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Help a forex rookie out.
- Thread starter IShopAtPublix
- Start date
Quote from cabletrader:
No thanks, I earn my living from trading, not ripping off the vulnerable and gullible, that's for snake oil sharks who have absolutely no integrity.
I guess in the scheme of things it's about on par with selling drugs or street robbery which is probably what some of the low-life would be doing if they weren't selling courses, systems, or signals, I suppose we should be thankful they're not doing that at least....unless those activities are also part of your repertoire, nothing would surprise me about the murky depths to which some people are prepared to stoop in order to make a buck!
Well, I created the course while I was in the hospital this summer for 93 days, which cost me over half a million dollars (Cancer has maxxed me out on my insurance benefits). I also am paying about 10/15K per month for my medications, treatments etc. Since I don't know from day to day how I'm going to feel, and often spend several days at a stretch very sick, I can't really trade right now. I suppose I could qualify for welfare if I just decided to give up and go on the dole. Would you rather me do that?
I think that this got away from the op question and my 2nd response is that look by telling Lu to stay away from the forex we are saving some money for you if your asking the questions like this you not ready take a step back and demo account it for a while have you done your backtesting do you know how to place your stops and understand your risk level and money management strategy?
FX is quoted as follows:
USDJPY=100
This means that every $1 is equivalent to 100 Yen
So, let's say you bought $1,000,000 of USDJPY at 100:
$1,000,000*100 = JPY 100,000,000
You now own 1,000,000 Japanese Yen
Now let's say the exchange rate goes to USDJPY = 105 and you want to convert your Yen back in $:
JPY 100,000,000/105 = $952,380.95
Bad trade. You lost $47,629.05
Your actual broker's statement might show a slightly different amount since they might discount from value date, but it will be close to this number.
USDJPY=100
This means that every $1 is equivalent to 100 Yen
So, let's say you bought $1,000,000 of USDJPY at 100:
$1,000,000*100 = JPY 100,000,000
You now own 1,000,000 Japanese Yen
Now let's say the exchange rate goes to USDJPY = 105 and you want to convert your Yen back in $:
JPY 100,000,000/105 = $952,380.95
Bad trade. You lost $47,629.05
Your actual broker's statement might show a slightly different amount since they might discount from value date, but it will be close to this number.
Hi fellowsâ¦Iâve been practicing with a demo account for few months and didnât find a solid strategy yet. Besides the candles I still can't get along with any other indicator... it's being hard for me to try to predict wich way is the market going just with the candles...any sugestion?
EURDUSD is much easier:
Let's say EURUSD = 1.3000. You want to buy EUR 1,000,000 worth of $.
You now you own 1,000,000*1.3000 = $1,300,000.
EURUSD goes to 1.4000. You decide to convert back to $.
$1,000,000*1.4000 = $1,400,000
Great trade! You made $100,000.
Let's say EURUSD = 1.3000. You want to buy EUR 1,000,000 worth of $.
You now you own 1,000,000*1.3000 = $1,300,000.
EURUSD goes to 1.4000. You decide to convert back to $.
$1,000,000*1.4000 = $1,400,000
Great trade! You made $100,000.
EURUSD
GBPUSD
AUDUSD
NZDUSD all quoted the same
USDJPY
USDCHF
USDCAD all quoted the same
GBPUSD
AUDUSD
NZDUSD all quoted the same
USDJPY
USDCHF
USDCAD all quoted the same
Quote from Brandonf:
I have a site where I sell an FX course
I make a lot of amount of money on it
if anyone close to me wanted to trade Forex is the last market I would send them towards
I used the info I got off babypips to make my course.
DONT TRADE FOREX
I don't believe in the market itself
I told people NOT TO BUY FOREX STUFF
I suppose I could qualify for welfare if I just decided to give up and go on the dole. Would you rather me do that?
In preference to selling garbage and taking money off vulnerable and gullible people who may be in the same (or a worse) position as you are, yes absolutely the dole is a better choice if it's your only alternative, I guess that's where integrity come in, either you have it or you don't.
Anyway, there's plenty of free info about FX trading around the net on sites like babypips and trading forums like this one, there's no need to pay anyone for a basic education, and certainly not a failed trader who doesn't believe in the market itself and advises 'don't trade forex'!
Have you ever heard of something called karma?
Quote from IShopAtPublix:
Hello, I recently got an account at FXCM micro and decided to test the waters. I have the following questions(my account is in USD btw):
The 1K micro lots is it 1k in the base currency pair or always 1,000 dollar equivalent of the base currency? For example, let's say I have $1,000 deposited and I decided to buy 1 micro lot of CHF/JPY do I buy 1 thousand dollars worth of swiss francs or 1 thousand swiss francs?
If I trade CHF/JPY does the USD/CHF rate play a role in margin call calculations(all losses or gains need to be converted back to dollars anyway)?
Thanks in advance.
I think you might be better off at a forex-specific forum - try Googling Forex Factory and take it from there, starting at their Rookie Discussion section. Cash forex has one huge advantage for beginning traders : the possibility to trade real money with very small size while you learn, as you appear to have already realised.
Once you have built up your trading size to positions of $25k or more, you can switch your account to IB and use IdealPro.
Good luck on your trading journey.
J.