Greetings all and sundry, I hope you are doing great, today I will be sharing my learning journey on crypto/forex trading and how it has been thus far. It is an amazing journey and I hope you all will be glad to read it. Stay tuned and
Yesterday I joined a Trading Online Class to learn and enhance my trading skills. I feel like not giving up on my trading journey after losing some funds in my Binance account after an unexpected hack hit my account. It was a sad day for me and I decided to stay offline with crypto trading for a while because the hacker emptied my account and I was so down to think about trading.
Instead of giving up because of lost of funds, I am rather taking a new journey where I would rather focus on learning trading and finances well so I can understand all the tricks and methods in investments. This is a challenge I have thrown to myself and I am not giving up with this challenge. Today, we have another meeting which is currently ongoing and I am learning whilst writing this post.
First of all we have to demystify the idea that trading is a scam or a gamble. Trading is never a gamble because there is no stoppage time to trading. You can decide to close or open trading at any time. Before you venture into trading, you need to have a good research plan and also make your mindset of entering into trading with your capital.
I also learnt from the class that Trading requires discipline and you must always take profits and don't be greedy. Also, I understood from the lesson that Trading is done in pair currencies and one must always be caution and read the price charts for the two currencies before entering trades. He mentioned the three currency pairs in crypto, and they are Major, Exotic, and Cross Currencies crosses and how they are analyzed.
My first time learning that those currencies pairs are specifics to currency pairs and I was really amazed to learn that. He also explained Pips and Lot Size in the crypto trading space. He also explained leverage in trades and how we can make good use of it. Margin was explained including Spread.
Spread which was my first time hearing about that terminology was defined as the distance between the selling price and the buying price for each currencies. Moreover, broker was also explained and it is the intermediary between a trader and the trading platform that provides APIs for the platform. Brokers serves as exchanges in crypto, so it means that brokers are the exchanges in forex trading.
We are still making entering into details of trading and how to enter and exit trades. Here is where we ended up and I would be updating you all once again in my subsequent posts.
Thanks for reading and leaving comments under my post. See you all in my next post.