Hello, this looks like a great forum, full of info. I have a couple of things I am confused about. I’ve only been studying FX for about 2 weeks so bear with me if these questions seem naive or ignorant.
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I’ve read how difficult FX is and how the majority of new traders fail. Now if I was to place a trade with a safer amount of margin (2-4%?) and immediately that currency went down leaving me in the hole XXX dollars, would I be able to wait the currency out until it made me money? It might take 2 days or 2 months but eventually it should come back up (barring a disaster)…
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I’ve been playing around with a practice account trying to learn the theories and math involved but one thing confuses me. If I buy 10 lots of XXX and the price goes up/down 10 pips, I should have a profit/loss of $100. Yet on some trades this doesn’t add up. Ie. 10 lots of USD/CAD purchased @ 1.0621, current price @ 1.0555 and Profit/loss is at -625.30. What am I missing?