What is Forex Currency Trading?
Currency trading / Forex trading is a market in which investor buy or sell some specific currency pair. The commonly traded currency pairs are
Understanding Currency Pairs:
When we take a currency pair as an instrument we believe that By buying EUR/USD we are buying when buying EUR By Selling or Giving USD EUR/USD, you are actually buying Euros while simultaneously selling U.S. dollars; when selling EUR/USD, you are selling Euros and buying U.S. dollars.
Long and Short:
In currency trading long means to buy the currency like if someone says I am long with EUR/USD it means he is buying EUR/USD and if someone says that Let’s go short with the EUR/USD or I think it would be better to short the EUR.USD then it means it will be better to open sell position for EUR/USD.
As I mentioned in my previous posts that there are two types of positions, BUY position and SELL position. IF we are in BUY position, If market moves up we are in profit. If we are in SELL position the market goes down we are in profit.
Why trade in currencies:
A normal business in Pakistan cost around 5-8 Lakh Pakistani Rupees to earn at least 35 thousands per month (If you are lucky). I know many those who start up with this capital and lost their whole amount in rent and other expenses. If one invest in the Currency Trading and follow the basic rules then he/she can earn at lease 40 to 50 thousands of the invested amounts. For Example I am a trader with the investment of six hundreds USD (Sixty thousands PKR) and I follow the rules strictly then I am able to earn 10 to 15 thousands per month.
When to start trading:
- When you have 2 to 3 lakhs Pakistani Rupees
- When you have sufficient Knowledge of Trading
- When you understand you can manage Risks
- When you learned money management
- When you know how to overcome your emotions
Why I want to teach you for Free?
I wrote this article only for those who want to earn a handsome amount for their livings not those who want to get rich quick or earn a million overnight. If you want to earn a million overnight then you may be disappointed by reading this. You should stop reading and find some other business to be the millionaire.
Some Important Things to Remember for Trading:
If you are an armature and want to be a Forex trader to look like a Wallstreet professional, you should be out of it. Always trade when it is time to trade.
Messy Metatrader charts and together weird stuff like sell buy signals they are nothing. They don’t have a real place in the trading. Like for example you visit a site like this indicator will give you exact signal and that indicator will give you exact signal. Remember “THERE IS NO RULE OF THUMB IN Forex”. All indicators repaint and change their up down sell buy arrows from time to time. So don’t buy then create a system, Believe in your system and go ahead.
What I can teach you?
- I can teach you how to trade
- How you can open trades and close trades
- What is the best time to open and close the trade?
- I will make you a metatrader professional
- You will learn how to get best results in the metatrader platform.
- You will learn how to create an account in Pakistan on EToro
- Why eToro is better than many other Forex companies.
- I will show you my real account statement for the proof of income.
- I can give you support on Skype
Why currency trading is better than any business?
I personally have many reasons to think day trading as my daily business:
- In day trading career your physical appearance does not matter no matter you are slim or fat or you have Ph.D or B.A or even Matric All you need is the control on your emotions and desire to earn more. You need to balance the greed and the trading.
- You don’t need manpower to run the day trading business. All the things will be pre-arranged when your get with them broker. Your broker will do everything for you.
- Day trading is better than the any conventional business, like shop rent, furniture and security guards etc are not required.
- Simplicity is key beauty of the day trading. All you need is the computer connected with internet. A best broadband connection is required.
In the Next lesson you will learn how to identify uptrend and downtrend in Urdu
In the Next Lesson we will learn about the uptrend and downtrend market.