Every asset you trade is identified by a code. That code is known as a trading symbol. Knowing how to read and use trading symbols is needed to be able to execute the right trades on the right markets.
In this guide, we’ll break down everything you need to know about trading symbols: what they are, how they differ across asset classes, and what our tips are for using those codes properly.
What Are Trading Symbols?
A trading symbol is a short, standardized code that represents a specific financial instrument on a trading platform. These symbols are used to identify assets. For example, when you want to trade the Euro against the U.S. Dollar, you use the symbol EURUSD.
Each trading symbol is unique to the asset it represents. However, these symbols can vary slightly depending on the platform or broker you use. For example, your broker might list gold as XAUUSD, while another might include a suffix like XAUUSD.m to denote a micro contract.
Types of Trading Symbols Across Asset Classes
Let’s take a closer look at how trading symbols are used across different asset classes. As a Falcon Funded trader, you’ll encounter many of these symbols during the evaluation phase and in your funded account.
1. Forex Symbols
Forex (foreign exchange) pairs are among the most common assets in prop trading. These symbols follow a consistent structure:
XXXYYY (e.g., GBPUSD, USDJPY) The first currency is the base currency. The second is the quote currency. For example, EURUSD means you are buying euros and selling U.S. dollars.
Falcon Funded offers access to major, minor, and exotic currency pairs. These forex trading symbols are important for traders focusing on high-volume, fast-paced strategies.
2. Commodity Symbols
Commodities like gold, oil, and natural gas also have their own set of trading symbols:
XAUUSD is Gold against the U.S. Dollar
XAGUSD is Silver against the U.S. Dollar
WTI is West Texas Intermediate crude oil
NGAS is Natural gas
Some commodities are traded as spot contracts, others as CFDs or futures. This means symbol formatting can differ.
3. Index Symbols
Indices represent baskets of stocks and are often traded as derivatives. Common index symbols include:
US30 for Dow Jones Industrial Average
NAS100 for Nasdaq 100
SPX500 for S&P 500
You might see these listed slightly differently depending on the platform you use (e.g., SP500.cash or NAS100.f for futures). Always check your platform’s documentation for symbol specifics.
4. Crypto Symbols
Crypto trading continues to grow among prop traders. Like forex, crypto symbols are typically written as [Crypto][Fiat]:
BTCUSD is Bitcoin to U.S. Dollar
ETHUSD is Ethereum to U.S. Dollar
XRPUSD is Ripple to U.S. Dollar
Crypto markets can be volatile. Using the correct trading symbol ensures you’re entering the right asset at the right time.
5. Futures and Contracts
For traders dealing in futures or more complex derivatives, symbols may include expiration dates or codes:
ES for S&P 500 futures
CL for Crude oil futures
GC for Gold futures
These may appear as ESM25, where “M” denotes the month and “25” the year. Futures trading symbols can be more advanced but are worth understanding if you plan to scale up.
Why Symbols Can Vary
Even for the same asset, trading symbols may differ slightly depending on the broker or platform.
A forex pair on one platform might be listed as EURUSD, while another lists it as EURUSD.f, EURUSD.raw, or EURUSD.micro, based on account type or pricing model. That’s why it’s so important to verify you’re selecting the right symbol for your account and trading style.
At Falcon Funded, we make it easy by providing traders with clear documentation and symbol lists within our platform and trader dashboard.
Tips for Using Trading Symbols Correctly
A few best practices can help you stay organized and avoid costly mistakes:
- Always double-check the symbol before executing a trade. One wrong letter can lead you into an unintended market!
- Use your platform’s search tool to find the correct instrument (especially for less common symbols.)
- Be aware of suffixes or prefixes that indicate account type, product type, or trading conditions.
- Review all the margin, leverage, and spread details attached to each symbol. These vary across instruments and can impact your trade.
Trade Smarter with Symbol Confidence
Trading symbols may look simple, but they’re at the heart of every order you place. By learning how they work across asset classes and platforms, you can avoid mistakes and sharpen your trading performance.
With Falcon Funded, you get the structure, support, and platform clarity you need to succeed. Ready to start trading with confidence? Join a funded challenge and show us what you’ve got.
