Currencies Explained

What does it mean to buy a currency? 

What is the carry trade?

What is the difference between forward currency contracts and futures?

What is the notional value of a forward currency contract?

How can you invest in non-convertible currencies?

Can any currency be converted into any other currency?

How are currencies quoted?

What are forward points?

What is the counterparty risk on a forward currency contract?

What is a forward currency contract?

What is a spot currency contract?

What does it mean to short a currency?