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When a trader has bought a currency pair (bought a certain volume of base currency and paid for it with the quoted currency), this is called “open a BUY position.” When, in the future, a trader will sell back the same currency pair (will sell the same volume of base currency and get for it the quot-ed currency), this is called “close a BUY position.” Similarly, when a trader sold a currency pair (sold a certain volume of base currency and received for it the quoted currency) – it is called “open a SELL position”, and when a trader bought the same currency pair (bought the same volume of the base currency and paid for it with the quoted currency) – it is called “close a SELL position.” Note that the trader does not have to worry about where to take the base currency for opening a SELL position or the quoted


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