The vocabulary of the market.

The smallest standardised price move. On EURUSD, 1 pip = 0.0001. On XAUUSD, 1 pip is commonly 0.10.

The size of a trade. 1 standard lot = 100,000 units; 0.1 = mini; 0.01 = micro.

The multiplier your broker gives you. 1:100 means you control $100 per $1 of margin. Amplifies wins AND losses.

Collateral your broker holds while a position is open. Free margin runs out = margin call.

The gap between bid and ask price. Your first cost on every trade.

The difference between requested and executed price — usually on fast markets or big orders.

A pre-set exit at a loss. Non-negotiable in professional trading.

A pre-set exit at a target. Removes emotion from closing winners.

How much you stand to make vs lose. 1:2 = risking $100 to make $200.

Price levels where buyers or sellers have previously stepped in — the foundation of price action.

Price closes beyond a swing high/low — signals trend continuation.

The last opposing candle before a strong impulsive move — often revisited by price.

An imbalance zone left by fast price movement — commonly filled later.

Where stop-loss and pending orders cluster — smart money hunts them.

The peak-to-trough decline in your account. Manage it or your career ends.

Overnight interest paid or received for holding a position past 5pm New York time.