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2Beginner · Level 2/10Foundations

Currency Pairs Explained: Majors, Spreads & Market Structure

A practical, self-paced course from FX Academy that teaches how currency pairs work, what moves exchange rates, and how to choose pairs to trade first. Expect hands-on examples, realistic position-sizing, and a demo-based 30-trade plan — this is disciplined study, not a get-rich scheme. Trading forex on margin carries a high level of risk and may not be suitable for all investors. Most retail traders lose money. Never trade with funds you cannot afford to lose. Enrol at https://fxacademy.example.com/courses.

~12 hours6 modules26 lessons15h of guided studyquizzes included

What you'll learn

  • Identify base vs quote currency in any pair and read market prices correctly (bid/ask).
  • Calculate pip values for standard (100,000), mini (10,000) and micro (1,000) lots across common pairs.
  • Compute required margin using margin = (lot size × price) / leverage and apply it to position planning.
  • Size a position so a stop-loss equals a fixed USD amount or a set percent of account (e.g., 1% risk).
  • Compare liquidity, spreads and volatility across majors, minors and exotics and pick 2–3 pairs to trade on demo.
  • Explain the main drivers of exchange rates (interest rates, macro data, liquidity, risk sentiment, central banks).
  • Translate session volatility (Tokyo/London/New York) into practical trade timing and position-sizing.
  • Build and follow a 30-trade demo plan and record metrics (win rate, average R:R, expectancy, max drawdown).

Course curriculum

6 stages, easiest first. Lesson content unlocks with enrollment.

Stage 1Module 1 — Core Concepts: What a Currency Pair Is4 lessons + quiz

Foundations you must master: base vs quote, how quotes are shown, pips, lots, and basic price notation. Ends with a short quiz.

  1. Lesson 1.1 — Reading a Quote: Base and Quote Currency30 min
  2. Lesson 1.2 — Pips, Points and Decimalisation35 min
  3. Lesson 1.3 — Lot Sizes and Practical Examples35 min
  4. Lesson 1.4 — Quick Quiz and Practical Drill35 min
Stage 2Module 2 — Pairs by Type: Majors, Minors and Exotics4 lessons + quiz

Learn how pairs are categorized, typical characteristics of each group (liquidity, spread, volatility) and practical trading implications. Ends with a quiz.

  1. Lesson 2.1 — Majors: Definition and Behaviour35 min
  2. Lesson 2.2 — Minors (Crosses) and Their Traits35 min
  3. Lesson 2.3 — Exotics: Risks and Costs35 min
  4. Lesson 2.4 — Pair Selection Checklist35 min
Stage 3Module 3 — Costs and Execution: Bid/Ask, Spread, Slippage5 lessons + quiz

Calculate real trading costs, understand order types and how execution affects strategy. This module includes exact formulas and real worked examples. Ends with a quiz.

  1. Lesson 3.1 — Bid, Ask and Spread: What They Mean35 min
  2. Lesson 3.2 — Slippage, Commissions and Overnight Financing35 min
  3. Lesson 3.3 — Margin, Leverage and Free Margin (Formula Drill)35 min
  4. Lesson 3.4 — Practical Cost Example35 min
  5. Lesson 3.5 — Module Quiz and Calculator Exercises35 min
Stage 4Module 4 — Liquidity, Volatility and Trading Sessions4 lessons + quiz

Understand how Tokyo, London and New York sessions shape liquidity and volatility; measure volatility (ATR) and plan trade sizes by session. Ends with a quiz.

  1. Lesson 4.1 — Global Sessions and Overlaps35 min
  2. Lesson 4.2 — Measuring Volatility with ATR35 min
  3. Lesson 4.3 — Liquidity Profiles of Pairs by Session35 min
  4. Lesson 4.4 — Practical Session Strategy35 min
Stage 5Module 5 — What Moves Exchange Rates (Practical Drivers)4 lessons + quiz

Focus on the real drivers: central banks, interest differentials, economic releases, risk sentiment and flow. Learn to interpret news impact and plan around it. Ends with a quiz.

  1. Lesson 5.1 — Interest Rates and Carry35 min
  2. Lesson 5.2 — Economic Data and News Flow35 min
  3. Lesson 5.3 — Risk Sentiment, Correlations and Safe Havens35 min
  4. Lesson 5.4 — Practical Reaction Plan35 min
Stage 6Module 6 — Choose Your First Pairs and Practice Plan5 lessons + quiz

Apply everything: pick initial pairs, set position-size rules, and run a disciplined 30-trade demo plan. Includes how to open a demo account and a final course wrap. Ends with a quiz.

  1. Lesson 6.1 — Pair Selection in Practice35 min
  2. Lesson 6.2 — Position Sizing Workshop35 min
  3. Lesson 6.3 — Build a 30-Trade Demo Plan and Journal35 min
  4. Lesson 6.4 — Open a Demo Account and First Trades35 min
  5. Lesson 6.5 — Course Wrap, Next Steps and Risk Reminder30 min
Not sure yet?

Sample the teaching first

We wrote a free in-depth guide on this exact topic — read it, and if the teaching style clicks, the course goes ten times deeper.

Read: Currency Pairs Explained (2026): Majors, Spreads & Market Structure

Frequently asked questions

Is this course really worth paying for?

Every Forex Fluency course is a deep, structured program — long-form fact-checked lessons, fully worked numeric examples, diagrams and end-of-module quizzes. At $35 it costs less than one impulsive, uneducated trade typically loses.

How do I access the course after paying?

Checkout takes a minute. Once your payment is confirmed you receive an access code by email — enter it on the My Learning page and every lesson unlocks instantly, forever.

Do I need a trading account first?

No. You only need a free demo account for the practice exercises, and we show you exactly when and how to open one — no deposit required.

Will this course make me profitable?

No honest school promises that. Most retail traders lose money; education, risk management and disciplined practice are what separate the minority who succeed. This course gives you that foundation — the results depend on you.

Is it self-paced?

Completely. Lessons are written, not scheduled — read them any time, on any device, and your progress is saved as you go.