• Dead Coin
• Diamond Hands
• Dogecoin
• Dump
• DYOR
• Elon Musk
• All 33 terms →

Crypto trading and exchanges 41

Where and how coins change hands.

• ACH Transfer
• Alameda Research
• All-Time Low
• Backtesting
• Bear Whale
• Binance
• Bitcoin ATM
• Bitcoin Dominance
• Bitstamp
• Bittrex
• Brian Armstrong
• Bubble
• All 41 terms →

Currencies and pairs 113

What gets traded in forex: pairs, quotes, majors, crosses and nicknames.

• Afghan Afghani (AFN)
• Albanian Lek (ALL)
• Algerian Dinar (DZD)
• Angolan Kwanza (AOA)
• Appreciation
• Argentine Peso (ARS)
• Armenian Dram (AMD)
• Aruban Florin (AWG)
• Australian Dollar (AUD)
• Azerbaijani Manat (AZN)
• Bahamian Dollar (BSD)
• Bahraini Dinar (BHD)
• All 113 terms →

D

DeFi 10

Lending, swapping and earning without a bank in the middle.

• Airdrop
• Atomic Swap
• Automated Market Maker
• DeFi
• Gemini Dollar
• Hayden Adams
• Money Legos
• PancakeSwap
• Rug Pull
• Uniswap

E

Economic indicators 60

GDP, jobs, inflation and the data releases that shake markets.

• AAII Sentiment Survey
• ADP National Employment Report
• ANZ Commodity Price Index
• API Weekly Statistical Bulletin
• Baker Hughes Rig Count
• Balance of Payments
• Balance of Trade
• Baltic Dry Index
• Beige Book
• Beveridge Curve
• Bloomberg U.S. Economic Surprise Index
• Building Permits
• All 60 terms →

F

Fibonacci and pivots 3

Retracements, extensions and pivot points.

• Camarilla Pivot Points
• Elliott Wave Theory
• Pivot Points

Fundamental analysis 64

Trading the reasons behind the price: economies, news and money flows.

• Angela Merkel
• Austerity
• Bail-In
• Bailout
• Balance of Payments
• Balance of Trade
• Balance Sheet Recession
• Bank Levy
• Biflation
• Big Mac Index
• BlackRock Geopolitical Risk Indicator
• Bond Vigilantes
• All 64 terms →

L

Leverage and margin 10

Borrowed power, the deposit that backs it, and the call you never want.

• Account Value
• Collateral
• Cost of Carry
• Leverage
• Maintenance Margin
• Margin
• Margin call
• Margin Requirement
• Maximum Trading Power
• Overnight Position

Lots, pips and sizing 9

The units that turn a price move into money.

• Big Figure
• Lot
• Micro lot
• Mini lot
• Notional Amount
• Pip
• Pipette
• Position Sizing
• Standard lot

M

Market basics 37

How a market works: who's in it, when it's open, and what moves price.

• All-Time High
• Analyst
• Appreciation
• Ask
• Asset
• Bank Run
• Bear
• Bear Market
• Bearish
• Bid
• Boris Schlossberg
• Bretton Woods Agreement
• All 37 terms →

Mining and staking 14

How new coins are made and networks are secured.

• 51% Attack
• Block Reward
• CPU
• Data Center
• GPU
• Halving
• Mining
• Nonce
• Premining
• Proof of Stake
• Proof of Staked Authority
• Proof of Work
• All 14 terms →

N

NFTs and Web3 2

Ownership on-chain: NFTs, DAOs and the metaverse.

• Metaverse
• OpenSea

O

Options and derivatives 22

Contracts whose value comes from something else.

• Backwardation
• Binary Options
• Cboe EuroCurrency Volatility Index
• Contract for Difference
• Cost of Carry
• Currency Forward
• Currency Futures
• Currency Option
• Delta
• Delta Hedging
• Derivatives
• European Markets Infrastructure Regulation
• All 22 terms →

Orders and execution 41

Every way to get in and out of a trade, and what happens in between.

• Aggressor
• All-or-None Order
• Ask
• Asymmetric Slippage
• At Best
• At or Better
• Bid
• Central Limit Order Book
• Closed Position
• Cover
• Cover on a Bounce
• Cover on Approach
• All 41 terms →

P

Prediction markets 1

Trading on whether something will happen.

• Prediction market

R

REITs 1

Owning property through the stock market.

• REIT

Risk management 26

Stops, ratios and position sizing: staying in the game.

• Average True Range
• Beta
• Breakeven
• Correlation
• Credit Risk
• Currency Exposure
• Currency Hedging
• Currency Risk
• Delta Hedging
• Drawdown
• Expectancy
• Exposure
• All 26 terms →

S

Sessions and market structure 28

Trading hours, the interbank market, dealers and liquidity.

• Aggressor
• Banking Institutions
• Book
• Buy-Side
• Central Counterparty Clearing House
• Central Limit Order Book
• Clearing
• Commercial Corporations
• Continuous Linked Settlement
• Daily Cut-Off
• Dark Pool
• Dealer
• All 28 terms →

Slang and nicknames 13

Cable, Fiber, Loonie, Kiwi and the trading floor's private language.

• Australian Dollar (AUD)
• Bear
• Big Figure
• BTFD
• Bull
• Cable
• Cambist
• Comdoll
• Dove
• Milliard
• Mine and Yours
• Old Lady
• All 13 terms →

Stocks and equities 14

Owning a slice of a company.

• Advance/Decline Index
• ASX 200
• Blue Chip
• CAC 40
• DAX
• Dow Jones Industrial Average
• Earnings Recession
• EURO STOXX 50
• Exchange-Traded Fund
• Mutual Fund
• NASDAQ 100
• NASDAQ Composite
• All 14 terms →

Support, resistance and trends 19

Floors, ceilings, and which way the river is flowing.

• Accumulation Area
• Andrews' Pitchfork
• Ascending Channel
• Ascending Trend Line
• Basing
• Breakdown
• Breakout
• Confluence
• Consolidation
• Descending Channel
• Descending Trend Line
• Dow Theory
• All 19 terms →

T

Technical indicators 34

Moving averages, oscillators and the maths laid over a chart.

• Accumulative Swing Index
• Advance/Decline Index
• Alligator
• Aroon Oscillator
• Aroon Up/Down
• Average Directional Index
• Average True Range
• Awesome Oscillator
• Bollinger Bands
• Cboe EuroCurrency Volatility Index
• Chaikin Oscillator
• Commodity Channel Index
• All 34 terms →

Trading psychology 17

Fear, greed, FOMO and the trader in the mirror.

• AAII Sentiment Survey
• Bear Trap
• Bearish
• BTFD
• Bull Trap
• Bullish
• Commitments of Traders Report
• Cover on a Bounce
• Dead Cat Bounce
• Drawdown
• NAAIM Exposure Index
• Noise Trading
• All 17 terms →

Trading styles and strategies 18

Scalping, swing trading, carry trades and the rest.

• Alpha
• Arbitrage
• Breakout Trading
• Carry Trade
• Commodity Trading Advisor
• Confirmation
• Day Trading
• Discretionary Trading
• Efficient Market Hypothesis
• Managed Futures
• Mean Reversion
• Mechanical Trading
• All 18 terms →

W

Wallets and security 26

Keys, wallets, scams and keeping your coins yours.

• Anonymity
• Authentication
• Biometric Security
• Blockchain Explorer
• Brain Wallet
• Bricked Funds
• Cold Wallet
• Cryptography
• Custodial Wallet
• Dark Web
• Encryption
• Hardware Wallet
• All 26 terms →

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