So started a demo account on forex.com and seem to be doing quite well. I’ve hit 20 trades and been in profit in everyone. I’m trying now to divulge into what is actually going on when I make a trade and these are the few questions I’ve come up with;
-the demo account gave me £50,000 to play with, now when I buy/sell I buy units, however I don’t actually know how much this is costing me, is there a way to work this out? Also, with going into a real account with leverage/margin (which I kinda understand), is there a way to work out how much of YOUR money your spending?
-when I close a trade and then go to my reports I see P/L and for example let’s say an amount is £236, is that profit or is that with a leverage applied to it?
-also say in a real account I put in £1000 and take a 10:1 leverage, so I have £10,000 to play with. What happens if I’m trading £3000 on one deal and I end up taking my losses, would I end up paying money back?
I realise these may be awful questions, however trying to read into some topics I find so difficult in getting the right answer.
A huge thank you to anyone that can help and explain it as dummed down as possible.