Chaaban > Forex Trading for dummies

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Forex Trading for dummies

Posted: chaaban on Feb 08 | Business Online

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 .

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