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.
who is your broker? you shouldnt be getting charged £6 for entering the market? i know of no forex broker that charges commissions except ecn’s and they are for large accounts.
ill take a guess, is this easy forex? if you dont have enough funds in your account with them they will take it from your credit card. it sounds like you could have taken too big a position for your size of account and they have taken more, now your total risk is £31??? i dont know im guessing, perhaps if i knew the broker name.
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LikeDislikeInitial thoughts – you’re clueless. Try fantasy trading for a while (i.e. pretend to trade certain shares over a period of a few months to see if you made a profit or a loss before entering a ‘real’ market to find out if you’re any good at this game). BGet some books and do your research online about trading currencies/ Your questions above suggest that you don’t know enough to be dabbling in such a high-risk environment at this stage.
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LikeDislikeYou should open a free practice account first to learn the ropes a little. This is a great way to learn without throwing money away.
Go to forex blogs and forums to see what brokers the experienced traders are using, Forexwealth.biz is a great beginners blog and does comparisons and reviews of the top brokers. Go to the “Forex for beginners” section and any newbie questions should be addresses here.
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LikeDislikeThis is my personal website
http://www.24forextrading.com/
where you can find a lot of answers in your questions.
And this is the company which I trust for my investments. No problem with them the last 4 years.
http://www.easy-forex.com/Gateway.aspx?gid=94483
But if you want more info, just send me a pm.
I hope that it was helpful.
Source(s):
http://www.24forextrading.com/
http://www.easy-forex.com/Gateway.aspx?gid=94483
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LikeDislikeThe first thing to do BEFORE trading is to make sure you know all, or most of the rules. Like margin, stop loss, rollovers etc.
You wouldn’t play me at chess for money if you didn’t know the rules, would you?
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LikeDislikeThe reality is that, forex is a risky investment because the actual returns may vary greatly from your expected returns. For forex to be a good investment with consistent returns you’ll have to learn the basics and most importantly practice trading. To practice trading forex, open a demo account with the site you’re trading with, they will allocate fake money to you to practice trading forex in live markets. While practicing see if you’re able to make consistent returns and also see if you prefer forex as an investment. Visit my blog for more useful posts and free forex ebook that has helped me as a beginner http://free-online-forex-trading-training.blogpsot.com
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LikeDislikeNo. £31.00 is just too much. Since you are a complete newbie in this filed, I would suggest you to go for a practice account first.
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