Starting Something New (Lauren enters the World of Trading in the FOREX MARKET)
Well not completely new to me as I have touched on whilst using cryptocurrencies but I have never seen it done in the Foreign Exchange market.
You guessed it I have become a Trader :-)
(Foreign Exchange Market also known as Forex Market for short)
Now most of you have probably already heard what the Forex Market is but for those of you who don’t know.
The Forex Market is a ‘decentralised or Over the Counter’ market where currencies are bought, sold or exchanged for the current price or determined price. Traders speculate whether the price of one currency’s value eg. EUR will drop compared to USD expected to rise, and if their judgement on the market is correct they can take profit.
Basically it is one currency versus another and you determine which one will WIN at what point and take PROFIT … Yayyyyy!!!!
Of course that all sounds very hunky dory, however it does get a little tricky, you have to have a good Fundamental and Sentimental analysis of how the market could fluctuate due to Political, social and economical aspects, Better start tuning into the news if you don’t already :-)
Also how people respond to these aspects, these can have a huge impact on which way the trend goes in the market (UP, DOWN, SIDEWAYS you know what I mean!) and how well the currency value can handle the heat.
So a good to know, is Human Psychology and understanding what the people do when a certain country faces Political, Social or Economical troubles which will help you understand what the Market will do.
My god it does sound complicated when you look at it that way and there is still so much I need to learn from the different Jargons to Technical analysis, but with all of this fresh information to learn it has sparked a new energy inside me and I surprisingly enjoy learning this sort of stuff, who would have thought?
Clearly there is so much more to it than that and I have only touched on the Basics, but I am a newbie and it's my first week
So Week 1 of being a ..… Trading Student? We can just call it that.
Successful First week and I also made some Trades
Profit Profit Profit!!!!
Im glad more people are becoming more exposed to the Fx market! I would most definitely advocate this over the stock market and you can also start with a lot less capital.
What broker are you using? Is it a ECN account? I would advice the lowest spreads as possible even if you paying for commissions.
Not a bad week for only week 1!
Are you live or demo?
Yes it is really exciting I have met up with some people in Berlin about it and there is actually events and a Trade Office where we can watch them Live I am excited to see this :-)
It's HOTFOREX my broker account, been great with them so far!
Yes this is all live I have a Demo account but I have just been testing on that higher risks to see how bad or good my judgements are and the outcomes
It really is an interesting time we have in the trading industry. Usually a career that is very lonely is being transformed by our social media platforms and millennial generation! I have met a lot of awesome people.
Never head of that broker but i will definitely check them out!
Good luck on trading. It is extremely difficult but if you get in touch with the right mentors and support group anyone can succeed! Look forward to seeing you develop as a trader.
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Thank you :-)
Seems like a lot to learn. I hope to look into it more.
If I can do it anyone can do it :) Plus learning all of this can also help you if you decide to Trade cryptocurrencies because you learn how to read the market an determine if it's going to be a good or bad day :-)
Heck just learning to get from cash to cryptocurrencies would be a big step for me. Did you learn how to do it from a certain book? If so what book? Thanks.
Haven't been on Steemit as much as I usually am, I hope you are doing well :-)
This looks very interesting, I will have to have a look.
I know me too I have been so fascinated with this I forgot to make steemit posts :-)
Yes if you want to chat about I am on Steemit chat @laurenkavanagh I think you would like it
I might give you a shout if that is okay, was that a profit for a week?
Yes fire away :-) That was profit for the 20th so just one day I posted my profit from yesterday on yesterdays post... Everyday is different lower or higher just depends what trades I pick and how the market is doing but I have been playing it super safe and it is working for me so far!
could you recommend any groups for learning about trading?
Pay attention, isn't so easy as it seems. Trust a Trader