Forex Trading for dummies
Few weeks ago i saw a topic on digitalpoint about Forex Trading , someone was asking if it was a good thing to start trading in FOREX .
So i visited a forex related site : futures trading
At The Beginning i didn’t even know what FOREX Trading stand for .
In this post you will learn what i learnt in 4-5 days “Playing” with Forex .
First The Definition of Forex Trading : Foreign Exchange trading to the currencies themselves .
For A Forex Trading Dummies its : Money from one country is exchanged for that of another .
The FOREX or Foreign Exchange market is the largest financial market in the world, with an volume of more than $1.5 trillion daily …
So basically what i did was :
1- Searched on how to do FOREX Trading ONLINE .
2- Registered a free account (They give a test account with 5000$)
3- Took few mn to learn how the platform work .
This is all !
Next step is SELL & BUY using FOREX Trading
For Forex Dummies you wont know how to interpret Stats and Charts , what a Forex Dummy will do is look on short term period .
If you see that the $ is going up , you buy till you get some money then you can sell .
Let’s make a live test :
Currently the USD/CAD Is : 1.1861 / 66 Which mean if i want to sell it would cost 1.1861 and if i want to buy it would cost 1.1866
PIP is the difference between sell & buy so for (1.1861 & 1,1866) the PIP would be 5
1 hr later ….
USD/CAD : 1.1869 / 74 So if this was real and at the first step i bought at 1,1866 now i can sell it fro 1,1869 wich will give me a pip of +3 .
so for each 1$ i bought i wont : 0,003 small number eh ? well FOREX WORK ON Big numbers … so if i have 5000$ i can buy upto 250.000$ which mean in this case i could have win : 750$
As you can see it’s look more like Gamble , because if you are not an expert and know exactly how to interpret charts you wont know what will happen and this could get you a lot of looses and in the same time it can get you a lot of money …
Opinion about Forex Trading :
- Forex Trading is not for anyone , even if it seem easy there is always complication .
- Before you do any real Trading , take a test account and keep testing for 1 year .
- There is Always Online Support , take advantage of this and ask the questions you want they will always answer you .
- Never put money you count on in Forex , only if u have money that you don’t need …
- Never go high try to always stay safe and win small amount so like this if u loose it will be small amounts …
- I don’t deal with forex because its not made for me .