Understand how a quote is expressed before exploring the decisions behind a trade.
Put the terminology in context
Start by identifying the base and quote currencies, then note the time and source of the information. A glossary in your own words is often more useful than memorising isolated numbers.
Three questions to keep
What do I know?
What still needs checking?
Which assumptions am I relying on?
Take your time and put thought before action. This article is for educational discussion.
References and further reading
The following original publications offer background on the concepts discussed here. They are separate from this article's editorial commentary.