How To Make Money Through Forex – Part One
Gulf Business reporter Aarti Nagraj tries her luck at trading currencies and shares a daily account of her experience for a week
First, an honest confession: I have (pretty much) never traded anything all my life – whether it’s pencils, chocolates or shares. So when I got an opportunity to try my hand at forex trading and write about it, I was apprehensive.
But gathering up courage, I went to the Abu Dhabi office of forex trading company ADS Securities where I received my first training session from Max Knudsen, the chief market strategist. Surprisingly, the session was straightforward and easier than I had anticipated. And a few weeks later, I now have a dummy account and a basic idea of how to trade currencies.
For those who have no clue about FX, here are the basics: Trading is always done with a pair of currencies, the most popular ones being euro vs dollar (EUR/USD) and pound vs dollar (GBP/USD). Precious metals like gold (XAU) and silver (XAG) can also be traded against currencies.
Keep it simple. Especially when you are starting out. Don’t make trading a complicated affair
Since currencies are volatile and constantly fluctuate, it is essential to follow market trends and understand how the data will affect currency rates.
The simpler way to trade is to let the experts do the thinking and make your decision based on their assessment (ADS sends a daily research note).
During the course of the next four days, I will be trading in EUR/USD (just one currency pair), and will bring you a daily account of how I fare. I will also give you a tip a day from Max about the basics of trading.
Hopefully, at the end of the session, I will make more money than I lose and provide a quick glimpse into the world of forex trading.
Tip for the day: “Keep it simple. Especially when you are starting out. Don’t make trading a complicated affair.”