Episode 9: Forex Trading Part 2

Episode 9: Forex Trading Part 2

This week I continued growing my knowledge of Forex trading. To some, this might go against the essence of learning something new. While I would tend to agree, I believe I have yet to fully understand Forex trading. While I could have moved on, and covered another topic, I am not satisfied  with all that I've learned and thus compelled to learn more.

Originally it was suggested I get MetaTrader 4, set up a dummy account, and practice Forex trading. I did just that, but I didn't understand anything I was supposed to be doing. I was supposed to be following certain people to understand what they were doing and learning from them, but it was just too steep a learning curve.

While I wanted to give up, I realized I needed to take a step back and start at the basics, because that my friends, is how I do my best learning. So I watched a few YouTube videos, I chatted with a few friends, but I still wasn't understanding everything, and I still don't.

I did however come across a program called GoForex, which is available on Android, IOS, and Windows. This is a great program to introduce anyone into the world of Forex trading. The program begins with teaching the basics, one chapter at a time. Before progressing to the next chapter, you must correctly answer a quiz, proving you've understood the knowledge. It then allows you to play through a simulation Forex trading environment, where you start out with $1000.

GoForex

After a few hours on the GoForex simulator, I was down to $750. I went back to re-learn some of the lessons. My third day of Forex simulation trading, and I was making some great trades and was up to $1600, and finished off that days trades at $1480. 

I think I'm beginning to get the hand of this this, I'm going to keep at it a bit and let you know how it goes. I may even attempt to set up a real account, so stay tuned.

Before ending this blog post, I want to let everyone know that GoForex is a free program, and that I was not paid to endorse this product, nor do I receive any form of funding from them.

Also if anyone else knows of any great programs to test Forex Trading on, I encourage you to please let us know by sending a message or down below in the comments.

Episode 8: Forex Trading

Episode 8: Forex Trading

I had no idea, that you could trade foreign currency, on an open market as you would with stocks. I was always under the assumption that this process was only reserved for financial institutions, or governments. I was also under the assumption that if you wanted to participate in the trade of foreign  currencies, you needed a license, as needed for those shops you see when travelling on vacation, that will exchange your money for you.

Well, you don't know what you don't know!

It seems this week I learned that foreign exchange trading is a real thing. Anyone with a computer/smartphone can set up an account and be trading within minutes, no license required.

This is what wiki has to say...

The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the credit market.[1] (click here to see the rest).

I just started learning, and haven't dared to invest any real money yet, but it seems exciting. One of the benefits of Forex trading is that because of these micro transactions, you aren't spending a vast amount of money, and that $100 can get you started.

I'm not going to make any recommendations, as I'm still learning and trying to understand how to use the software properly. However I am thinking this might be a topic that will take a few more weeks... 

Stay tuned