Greetings,
I am a newbie to forex. I got knowledge on hoq the financial market works or what is the economy all about. Like all of you i only want to know how to make money on forex. I don’t need to have a degree in business or be a financial market guru to do that.
Ok so what is the bid and ask price? what must i look into before i enter a trade. What does entering and exiting a trade means?
I know there are 2 order types pending and instant execution. So if i am trading GBP/USD. I buy at 1.6 what does it means?
To enter a trade do i sell or buy?
To exit a trade do i buy or sell?
how do i know how much money i earn?
What is volume stop loss and take profit?
What does all this got to do with bid and ask price?
what is leverage?
In the basic order type video mike mentioned enter the market at any price, what does that means?
what does being placed into the market means?
what’s a slippage?
How can market orders be dangerous?
If i have a limit sell order at 1.605, is it a good thing if price reaches 1.605 then continue to 1.700? to earn a profit what order should i place?
what if price reaches 1.700 then comes down again to 1.500. How much profit did i make?
and what is the profit determine by?
I am sorry if these are really stupid questions? but i am a super duper beginner.
thanks