[8] Day Trading on a Forex platform
Step (1): Deciding to perform a Forex deal
You have an intention to trade Forex, and you have your own reasoning for
doing so – e.g. you feel that the USD will increase compared with the EUR.
The EUR/USD exchange rate is, at the time, around 1.2000 (the common
presentation of the Euro-US$ pair is EUR/USD, meaning 1.2000 US dollars for 1
Euro). Your feeling can be based on your experience, or on technical analysis,
or fundamental analysis, etc. For whatever reason, you believe that the USD
will rise to around 1.1850 (EUR will be down, which means USD will go up).
You want to profit if your forecast is correct, and so choose to make a trade.
Step (2): Determining the deal
Below is a screen-shot of a Day-Trading deal in the making and an explanation
of each step required to put the trade into effect:
Select currencies: Select the currencies in the Forex pair. There is no
connection between your “base working currency” (or “account base
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