Help with Forex trading? Complete beginner!?
Ok, I am a complete beginner, and just had a few dollars on the forex currency market (EUR/USD).
I am confused though, I deposited £25, and had a £6 charge for entering onto the trade when I opened my first and only deal so far. Is the charge normal?
It now says my ‘Margin To Risk’ is $50.00 (£31.00), and it has also stated my ‘Stop Loss Rate’ being 100 pips less than the rate I took out, obviously as my safety cushion?
I also notice I have another charge for a few dollars because at 22.00ish I had an email saying that I had ‘Rolled Over’ to the next day. They charged me for that too. Even if I make a small profit on my small rookie investment, I will still probably be down because I have had to pay the trading platform I am using.
Its very tricky to pick up and understand, I just want to know if I am playing safe, and I as long as I can’t lose more than my £31.00 initial open deal, then I am ok with that.
Haha, some nice answers people. I am not clueless who ever said that. I have learnt alot, and done alot of reading before ‘jumping in’, I am not that stupid. I was just some of the terminology on the Forex site I was using was confusing, and I didn’t understand all the charges. I am understand the site more now and its starting to become more clear and easier to understand as you play along with it.
And for anyone’s information, I am on my 3rd trade in 2 days, and made £35 profit on top of my initial £25 deposit. Who wants a beer? (Don’t worry I won’t get too cocky, I am just having fun with money I can afford).
But thanks anyone for the answers and the links I will have a look at the information you have provided.