How do you read the charts ?
Hi did you visit the education section already?
I use the hourly time frame, as a candle appearing earlier than that, can get me confused.
I feel I am late and you have already been directed to the right resources but I am going to leave a link, just in case.
If you don’t know how to read the grid then it means that you have not learnt as much as i should about the forex market. You need to learn if you plan on being a successful trader. It may take time but you need to lean. Take this slow and when you have learn everything you can ask for clarification.
Have a little confusion about profits. Is anything that I earn counted as profit and how will I be taxed for my earnings?
If your balance is £500 and after you trade for a month it is £550 then you have made £50 profit. In relation to tax you would need to review tax legislation in whatever country you’re from.
Profit is only profit when it goes into your account when the trade is closed.
Tax treatment varies depending on the laws of the country / state you are located in. Profits can be taxed as income in some places or capital gains in others. I am lucky enough to be located in the UK using spreadbetting to trade forex, and this is exempt from tax here.
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Hey, I suggest you take some time getting familiar with the courses and learn how to analyses the charts properly. This will be really helpful for your future trades as well.