Spot and Forward Trading

Spot Definition : Exchange of two currencies at an agreed upon exchange rate for cash delivery. Cash delivery is considered to be two business days, except for the Canadian dollar, which is one business day.
Bid/Offer Bids and Offers are quoted in terms of the base currency. 1 Base unit is how many units of the other currency
Forward Outright A Forward Outright is a single exchange of two currencies at a predetermined rate for future delivery. (Spot + Forward Points)
FX swap A Foreign Exchange Forward is an exchange of two currencies at a predetermined rate for any date other than spot delivery. A FX Swap is an agreement to make an initial exchange of currencies for spot value with a reversal of that exchange at some future date. Differs from a forward outright in that two deliveries take place. Comparable to borrowing or lending.
Premium/Discount Premium/Discount is the interest rate differentials between two currencies
Calculating Premium and Discount Calculating exemples