Tarek Chaaban

Tarek Chaaban, M.Sc's official blog. It contains current web project portfolio, posts regarding his Canadian army experience, news, sports articles, and web tutorials on programming and using social networking technologies.

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 .

3 Comments

  1. Nice Introduction :D

    It’s a very very dangerous business , It’s considered as gambling for those who dont know how Forex Work .

  2. thank’s for the info about forex , i always wondered how it works , and where to do it …

    i think i will take some university course before playing with it :)

  3. I like the idea of forex trading programs as they take away the obvious stress associated with sitting in front of a screen and watching markets all the time.

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