ForumSections

So confused over profits of forex....uggghhhh - page 2

New comment
You sold EURJPY and bought USDJPY

When you buy something, you then sell it later, hopefully for a higher price.

When you sell something, what you are doing is shorting it.

In the traditional sense, shorting is borrowing something to sell, then later buying it to return to the lender. This time, hopefully at a lower price.

So, even if I sell at a higher price than I bought, I still have to close at a lower price too? btw....thank you guys so much for your help!
As a beginner plz read the basics of Forex trading first, try to search on google for Fore trading materials or books

When you press BUY, you need the price to rise before you can make profit. You are buying something in the hope of selling it later for more money. When you close your trade, you are selling it back.

When you press SELL, you need the price to fall before you can make profit. You are selling something in the hope of buying it back later for less money. When you close your trade, you are buying it back.

You have to close a SELL order lower and a BUY order higher, in order to have a profit. Otherwise you have a loss. Honest_knave highlighted it perfectly.
Thanks Mohammed, but I have. Do you know of any good references? Most of the sights I've been to talk about strategies, bots, programs etc. I can't seem to find one that just breaks down the basics. Hence joining a chat room so I could ask real people real questions, who I must say again, I totally appreciate and thanks :)
Thank you honest_knave and Eleni. You guys are awesome. Thanks for taking the time to help me. You guys have helped me more in the last hour than the hundreds of websites I've visited. I know my questions are basic, but I truly couldn't find any place that broke it down to "my" basic (apparently caveman basics), even the "beginner" forex tutorials, sites and articles were too advanced.
Oh...and Keith...thanks too!

No offense, but try looking at this free book online ... chapter 1 is very general but don't give up until you read chapter 2.

https://secure.efxnow.com/forex2/eng/ct-dummies.pdf

123
New comment