What is Forex? It’s the currency trading. In the first article, at the bottom of this page, you can find the connection where is possible to know more about our topic. It’s available a demonstration account too, so you can do free practice and figure out if you like it or not. If you have fun, maybe you will decide to continue but, if you don’t enjoy, it’s better for you to give up and find something different for your time off. Forex is one of the many ways to make money online but, remember one thing, not everyone earn.
I opened a real account on the day of presidential elections in the United States held on November 8, 2016. Before that I tried several different Forex platforms and I decided to make money by using one called eToro. I didn’t regret and I recommend you their site. Why am I right on that day decided to enter in the world of high finance? I heard from some friends and checked on the internet that a lot of people gained huge amounts of money during Brexit. The pound fell over 10% and to those who have had that vision, this fact brought amazing profits. Note that in currency trading you can use the leverage. So, if for example you are using leverage of 50 times, the 10% becomes 500%; you invest a thousand dollars and earn 5000. So I thought that if Trump wins the elections I could make good profits.
So, I opened the account by depositing 500 dollars. After midnight, when the outcome of the presidential election was not known yet, I bought the currency pair euro-dollar. My investment should enhance and my plan was to make some money by buying cheap and selling expensive. On the Forex platforms you can set two limits: one is where you take profits and other where you close your position to limit your losses. I was too greedy and laid taking profits on 5%. Once the world understood who was the new president of the United States, the dollar has become weaker (as I had predicted). But after lost 3% of the value it became stronger. That day I was out of town and I had no access to internet. My limit for taking the profit hasn’t been reached and I couldn’t manually close the position and taking a little less profit. When I returned home late in the evening and logged my platform, the price was already lower than my purchase. This is until today my only loss.
It’s the beginning of the March and in the four months I earned 300 dollars, about 60% of the initial amount I’ve invested. I was able to catch up my first lost by the end of the same month. So far I have processed more than 90 operations and except one, all were positively completed. I have already reached a good experience and developed my own strategy which it has proved successful. At least until now. Here are some of the key elements in my approach. In the beginning I used the lever 10 but after more experience and considerations now I use 25. This is a good proportion of earnings and assessing risks. If I open the position and things go in a negative direction, I have 4% margin (loss of the entire wager) in order to wait that prices return to positive reach. I always put my loss limit very far to be able to afford myself to wait even a month before I back to the desired interval. Since I often trade on a long period I usually choose operations with positive rollover. When a position is transferred to another day, Forex applies to it some kind of fee. For example, for a pair EURUSD, if you buy the pair you pay 60 cents for the amount of 10.000 dollars, and if you sell they pay you 3 cents. Usually, I sell and don’t have to think that for every day of waiting for the realization I have to pay a fee. The amount I earn isn’t significant but the important thing is that I don’t have additional costs.
I chose eToro not only because it’s an excellent service, but also because they have a social network. While you trade people send messages, comment and click like button. Of course, the topic is always trading currencies. There are members who have a great experience and this can be useful if you want to learn from them. Often the messages are entertaining because they are very funny. Most users keep their profile public so it’s possible to look at their stats and see how they trade. Statistics are partial and client’s privacy is however preserved. There are percentages but not the amount of money invested in trading.
Different people trade, even girls and if you don’t understand a language on the web site (there are Russians, Arabs, Germans, and other that write in their mother language) there is an automatic translator. As I told you before it can be very funny. Once I’ve read a message from a guy who gave me the impression to be so smart until I watched his statistics and find all in red (gains are represented in green). From my personal experience: more the post appears intellectual and more the author is ignorant.