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The goal in trading

Buy low and sell high - this is the goal in trading...

How does this work with currency pairs? What is long and short?

Here is an example:

When you open a long position on EUR/USD, you buy EUR and sell USD, when you close the long position, you will sell EUR and buy USD. Your goal is to buy the EUR at the lowest price possible, then sell it on the highest price possible.

When you open a short position on EUR/USD, you sell EUR and buy USD, when you close the short position, you will buy EUR and sell USD. Your goal is to buy the dollar at the lowest price possible, and sell it on the hight price possible.

In both cases, you will get profit only if you buy at a lower price and sell at higher price.

But how do you do this? This is the million dollar question. Almost everybody in the FOREX market is looking for a solution to do so, or is trying to sell a service that helps others to do so...

Most of the traders are using the Technical- and/or Fundamental analysis, to predict price movement.

I recommend you to focus more on the Fundamental analysis, but do not ignore the Technical analysis, because there are many traders who are trading based on Technical factors, and this can move the market as well.

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Please note!
Trading foreign exchange (FOREX) on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You should not invest money that you cannot afford to lose.