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How To Make Money Through Forex – Part Five

How To Make Money Through Forex – Part Five

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

Today was mostly a day of small, quick profits- a fine end to my brief trading days. I find it hard to believe that it’s already been five days since I first began writing this section.

The daily research note from Max Knudsen, the chief market strategist at ADS Securities echoed yesterday’s bearish sentiment. So this afternoon, when I checked on my order from yesterday (I had bought a 0.02 lot of EUR/USD at 1.23346), it was running at a loss of around $12.

But the EUR/USD rally was positive, and eager to make a quick profit, I bought half a lot at 1.22808, which I promptly sold to make a profit of $0.40.

I decided to try the move again, buying another 0.05 lot of EUR/USD at 1.22832. The rally fell immediately after I bought, and unwilling to make a loss, I waited impatiently for the momentum to rise again. As soon as the prices moved above my profit margin, I sold the lot making $0.10 in the process.

Not much, but I was happy to make two consecutive profits.

When I checked the system again this evening, the EUR/USD momentum had become much stronger. My order from yesterday was now trading at a loss of just $2.16, so I sold it and got out.

Being my last day, I decided to try some riskier moves and bought one lot of EUR/USD at 1.23203. Less than a minute later, I saw my profit touching $18, and so I sold the lot.

Happy with that, but obviously not satisfied, I attempted the move again, buying another lot of EUR/USD at 1.23241, which I swiftly sold to make a profit of $13.00.

By now my equity had risen to $2031.54 (up from $2,000) and I was just going to bid farewell to the system, when temptation crept in to try one more chance at making money.
So I bought another lot of EUR/USD at 1.23270. And as expected, the rally fell and negative momentum set in. I debated selling, but I didn’t want to end on a bad note, so I clung on to the order. Nine nail biting minutes later, my patience paid off, and I sold the lot for 1.23280, making a profit of $10.

I now conclude my session with $2,041.54 of equity, $60 cheaper, but several times more wiser about the art of forex trading. Best of all, I had loads of fun trading and writing about it.

Tip for the day from Max: “Timing is extremely important. It leads you to make the right decisions.”

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

How To Make Money Through Forex – Part Three

How To Make Money Through Forex – Part Two

How To Make Money Through Forex – Part One

 

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