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Our third day on the Forex

The second day, again, we left our trading position open all night; we were just curious whether the market would pick up and our trade would bring us the anticipated financial freedom. That was not possible because of our accounts manager safeguards: we could only buy or sell the smallest amount of 0.1 thingies. Nevertheless, we hoped for a grand second trade. The next day we waited until everybody got in, turned on the computer screen only to find we were still in a minus position.  We agreed to close this trade and get some cake to start the day.

Still, on a sugar high, we looked at investment.com. Soon enough we found our third trade; EUR/USD: all green light across the board, a sure buy. After that, we needed some more pie. Within two hours we were at -55.58.

Off course we regularly checked with investment.com (for two and a half hours all green). We were simply baffled why the market didn’t follow this bold advice as shown on our screen. We checked some other investment sites. Four out of five were equally confident. One showed an EUR/USD ‘neutral’ for ‘5 minutes’, ‘buy’ at ’15 minutes’ and the same ‘1 hour’ and a ‘definitely buy’ for ‘the day’.  Clearly, we were doing something wrong. We just could not figure out what. The bakery had a good day though.

After the third pie around midday, someone suggested to close the position (-69.57) and reconsider our trade strategy in the local pub. We all agreed to that and closed shop early.

 

 

 

Our first day on the Forex

During this morning’s blue room session, one of our team members told he decided to start trading on the Forex.  No experience, whatsoever. Just started out. He explained that some of the traders make vast fortunes and with the interest rate on savings at an all-time low, he decided to have a go. That got us all interested. We chattered about what to do when becoming expert traders.  Most popular ideas were to buy a new car, helping family members and saving up for our pension. All happy, we decided to open an account and start making our way to a secure and independent financial future.

Next step, we needed to get educated on the subject. We followed several tutorial courses on youtube. After throwing around some technical terms like ‘you are looking bearish today’ and ‘maybe you want to pip it down a bit’,  we opened an account over the internet with one of the most famous traders. A few minutes later we were surprised by a call from an account manager. He was just as excited as we are, guiding us through the process, helping us install all the right software and explaining how to open and close trades. Under his guidance and reassurance that we could not lose a great deal of money (because we only deposited €500), we decided to buy 0.1 (whatever that means) of EUR/GBP and 0.1 of EUR/USD.

A few minutes later we were surprised by a call from an account manager. He was just as excited as we are, guiding us through the process, helping us install all the right software and explaining how and when to open and close trades. Under his guidance and reassurance that we could not lose a great deal of money (because we only deposited €500), we decided to buy 0.1 (whatever that means) of EUR/GBP and 0.1 of EUR/USD.

Although trying to do our work, we could not help but frequently pass by the computer and glance at the graphics none of us understand. Around lunch break, the graphics showed a lovely upward swing in the colours black, green and red. As the EUR/GBP reached 16.23, we decided to close the trade, making a profit of € 16.

As for the second trade, that did not look good, even from our point of view. We waited all afternoon for the market to pick up. By the end of the day, we were still in for – 20,63. Never mind what that technically means; we were at a loss in more ways than one. Not knowing what to do, we decided to leave the computer on and see what happens in the morning.

To be continued next week.