Hi, I am fairly new to forex so forgive me if these are stupid questions.
I hold pounds in my balance. For example, when I trade USD/JPY it will convert my profits/losses back into pounds using the exchange rate GBP/USD. Therefore I was wondering why I should ever trade the USD/JPY pair and instead use the GBP/JPY pair? Thus meaning I should never trade any pair which doesn’t have the pound as the base or quote?
Also, if I wanted to convert whatever is in my balance to dollars (or another currency) how would I do this?