MoneyTec.com Traders Community Forum - View Single Post - A brief introduction and a few basic questions.

highpitched · 08-12-2004, 00:15

I'm very new to this, so new in fact that I don't even know the basics behind this madness.

I am trying to learn the system and practice on a demo account until two things happen for me: (a) I am in a financial position where I have some excess of money that I can use at my leisure, and (b) after I play around with virtual equity long enough to develop the skills required for success in the market.

I was interested in the stock market and other methods which "let your money work for you" throughout the later years of my highschool "career". I discovered currency trading through an aquaintence and from what he told me I think this would be a suitable method to make some spare change at the side (until I obtain the skills to make it full time

).

These are some questions that are very basic (my understanding of this system, or economics in general, is very poor):

Currency USD/CAD, what am I buying exactly? US dollars, which I'm playing against CAD? What do I do if I think the CAD will go up? I didn't see any CAD/USD options in the platform I'm using (demo acct), so I assume my understanding of how this works is off entirely. Could you clear this up for me?

I went to www.rbc.com to see what they forecast for trading overnight. They predict a "corrective phase for USD/CAD"..."support between 1.2035/1.1990 is expected to attract buying pressure overnight in this regard, projecting a move toward resistance at 1.2121/62." So without quite knowing what this meant I invested 100k of fake money in the USD/CAD. If someone could help me out that would be great.

There will undoubtly be more questions as I learn more, but in the mean time this is all I have. Any advice, comments, warnings, lectures, or help directly related to the content of my posting or just in general would be greatly appreciated. Thanks in advance.

08-12-2004, 00:15	#1 (permalink)
highpitched level 1 Join Date: Dec 2004 Posts: 9 Rep Power: 0	A brief introduction and a few basic questions. I'm very new to this, so new in fact that I don't even know the basics behind this madness. I am trying to learn the system and practice on a demo account until two things happen for me: (a) I am in a financial position where I have some excess of money that I can use at my leisure, and (b) after I play around with virtual equity long enough to develop the skills required for success in the market. I was interested in the stock market and other methods which "let your money work for you" throughout the later years of my highschool "career". I discovered currency trading through an aquaintence and from what he told me I think this would be a suitable method to make some spare change at the side (until I obtain the skills to make it full time ). These are some questions that are very basic (my understanding of this system, or economics in general, is very poor): Currency USD/CAD, what am I buying exactly? US dollars, which I'm playing against CAD? What do I do if I think the CAD will go up? I didn't see any CAD/USD options in the platform I'm using (demo acct), so I assume my understanding of how this works is off entirely. Could you clear this up for me? I went to www.rbc.com to see what they forecast for trading overnight. They predict a "corrective phase for USD/CAD"..."support between 1.2035/1.1990 is expected to attract buying pressure overnight in this regard, projecting a move toward resistance at 1.2121/62." So without quite knowing what this meant I invested 100k of fake money in the USD/CAD. If someone could help me out that would be great. There will undoubtly be more questions as I learn more, but in the mean time this is all I have. Any advice, comments, warnings, lectures, or help directly related to the content of my posting or just in general would be greatly appreciated. Thanks in advance.