Hi, nice to “meet” you all.
As per thread’s title, I am a complete newbie to forex trading.
Now… I had this normal saving account - not a trading account - and for an emergency, I had to change a considerable amount of money from EUR to USD. I placed an order, and bought USD at the rate the bank offered, I can’t remember but let’s say 1.16. Done.
However, that emergency dissipated, and now I had USD to change back to EUR. I noticed my bank had a tool to place an order that would be executed only meeting a given rate requirement, so I set it to 1.17, just for the sake of it. The requirement was met within the next 7 days, and boom - I made 1k EUR from… a mistake of sorts.
So I am wondering - Can I just go back and forth setting such orders and selling and buying as certain rates are met, and maybe make something a week, then skip one, then perhaps make another similar move 10 days later, and on and on? Or am I missing something? Seems too good to be true.
Thanks for any insight you have to share.