A few questions please

Beginner Questions
1

Hi everyone, thanks for reading this i am having a few problems with some concepts i cant grasp so im going to ask a few questions if you dont mind here goes!

  1. When trading GBP/USD and i buy, what am i actually doing, am i buying dollars? when i buy, is one unit one dollar I.E one pound = 2.1 dollars so am i buying in the hope or according to a strategem that it will rise/go up?

2.how many do you normally buy and how much is one lot on oanda, and if i have $2000 in my training account how do i only use $50 of it to trade?

  1. GBP is my account currency on my demo account (oanda) it says i have 100.000 is that dollars or pounds?

  2. when i have had a go at buying (not sure what im doing) i see two check boxes in the pop up box low swing - high swing what are these and do i need to check them?

5.how do i exit a trade?

  1. What happens when i exit a trade

  2. what is a close?

  3. what is ‘open’

  4. i know how to display the fibbo scale on oanda does anyone know how to place the numbers onto the scale?

  5. it has been said that whilst trading you should have two chart windows open one should be a 5 minute chart and one an hour chart what do you use?

  6. what is a 5 minute chart showing us? is it what happened 5 minutes ago and is that the same for 1 day, 1 hour, 1 minute, 5 seconds etc…

i know i have asked a lot of questions some of them may be very rudimentry but if i dont know the answer i cant progress can i lol…
thanks guys much appreciated

2

Here it goes,
near the “forums” tag, there is a “SCHOOL” tag that you should click on.
After that…on the left of your screen there is a nice index of different topics.
I would reccomend to start from the first one.
Once you have read it all and gone trough it ( probably more than once, bacause the 1st time you will not understand the words, the second time you will not remember what was the menaing of each word , etc), than you will realise that many of the questions you have aslked will have an ansewr…and the ansewr will come from yourself.
This is the link to the page : School of Pipsology - - Beginner’s Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com

Good reading m8.

3

cheers! sounds like a good place to start:D

4

If you want to know more broadly about the fx market you might also download ‘the foreign exchange market in the United States’ free from the Federal Reserve and a fascinating read. At you level you should not be placing trades anywhere and consider whether FX is really the place to start. Its like trying to play in the premier league without being in a school team.