Sorry for the lack of updates. I promise I will blog more when I can :)
Still remember the teaser I posted few weeks ago?
I'm back updating about my Forex experience with GK Goh.
The lesson was organised with both Terraseeds & GK Goh.
Terraseeds is the one who provides education while GK Goh is the stock broker.
We were given virtual $20,000 to play with and I got to experience the nerve-wrecking times when the prices are not what you expect them to be. Hoho, I want to earn and not lose, but losing is part of the learning process, isn't it?
The first part of the post is lecture :P
I suppose I need to let you know what are the fundamentals of Forex trading before doing the "practical". Heh.
When you hear of trading, it involves TWO currencies.
There's a mistake:
If you buy this pair, you are
Common traded currencies:
- The US Dollars (USD)
- The British Pound (GBP)
- The Euro (EUR)
- The Japanese Yen (JPY)
- The Swiss Franc (CHF)
WHAT TO DO WITH THE CURRENCIES?
Note that SELL price will always be LOWER than the BUY price.
Stand in the retailer's point of view, if you sell to someone, obviously you want to sell high. Therefore, the buyer will always buy high in order for the retailer to earn.
To understand how you buy & sell to earn or vice versa, you need to know what is pips and how do you earn by looking at it.
See, the 2 digits are imaged larger than the rest before there are the ones that determines the amount of money you earn or lose.
Hope I explain clearly :)
Understanding spread allows you to select the currency that brings you lower risk to make the highest profit.
As for margin, you can trade as much as you like as long as you don't lose all your money :)
Actually, I don't quite get this. But read the example :) It somehow helps.
This is a tad boring. Forex is not just about money. It's about the economy. You have to be constantly updated to play Forex, otherwise don't risk your life.
This definitely works. I saw the price increasing when the time reaches 2pm :P
Of course, there are strategies that helps you make profits :)
This will be further explained with my experience (below).
HOHO, after this lecture, have you learnt anything? I really hope these information help in your future/next Forex trading :D
OK, I'm a photoshop noob, otherwise I would have made the lecture more interesting.
When I first entered the program...
Oh my tian, I'm totally lost because we weren't exactly taught about how to use this thing and I somehow figured it out.
My first trading...
Once I bought, I lose -.- Pathetic.
All I can do is to wait patiently.
If you are the conservative person, you will tend to buy little to play safe.
However, if you are the aggressive person, you will dare to take the risk by buying big.
& it shows that I'm a conservative person.
Slow and steady wins the race? :)
Buying more :)
I see a dead cross. Can you spot it?
If you can see, I'm using 5% margin. Hoho, playing slightly bigger and losing?
See the RED & GREEN bars, those are CANDLESTICKS.
The 3 consecutive RED bars, followed by 3 consecutive GREEN bars?
I could have bought at the 1st green bar because that was one of the signal that the prices are going up after dropping (for 3 bars).
Took too much time and decided to close it even when it only break even.
The last snapshot I took. #Happygirl92
(I earned much more than what is shown here)
Some questions I asked with regards to Forex:
This is a tad complicated.
Me being a noob asking a noob question. Hehe.
Demand & Supply question.
Pretty much agree.
My overall Forex experience was pretty good. It opened my eyes to the economy in the world (even though I didn't follow the news when I should).
Actually it isn't very complicated like it seems - playing with 4 paired currencies. Haha, perhaps I'm not the professional who stepped into the office having 5 to 6 screens to trade and make profits. Oh my tian, I can die doing that all day. Haha.
Because this is a game, I decided to play bigger but if this is my real money, hehe, you know I will just play safe than take the risk.
Things are moving very fast in the market. It is very important for you not to put everything in a basket because you can lose everything in the next second. Everyone who is playing can be at their screen buying at the same time as you.
I heard about people still playing with virtual money after 6 months and most of them are women. Perhaps females have the feel of taking the safety road. Wow you can take 3 months to earn, let's say, 3 times, but also can take 3 days to lose them all. Sad isn't it? So still my advice, play safe :)
If you have the money, you can earn more money with that money through Forex trading.
Hoho doesn't it sound good?
Like having a money seed that grows into a money tree and produces money notes as fruits.
This can be our 2nd job and another source of income. Me likey.
Remember to STAY CURRENT & INVEST WISELY.
ALL THE BEST IN YOUR FOREX TRADING :D
Thank you Nuffnang for having this lesson on FOREX trading :) I'm glad that I attended the lesson and had fun getting my hands on Forex.