Hi all, I am new to trading and don’t know all the details of how it works. My question is, earlier this year when the Euro was weak against the dollar and around 1.24. The trend was that the Euro would weaken against the dollar, but then interest rates would be cut, the economy would suffer, and a month later the Euro was back to around 1.40. What my question is, in this situation do you buy the Euro against the dollar and sit on it for a month or however long and wait for it to strengthen and sell? Are there additional fees when doing that or is that not the way currency and Forex trades work?
You should read the babypips school and learn to trade. That question is very basic and there are so many facets to it. I think that you probably heard about forex but don’t quite understand how it works.
Read the babypips school and then demo trade for a while.
HMM… as for me personaly fundementala and news is just a 20% issue, and technic is 80% more important. There are hundreds of technic on how individual see the market. Just gotta spend more time learning few technic and find the suitable ways of trading that suits you. At the same time be aware that you are not hoping instead of trading, coz it will lead to gambler attitude. CREATE DEMO and try your technic whatever you learn or have in mind… Than start learning frm your mistake, and create your own house rules. when to open trade, SL and the exit plan must be good. By the way dont forget to learn how to calculate your margin. coz its the most important. Dont be governed by greed coz it will do you bad.
A million steps start with the 1st step
No doubt it goes along with emotions.:):)