Nano-Bidirectional comms using USB port.

Hi,
I am new to this forum and the Arduino as well. I have just bought a Nano. Can it send and receive ASCII data using it's built in USB port.
Initially I would like it to send a line of text to a serial monitor such as hypertext. I would then like it to be able to respond to a text command sent over the USB link.
Is all this possible or do I have to set up a separate serial link?
I hope you can explain how this is done.

Thanks.

David.

This is possible using the Serial.* commands: Arduino - Home