So I traded on the Foreign Exchange Market (FOREX) today and it was quite an experience. It wasn’t my intention of really getting into trading on the FOREX, but there was this $200 promotion at Zecco that I couldn’t resist on acting on. It was quite nerve-racking, you can lose or make $100s or even $1000s of in a few minutes. Also, the minimum trade was $10,000, not a small piece of change.
Even though I’m typically very comfortable with technology, I felt like I was flying an airplane using that weird trading tool (after the tutorial and doing a few practice trades I felt a bit better about it). I opted to do a EUR/USD trade since that was supposedly the least volatile currency pair. I looked at the trading chart and looked like (based on my probably not so good intuition) that EUR had dropped quite a bit during the day and was about to rebound.
So I set a limit buy order at the current price and crossed my fingers. It went through instantaneously and then I set up a limit sell order a few ticks above my buy order amount and recrossed my fingers. I looked at the thing for a bit and decided to not stare at the thing, my heart was beating 1000 beats a minute. Good time for a bathroom break…
Got back from the bathroom and good news, the trade went through. Net profit $6!!! Hopefully, I get my $200 bonus soon, but I’m glad I went through this experience. The FOREX is a bit volatile for me (I think I prefer the casinos), but I’m going to educate myself a bit more on the topic.
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