So I have started something completely new to my world.
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!!!!