Hi guys,
Wonderful website. Quite a lot of useful information regarding forex.
I'm new to the whole forex thing, and have just signed up a demo account. Most of the "beginner" information I've found though requires a little basic knowledge of trading. I myself don't like to learn something unless I know the in's & out's behind how it works. I guess what I'm trying to find out is the whole concept behind trading currency.
This is my understanding;
You start with an investment, say $xx,xxxUSD.
If you wanted to trade USD/YEN, you would buy some YEN when the $USD is strong. Lets say, USD/YEN 118.10
The idea is then to trade the YEN back for USD, when the YEN is stronger then the initial trade (USD has got weaker). Say, USD/YEN 117.50. This outcome would make you a profit.
I need to get a handle on the concept, before I learn all the technical terms & calculations. Any help would be appreciated, thanks.
Wonderful website. Quite a lot of useful information regarding forex.
I'm new to the whole forex thing, and have just signed up a demo account. Most of the "beginner" information I've found though requires a little basic knowledge of trading. I myself don't like to learn something unless I know the in's & out's behind how it works. I guess what I'm trying to find out is the whole concept behind trading currency.
This is my understanding;
You start with an investment, say $xx,xxxUSD.
If you wanted to trade USD/YEN, you would buy some YEN when the $USD is strong. Lets say, USD/YEN 118.10
The idea is then to trade the YEN back for USD, when the YEN is stronger then the initial trade (USD has got weaker). Say, USD/YEN 117.50. This outcome would make you a profit.
I need to get a handle on the concept, before I learn all the technical terms & calculations. Any help would be appreciated, thanks.