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!
- 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?
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GBP is my account currency on my demo account (oanda) it says i have 100.000 is that dollars or pounds?
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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?
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What happens when i exit a trade
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what is a close?
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what is ‘open’
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i know how to display the fibbo scale on oanda does anyone know how to place the numbers onto the scale?
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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?
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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