Ask and Bid has specific digital notations, these symbols (Ask and Bid) work hand in hand as the Forex market price of a currency pair is denoted by the symbols (Ask and Bid).
ASK = BUY
BID = SELL
Let’s make an example of EUR/USD.
Take a look at the currency pair EUR/USD – Ask price in the pair’s quotation is the highest price, in this case what happens is, the trader buys the currency (EUR) as seen standing first in the abbreviation of the currency pair (EUR/USD), consequently the trader sells USD, standing second.
Whereas with Bid Price, taking a lot at the same pair EUR/USD – the pair’s quotation is the lowest price, in this case, what happens is, the trader sells the currency (EUR) as seen standing first in the abbreviation of the currency pair (EUR/USD), The Trader respectively buys the currency standing second (USD).
An example could still be with currency pair EUR/USD (which is a Major Currency Pair) – consider the pair has a quotation of 1.2342/1.2345, this simply means you can buy 1 EUR (euro) for 1.2345 or sell 1 (EUR) euro for 1.2342 USD (US Dollars).
The difference between the quotation pair (or between Bid Price and ASK Price) is known as Spread… ASK is the price at which the trader buys, and a BID is a price at which the Trader Sells.
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