submitted by kayakero to makemoneyforexreddit [link] [comments]
What is Forex - Terminologyhttps://preview.redd.it/pmjpy8sqh1x51.jpg?width=580&format=pjpg&auto=webp&s=b02715d6d6f153592a967f577c18578363ca731c
The FOREX market is the largest financial market in the world. On a daily basis, trillions of dollars are traded in different currencies around the world.
Being FOREX the basis for international capital transactions, its liquidity and volume are much greater than any other financial market. It is estimated that the average volume traded by the world's largest stock exchange, the New York Stock Exchange (NYSE) in a full month, is equal to the volume traded daily in the Forex currency market. In addition, it is estimated that this volume will increase by 25% annually.
80% of transactions are between the US dollar (USD), the euro (EUR), the yen (JPY), the British pound (GBP), the Swiss franc (CHF), and the Australian dollars (AUD) and Canadian (CAD).
What is traded in the Forex market?We could just say that money. Trading in FOREX simultaneously involves buying one currency (for example euros) and selling another (for example US dollars). These simultaneous purchase and sale operations are carried out through online brokers. Operations are specified in pairs; for example the euro and the dollar (EUR / USD) or the pound sterling and the Yen (GBP / JPY).
These types of transactions can be somewhat confusing at first since nothing is being purchased physically. Basically, each currency is tied to the economy of its respective country and its value is a direct reflection of people's perception of that economy. For example, if there is a perception that the economy in Japan is going to weaken, the Yen is likely to be devalued against other currencies. In other words, people are going to sell Yen and they are going to buy currencies from countries where the economy is or will be better than Japan.
In general, the exchange of one currency for another reflects the condition of the health of the economy of that country with respect to the health of the economy of other countries.
Unlike other financial markets such as the stock market, the currency market does not have a fixed location like the largest exchanges in the world. These types of markets are known as OTC (Over The Counter). Transactions take place independently around the world, mainly over the Internet, and prices can vary from place to place.
Due to its decentralized nature, the foreign exchange market is operated 24 hours a day from Monday to Friday.
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Forex Trading Basics - Basic Forex Terminologyhttps://preview.redd.it/657dbjqvf1x51.jpg?width=421&format=pjpg&auto=webp&s=bd99eac3d8c68916078b089fc4af5ba14db289fc
As with any new skill that is learned, it is also necessary to learn its terminology. There are certain terms that you must know before you start trading Forex. Here are the main ones.
• Major and minor currenciesThe 8 most widely used currencies (USD, EUR, JPY, GBP, CHF, CAD, NZD, and AUD) are known as “ major currencies ”. All other currencies are called " minor currencies ." You don't need to worry about minor currencies, as you probably won't start trading them for now. The USD, EUR, JPY, GBP, and CHF currencies are the most popular and most liquid currencies on the market.
• Base currencyThe base currency is the first currency in any currency pair. It shows how much the base currency is worth against the second currency. For example, if the USD / CHF has a rate of 1.6350, it means that 1 USD is worth 1.6350 CHF. In the forex market, the US dollar is in many cases the base currency to make quotes, the quotes are expressed in units of $ 1 on the other currency of the pair.
In some other pairs, the base currency is the British pound, the euro, the Australian dollar, or the New Zealand dollar.
• Quoted currencyThe quote currency is the second currency in the currency pair. This is often referred to as a "pip-currency" and any unrealized gains or losses are expressed in this currency.
• PipA pip is the smallest unit of the price of any currency. Almost all currencies consist of 5 significant digits and most pairs have the decimal point immediately after the first digit. For example EUR / USD = 1.2538, in this case, a pip is the smallest change in the fourth decimal space, which is, 0.0001.
A notable exception is the USD / JPY pair where the pip equals $ 0.01.
• Purchase price (bid)The buying price (bid) is the price at which the market is ready to buy a specific currency in the Forex market. At this price, one can sell the base currency. The purchase price is displayed on the left side.
For example, in GBP / USD = 1.88112 / 15, the selling price is 1.8812. This means that you can sell a GPB for $ 1.8812.
• Sale Price (ask)The asking price is the price at which the market is ready to sell a specific currency pair in the Forex market. At this price, you can buy the base currency. The sale price is displayed on the right-hand side.
For example, at EUR / USD = 1.2812 / 15, the selling price here is 1.2815. This means that you can buy one euro for $ 1.2815. The selling price is also called the bid price.
• SpreadAll Forex quotes include two prices, the bid (offer) and the ask (demand).
The bid is the price at which the broker is willing to buy the base currency in exchange for the quoted currency. This means that the bid is the price at which you can sell.
The ask is the price at which the broker is willing to sell the base currency in exchange for the quoted currency. This means that the ask is the price at which you will buy. The difference between the bid and the ask is popularly known as the spread and is the consideration that the online broker receives for its services.
• Transaction costsThe transaction cost, which could be said to be the same as the Spread, is calculated as: Transaction Cost = Ask - Bid. It is the number of pips that are paid when opening a position. The final amount also depends on the size of the operation.
It is important to note that depending on the broker and the volatility, the difference between the ask and the bid can increase, making it more expensive to open a trade. This generally happens when there is a lot of volatility and little liquidity, as happens during the announcement of some relevant economic data.
• Cross currencyA cross-currency is any pair where one of the currencies is the US dollar (USD). These pairs show an erratic price behavior when the operator opens two operations in US dollars. For example, opening a long trade to buy EUR / GPB is equivalent to buying EUR / USD and selling GPB / USD. Cross-currency pairs generally carry a higher transaction cost.
• MarginWhen you open a new account margin with a Forex broker, you must deposit a minimum amount of money to your broker. This minimum varies depending on each broker and can be as low as € / $ 100 at higher amounts.
Each time a new trade is executed a percentage of your account margin balance will be the initial margin required for a new trade based on the underlying currency pair, current price, and the number of units (or lots) of the trade. .
For example, let's say you open a mini account which gives you a leverage of 1: 200 or a margin of 0.5%. Mini accounts work with mini lots. Suppose a mini lot equals $ 10,000. If you are about to open a mini lot, instead of having to invest $ 10,000, you will only need $ 50 ($ 10,000 x 0.5% = $ 50).
• LeverageLeverage is the ratio of the capital used in a transaction to the required deposit. It is the ability to control large amounts of dollars with relatively less capital. Leverage varies drastically depending on the broker, it can go from 1: 2 to even 1: 2000. The most common level of leverage in Forex can currently be around 1: 200.
• Margin + leverage = dangerous combinationTrading currencies on margin allows you to increase your buying power. This means that if you have $ 5,000 in account margin that allows you a 1: 100 leverage, you can then buy $ 500,000 in foreign exchange as you only have to invest a percentage of the purchase price. Another way of saying this is that you have $ 500,000 in purchasing power.
With more purchasing power you can greatly increase your potential profits without an outlay of cash. But be careful, working with a high margin increases your profits but also your losses if the trade does not progress in your favor.
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|Date||Avail. TR||Total Margin||Net Equity||P/L (unreal.)||Cash||Realised||Financing||Funding|
|before||€70 - €26.96||€33.~~||€70 to €59||€0.5 to€-21.17||€70 - €81.27||€-4.17 - €0.8|
|Open Date||Open Order||Market Close||P/L||Close Order||Close Date|
|09 Mar 15:53||[email protected]||1.14544||€4.00||[email protected]||10 Mar 2020 09:11|
Can the app connect to my bank?No, it can't, and this feature won't be added. For one, it's not technically possible, and even if it would, I don't see much benefit for having a portfolio tracker connected to your bank account. I see a great benefit in having that in a budget tracker, but this is not the purpose of the app. I did try however to make the manual addition of transactions as easy as possible.
submitted by Cryptobullish020 to genesisvision [link] [comments]
Just one of those days…
Hmm, this looks like an interesting project. Chart looks good plus it didn’t really go up a lot the last couple of days, unlike the other coins. Or maybe it didn’t go up because there is something that I don’t know yet?
Let’s look online a bit longer to see if something fishy is going on before I buy some. The chart does look really good!
No, nothing out of the ordinary here, I think it might just not have gone up yet but it probably will. If Bitcoin manages to not drop double digit percentages out of nowhere today that is…
Seems to be close to resistance, and there are a couple BTC worth of sell orders at 140 sats, I’ll wait for that to break, and buy when it shows some strength.
Getting close now, let’s wait for it to break by gluing my face to the screen to watch the 1 minute chart.
There it goes! Ok, I’ll start with a small buy - Oh man It’s really going! Buy a little more - Market buy ALL the things!
What, no wait. No not again! Please, please no not again… Argh…
Guess I will hold for a couple of days, don’t feel like taking a loss. It will probably rebound on the ‘resistance turned into support’ zone, right?
I am already watching this chart for 2 hours.. I should really go do something productive. Lets just set some sell orders here and here. That market buy order really got my buy-In high, close to a 2% loss at present. I Totally wasted this evening, and I am still in the red. How is that even possible?
Let’s check my portfolio. Ah man the support didn’t hold, now what? Actually, it looks like this might even go lower now. This 130 sats support is really strong so I guess I’ll use that as a stop-loss.
- Stop loss triggered
Oh my god man, why am I always so unlucky? Close to a 5% BTC loss, besides the loss of time. Talking about Bitcoin, how’s the big guy holding up?
Hmm also looks weak to be honest. It’s dropping as we speak. Should I sell and rebuy lower? That could at least get me a bit of Bitcoin back. Yeah it’s really dropping now. The entire market is going down. Sell volume is increasing as well. I should really sell some. Whatever just sell it all.
Yeah, like I thought, it’s going lower. I’ll rebuy when it goes a little bit lower. There she goes! Just a little bit lower before I buy in, might just get me back all my lost BTC at least!
Bit of buying pressure going in now but that’s normal, nothing goes down, or up for that matter, the entire time. I will wait it out, got my buy-in set anyway.
Please stop going up. Please STOP going up. Oh my frikkin god, got to buy back higher now. No way, I won’t do that. I’ll wait for it to drop. This is unreal!
It won’t go back down. Why won’t it go back down?! Fine I’ll buy it back. Can’t believe it, I always lose, forget it, at least I will get some USD profits when I buy now – Market buy all the things!
NO WAY, IT’S GOING DOWN THE SECOND I BUY? HOW, WHY, WHAT THE HELL IS GOING ON?
The above is probably an experience that a lot of (retail) traders can relate to, and have probably gone through somewhere in their trading career, be it crypto or any stock, commodity, index or whatever else is possible to trade online.
It’s a common problem, and it is the reason why only a small percentage of people manage to ‘beat the market’. People simply have the internal emotional trigger to buy something when gains are in line of sight, and sell something when losses are made. The bars being green (good) and red (bad) also don’t really help with trying to shake off that feeling.
Genesis vision tries to solve this problem, giving people willing to invest in cryptocurrencies, forex and in the future probably commodities and indices, the possibility to invest in experienced, successful and hardened traders that have a solid track record, instead of taking the time and trading education (which some of those experienced traders say to be just as expensive in the end as a regular college degree, with all the losses and all) to get solid results themselves.
Obviously this already exists. You can give your money to for example hedge funds, private equity funds and nowadays even robo-advisors. But do they really get the biggest return on investment? Are you important enough to have the best trader in the company actually managing your account? Are you leaving your hard earned money at the company that hired the best traders at all? Or do they squander and play the above mentioned game themselves?
Who knows really. In the end, you give your money to a company that says it could, possibly, get you a whopping 7% return after a year. But only if everything goes right, the economy doesn’t implode or a stock they are too heavily invested in doesn’t go belly-up.
Scrap that, they will make a whopping 7% return, but they obviously need to take some of those profits for their fees. A entry fee, a profit-fee, some unforeseen fees, and the list goes on and on.
When you want to invest some of that money you earned after a long 40 hour workweek, it better be handled by the best, giving you the highest return on investment without any catch.
Transparency and clarity
Again, Genesis vision tries to solve this. How? By putting EVERY trade on the blockchain, giving extreme clarity in the trades made, and more importantly, the results of the trader or company (called Genesis Vision Manager). This means that people that want to invest their cash can decide for themselves who will handle their funds.
No more excuses why the expected return on investment wasn’t accomplished, or uncertainty if any of these companies are actually telling you the truth when it comes to the results they have had with your funds. No more sweeping the bad trades under the rug. We. Can. See. Your. Mistakes. And successes of course!
It creates extreme openness, and it gives a lot of power back to the consumer that wants to invest.
Most financial instruments are (deliberately made) so hard to grasp and confusing that most general investors don’t even want to bother, and just believe the suit with the impressive building and the nice car. But now you don’t even have to look up the terms collateralized mortgage obligation or the exotic inflation derivative. They have the option to simply look up the manager, his results, and his requirements to invest with (in) him or her.
Genesis Vision gives the possibility to invest in both Funds and programs. The biggest difference being that investors can withdraw their profits from a fund at any time, while their funds are locked in a program until it ends, receiving a part of the profits made directly linked to the share of the pool they invested in.
However, if you are satisfied with your current manager, the program and the results so far, you can select the option to auto-invest your stake into the next program, getting that compounding interest effect rolling. Of course only when you have found the right manager to handle your funds!
A loss is obviously still a loss, and although Genesis Vision tries to limit the risk by implementing a tier system to filter managers by their previous results, you can never be sure you actually make gains on your investment. The same rules apply as to investing wherever else. Don’t put it all in one basket, only invest what you are willing to lose, do NOT take out loans or credit to invest and above all do your research before you enter into any program or fund!
The Genesis Vision dashboard looks very appealing, going for a futuristic style that resonates with the entire crypto and financial sector. Investors are first shown a couple of filters to make the search for the right vehicle to invest in easy to accomplish. Below the first general filters investors can find the different programs with a vast array of stats available to make the right decision. However, there is a lot going on here, and it would be smart for Genesis to implement some kind of tutorial showing new investors what everything shown on the screen actually means.
After finding a program that matches your personal investing style regarding buy-in, duration of the program, entry fee and generally your risk tolerance, the people behind the program can be examined. Managers are able to tell a little bit about themselves and their investment style. Statistics and graphs of previous results are shown and this helps to get some reassurance, or lets you ignore a certain investment possibility. If everything seems to fit, and people are willing to pull the final trigger, they can invest with Bitcoin, Ethereum, Tether or their own Genesis Vision token.
The bottom line
Genesis Vision could be the instrument for (crypto)investors to try and maximize their profits, but for the regular amateur trader it will mostly help with erasing their beginner mistakes and trading losses. It gives back the power to the consumer and the client. Where normally the investing is done by traders on for example Wall Street, using complicated schemes to grab as much as possible of the retail investor who is taking all of the risk, Genesis Vision creates transparency, brutally rejects losing managers and lets investors get a honest and deserved piece of the pie.
It is yet another example of the power of cryptocurrencies and blockchain technology, disrupting one of the largest sectors worldwide.
That concludes this review! If you want to add anything or have questions, please feel free to comment below.
Are you feeling generous, and did you enjoy this article? I accept donations!
Connect with me on twitter: @BullishOnCrypts
For example, if you currently have an unrealized profit, if price move against you, the unrealized profit can become an unrealized loss. Example: Floating Loss Let’s say your account is in USD and you are currently long 10,000 units EUR/USD , which was bought at 1.15000 . Unrealized P/L = 1,100 pips. Hence, the trade is currently running at a profit of 1,100 pips. Now, if the pip value for a mini lot for EURUSD is $1, the profit sums up to $1,100 (1,100 x $1). Now, bringing the concept of balance into the picture, the balance for unrealized P/L will not get affected though the trade is in profit or loss. However ... Unrealized Gain/Loss Definition. An Unrealized Gain/Loss is the hypothetical gain or loss on a single Open Position, or on all Open Positions, valued at current market rates, as determined by the forex trader or by his broker to assess his outstanding risk. The figure is computed by taking the current market value for a position and deducting its book value, i.e., the amount expended ... These Unrealized P/L will turn to a Realized Profit or Loss if you closed your current position. If in profit, it will be credited to your account balance, and if the floating position you closed is in loss, it will be deducted to your account balance. Unrealized loss refers to a scenario when you hold onto the assets after the value has depreciated rather than selling them because you don’t want to realize the loss. On the other hand, if you choose to let go of the prices after it has risen than the buying price without selling you might not realize the profit hoping that the prices will go higher than the current sale value. Realized and Unrealized Profit and Loss . All your foreign exchange trades will be marked to market in real-time. The mark-to-market calculation shows the unrealized P&L in your trades. The term ... It is called unrealized profit and loss because at the moment you decide to close your trade at current market to market value, it will become realized profit and loss. At that moment, if you have profits, your portfolio value will be increased, while it will be decreased if you get a loss. That being said, you should also pay attention to total margin balance, which is the sum of the initial ...
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