MoneyTec 2.0 - Online Forex Traders & Brokers Social Networking Community » Trading Talk » Beginners Forum

[vpsnovice]

Hi there,



I need someone to educate me the following.



Say I open a Forex account with ECN broker that only gives 1:1 leverage. I deposited USD$10m. Then I place a trade buying EUR/GBP with USD$10m.



Questions:

Does that mean I am buying EUR and selling GBP?

Do I broker deal with bank in Europe to buy EUR and bank in England to sell GBP?

D I use US dollar to buy EUR? If yes is there a conversion rate

Overall I want to understand what are all the transactions carry out behind the scene.



Your time to explain this is very much appreciated.

[FearlessIncome]

I'd like to know the answer to this, as well. I don't trade forex myself, I just have access to an institutional-grade forex robot that does everything. I tried learning to trade myself, but it's such a steep learning curve.



That's a good amount of money to invest! Just make sure you look at the history of trades and performance.



Regards