EUR/USD
Quantity1,000 EUR
Ask1.1002
Quote-currency value1,100.20 USD
A fictional order worksheet: buying 1,000 euros.

Read the pair out loud

Write EUR/USD and underline EUR. A price of 1.1002 means 1 euro costs 1.1002 US dollars. Label the position in euros and the price in dollars per euro. “1,000” without a unit is an unfinished ticket.

Build a ticket without placing an order

Imagine a bid of 1.1000 and an ask of 1.1002. On paper, buy 1,000 EUR at the ask, then immediately sell the same quantity at the unchanged bid. The two cash values are USD 1,100.20 and USD 1,100.00. Circle the USD 0.20 difference. This exercise leaves out commission, financing and price changes.

Decide what you need from a tool

Add the time, price source, quantity unit and account currency to your sheet. Could a chart alone tell you which price you would get? Take the sheet to a simulator if you want to practise order status. Keep using paper if your question is still about units.