ISO 4217 in Forex Trading
ISO 4217 is an international standard describing three letter
codes to define the names of currencies established by the
International Organization for Standardization (ISO).
The first two letters of the code are the two letters of ISO
3166-1 alpha-2 country codes (which are similar to those used for
national top-level domains on the internet) and the third is
usually the initial of the currency itself. So Japan's currency
code becomes JPY-JP for Japan and Y for yen. This eliminates the
problem caused by the names dollar, franc and pound being used in
dozens of different countries, all with wildly differing
The standard also defines the relationship between the major
currency unit and any minor currency unit. Often, the minor
currency unit has a value that is 1/100 of the major unit, but
1/10 or 1/1000 are also common. Some currencies do not have any
minor currency unit at all. Mauritania does not use a decimal
division of units, setting 1 ouguiya (UM) = 5 khoums, and
Madagascar has 1 ariary = 5 iraimbilanja.
ISO 4217 includes codes for not only currencies, but also
codes for precious metals (gold, silver, palladium and platinum;
normally measured in troy ounces) and certain other entities used
in international finance, e.g. Special Drawing Rights. There are
also special codes allocated for testing purposes (XTS), and to
indicate no currency transactions (XXX). These codes all begin
with the letter "X". ISO 3166 never assigns country codes
beginning with "X", so ISO 4217 can use "X" codes for
non-country-specific currencies without risk of clashing with
future country codes.
Supranational currencies, such as the East Caribbean dollar,
the CFP franc, the CFA franc BEAC and the CFA franc BCEAO are
normally also represented by codes beginning with an "X".
However, the Euro is represented by the code EUR; although EU is
not an ISO 3166-1 country code, it was used anyway, and in order
to do so EU was added to the ISO 3166-1 reserved codes list to
represent the European Union. The predecessor to the Euro, the
European Currency Unit, had the code XEU.
More detail about ISO 4217 can be found on wikipedia.org
The author blog: Online Forex Resource -
MORE RESOURCES updated Wed. August / 12 / 2020
There are many types of investment methodology out there.
All of them has their own merits.
Facts of Day
Are you thinking of entering the fast-paced world of day
trading? Arm yourselves with the information from this fact
sheet on day trading.What is day trading?Day trading is an
investment tactic that does online daily stock trading with
a relatively short investment.
Forex Brokers - Helping
to Maximize Your Success
A Forex broker is a broker dealing in foreign exchange,
just like real estate broker who deals in real estate and
properties. Simply, a Forex broker is an advisor who
advises you about the forex market.
I read on a bulletin board a traders comment that on his
first outing trading the E-Mini S&P 500 he lost on each
of his trades. He noted though, that had he had a wider
stop each of his trades would have been profitable and that
therefore he would be trading with a wider stop in future.
Trade Exit - How To Cut
Losses And Let Profits Run
Cut your losses short and let your profits run. This is the
essence of your trade exit rules.
A Beginner's Guide to
FOREX is the abbreviation for the Foreign Exchange market.
FOREX is basically an international exchange market where
currencies from all over the world are bought and sold for
The following situation happens quite often to many
traders. Look it over and see if it has been happening to
you: You have been faithfully following your trading plan
and the rules you've set for trading.
How to Trade
We all know when you go on a trip to another country; you
need to take some travelers checks and some cash in the
currency of that country. This can be advantageous because
one country's currency is usually worth more or less than
Advantages of Trading
FOREX Over Stocks and Commodities
There are many advantages to Trading FOREX as your main
income generator. Let's start by something that may be
worrying you already.
Reality of Online Forex
Foreign exchange trading is the trading of currencies. Most
currencies can be traded.
What are Your Options
Regarding Forex Options Brokers?
Forex option brokers can generally be divided into two
separate categories: forex brokers who offer online forex
option trading platforms and forex brokers who only broker
forex option trading via telephone trades placed through a
dealing/brokerage desk. A few forex option brokers offer
both online forex option trading as well a
dealing/brokerage desk for investors who prefer to place
orders through a live forex option broker.
5 Questions You Need To
Have Answered Before You Back-Test Your Forex
As 90-95% of new forex traders lose money within the first
3-6 months this article helps to guide new forex traders by
asking 5 questions that the forex trader needs to know
prior to back-testing their forex system.Let us jump right
FOREX - Where Fortunes
Are Made Everyday
The Foreign Exchange Market - better known as FOREX - is a
world wide market for buying and selling currencies. It
handles a huge volume of transactions 24 hours a day, 5
days a week.
The foreign exchange currency market is the largest market
in the world because it trades up to $1.9 trillion daily.
Commodity Trading -
Advantages and Disadvantages
What Is Commodity Trading? Commodity futures markets allow
commercial producers and commercial consumers to offset the
risk of adverse future price movements in the commodities
that they are selling or buying. In order to work a futures
contract must be standardized.
Business and the
The business world is a complex web of supply and demand.
Money and goods, physical or otherwise, pass through the
global market every single day.
Momentum Trading: A
Practical Day Trading Strategy to Get Profits from Hot
Momentum day trading can be extremely profitable when done
Internet and Computer
Systems in the FOREX Business
With every passing year the interest in electronic trading
is bigger, more especially trading shares and currency
through Internet. A new profession came forward - this of
the currency dealer.
"Is it important to be creative in your trading?" I'm not
sure I can describe it in terms of importance. The creative
process is somewhat of a mystery, even to scientists who
Options Trading -
Advantages and Disadvantages
What is Options Trading?An option is simply granting
someone the right to buy or sell something in the future.
In the case of Dow index futures options, when someone buys
a Dow call option they are buying the right to purchase
that underlying Dow future at a specific price, known as
the "strike price," at a future point in time, known as the
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