Commander in Pips: Outstanding! That’s an excellent association. I see that you’re starting to have a real knack for all this stuff. Now to your second question about “all possible pairs”. Here are three currencies – GBP, USD and EUR. How many pairs can you create with them? Pipruit: Let’s see… we already know pairs like USD/USD or EUR/EUR do not make any sense, so I suppose that we can create only three pairs – EUR/USD, GBP/USD and EUR/GBP. Also we can make reverse pairs, such as USD/EUR, for example, but this will be the same pair as EUR/USD. The only difference will be that it will show how many Euros I should pay for 1 buck, instead of initially how much bucks I should pay for 1 EUR. If, for example EUR/USD rate is 1.35, then USD/EUR is 1/1.35 or about 0.74. It means that I should pay about 0.74 EUR for 1 buck. Commander in Pips: Very good! Indeed, FOREX does not have both EUR/USD and USD/EUR pairs simultaneously. This is because they are, in fact, identical. Ok, let’s add one more currency, say, CAD. What pairs can you create now? Pipruit: It’s a simple task. I just have to add just pairs that include CAD. EUR/USD, GBP/USD and EUR/GBP we have already, so I need to add USD/CAD, EUR/CAD and GBP/CAD. Commander in Pips: Right you are. So, do you understand now, what I mean with “all possible pairs”? Pipruit: Yes sir, now it looks clear. But how many pairs exist in total? And are there any differences with trading them? Commander in Pips: There are a lot of pairs. Generally speaking, all pairs can be put into one of three groups – Majors, Crosses and Exotic. Pipruit: Yes, we’ve talked about Majors previously. They are USD, EUR, GBP, CAD, JPY, AUD and NZD. Commander in Pips: Not quite. We’ve talked about “Major currencies” and now we’re discussing “Major pairs”. It’s not exactly the same. Pipruit: What’s the difference, sir?