Bear Market
A market in which prices decline sharply against a background of widespread pessimism (opposite of Bull Market). Bear Markets are generally shorter in duration than Bull Markets.

Bid
The rate at which a dealer is willing to buy the base currency.

Bull Market
A market characterized by rising prices.

Broker
An agent who handles investors' orders to buy and sell currency.

Close – The exchange rate at which the position can be immediately liquidated.

Counterparty
The customer or bank with which a foreign exchange deal is executed.

Cross Rate
An exchange rate between two currencies, usually constructed from the individual exchange rates of the two currencies, measured against the United States dollar.

Day Trading
Refers to opening and closing the same position or positions before the close of that day's trading (3:00p.m. EST).

"Equity" – The combined value of the account deposits and holdings, if open positions are immediately closed at market prices.

Flat / Square
Where a Client has not traded in that currency or where an earlier deal is reversed thereby creating a neutral (flat) position. Example: bought $100,000 then sold $100,000 = FLAT.

Forex
An abbreviation of foreign exchange.

Forex Market
The word market is a bit misleading as there is no central location where trading takes place. It is done by the international banks (and sometimes brokers) across the world, who buy and sell currencies and who will quote a rate (price) for each currency against another. The most recent quotation from one of these banks is considered the market's current price for that currency.

Fundamental Analysis
Analysis based on economic factors.

Global Currency Market.
It is the world wide inter-bank market where currencies are exchanged for each other and in which there is a more or less continuous movement of prices, as one currency either goes up or down against another. It is these price movements that create significant opportunities for making profit.

GTC
"Good Till Cancelled." An order left with a Dealer to buy or sell at a fixed price. The order remains in place until it is cancelled by the client.

Interbank Rates
The FX rates large international banks quote other large international banks. Normally the public and other businesses do not have access to these rates.

Limit Order
An order given which has restrictions upon its execution, where the client may specify a price and the order can be executed only if the market reaches that price.

"Limit" – The exchange rate at which a limit order will be trigged to liquidate the close position. If there is no limit order on a particular position, the box under this column will appear empty for that position. (Limit orders do not show in the Trader's Orders window.)

Long
A market position where the Client has bought a currency he previously did not own. Normally expressed in base currency terms. For example: long Dollars (short Japanese Yen).

Margin
Margin is a cash deposit provided by clients as collateral to cover possible future losses that may result from the clients Foreign Exchange trades.

Margin Call
A demand for additional funds. A requirement by a clearing house that a clearing member (or by a brokerage firm that a client) brings margin deposits up to a required minimum level to cover an adverse movement in price in the market.

"MC"(Margin Call) - All open positions are monitored by ICTS in the event that client's account contains insufficient funds to maintain current positions in the market. If such a situation occurs, ICTS generates a Margin Call on a particular account, account will be marked inactive and all open positions on this account will be closed. Right click on MC field within the account record then select MC Rates command from the pop-up menu.

"Net$P/L" – The profit or loss in U.S. dollars, if the position was liquidated at the current market Price. "Net$P/L"(Net Profit/Loss in US dollar) – The profit or loss that would result from the closing of all open positions.

Offer
The rate at which a Dealer is willing to sell the base currency.

Open Position
Any deal which has not been offset or reversed by an equal and opposite deal. "Open" – The exchange rate at which the position was opened.

"OP" (Open Positions) – The number of lots currently held open by the account.

"P/L" – The profit or loss in pips, if the position was liquidated at the current market price.

"Prm"(Interest) – The payments deducted or added to the account equity as a result of holding the position.

Pip or Points
Depending on context, normally one basis point, i.e. 0.0001.

Short
A market position where the Client has sold a currency he does not already own. Normally expressed in base currency terms, example, short Dollars (long D. Marks).

Spread
The difference in prices between bid and offer rates.

"Stop" – The exchange rate at which a stop-loss order will be triggered to close position. If there is no stop-loss order on a particular position, the box under this column will appear empty for that position. (Stop-loss orders do not show in the Trader's Order window.)

Stop Loss Order
An order to buy or sell at the market when a particular price is reached, either above or below the price that prevailed when the order was given.

Technical Analysis
Analysis based on market action through chart study, moving averages, volume, open interest, formations, and other technical indicators.

"Time" – The time the position was opened.
"UsblMr"(Usable Margin) – The amount of equity available to open new positions.
"UsdMr"(Used Margin) – The amount of equity required to maintain all open positions.

Volatility
A measure of price fluctuations