How to make money in forex

So we’ve learnt about the various session times but we’ve got to get to the sweet stuff how do you make money. I know this is what you’ve been waiting for the steak not the meat and potatoes.  A few of the famous quotes related to this are;

When I was young I thought that money was the most important thing in life; now that I am old I know that it is.-Oscar Wilde

This planet has — or rather had — a problem, which was this: most of the people living on it were unhappy for pretty much of the time. Many solutions were suggested for this problem, but most of these were largely concerned with the movements of small green pieces of paper, which is odd because on the whole it wasn’t the small green pieces of paper that were unhappy. ~Douglas Adams, The Hitchhiker’s Guide to the Galaxy

So if money is important then we need to learn how to make it.

In the forex market it basically boils down to the buying or selling currencies.
Placing a trade in the foreign exchange market is simple: the mechanics of a trade are very similar to those found in other markets (example the stock market), so if you have any experience in trading, you should be able to pick it up pretty quickly if not get ready to learn.
The object of forex trading is to exchange one currency for another in the expectation that the price will change, so that the currency you bought will increase in value compared to the one you sold.
An example here is
You purchase 10,000 euros at the EUR/USD exchange rate of 1.1800 this means you use 11,8ooUSD to buy the euros.
Two weeks later, you exchange your 10,000 euros back into U.S. dollar at the exchange rate of 1.2500. This means the Euros sell and buy 12500 USD
You easily earn a profit of $700
We get this changes in prices by knowing the exchange rate. An exchange rate is simply the ratio of one currency valued against another currency. For example, the USD/EUR exchange rate indicates how many U.S. dollars can purchase one Euro or how many Euros you need to buy one U.S. dollar.
Reading a Forex Quote
Currencies are always quoted in pairs, such as USD/JPY or GBP/USD. The reason they are quoted in pairs is because in every foreign exchange transaction, you are simultaneously buying one currency and selling another. An example of a foreign exchange rate for the British pound versus the U.S. dollar:
GBP/USD=1.5298
The first listed currency to the left of the slash (“/”) is known as the base currency (in this example, the British pound), while the second one on the right is called the counter or quote currency (in this example, the U.S. dollar).
Now you have the basics we move to MORE ON FOREX QUOTES…

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