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How To Make Money Through Forex – Part Three

How To Make Money Through Forex – Part Three

Gulf Business reporter Aarti Nagraj tries her luck at trading currencies and shares a daily account of her experience for a week.

Having made a big loss yesterday, I was more cautious today.

Max Knudsen, the chief market strategist at ADS Securities, in his daily research note for today said that intraday positive sentiment for EUR/USD was overstretched so the forecast was to be cautious and expect no new momentum until prices break a 1.2317 – 1.2388 range.

So I decided to try something new today.

Now it is not essential to buy or sell currencies only at existing rates. The FX trading platform gives you an option to make a pending order, where you can choose at what rate you want to buy /sell.

So you can choose ‘Buy limit’ where you specify a rate below the market price, or you can choose the ‘Sell limit’ option, where you indicate a rate above the current market rate.

Following Max’s research note, I went for the ‘sell limit’ option, where I have specified a price of 1.2380 for one lot of EUR/USD. As I write the report, my order is still pending, and it seems like the bearish trend is continuing.

At least for now my $2000 equity looks safe.

Tip for the day from Max: “Market sentiment is key. If you use sentiment as a driver, it forces you to be a disciplined trader.”

Also read: How To Make Money Through Forex – Part Two

How To Make Money Through Forex – Part One

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