A First FOREX Trade
Context:
This journey started 5 years ago when a book on currency trading found itself in the shuffle of one my frenetic sessions of impulse buying books on Amazon.
The point is if you're thinking about trading currencies don't wait 5 years to get started and if you do that's ok too.
I think what I'm saying is learn by doing.
Part 1: (Submits Trade) Wait, what did I just do?
Alright, so I know this isn't like a sound financial practice, however it is instructive.
Just buy some currency I thought, I rushed through what felt like an urgent order buying USD/JPY. Again happy to admit this is idiotic. I then had the deep realization that while I knew what I was doing I didn't necessarily understand what I was doing. This is a nuance but it's the kind of self-doubt that really fuels learning.
From here I learned the central bank of Japan is perhaps at a point where dealing with speculators driving the value of the currency down has reached a point where they can with a level head intervene so that an environment that is less hospitable to speculation can be fostered.
Well within their rights I suppose. The irony of this is not lost on me, as this is my first trade and probably something important to remeber as a general principle.
Most of the above is completely useless, I got lucky. This trade worked.
The book knowledge I had read up to this point that led me to act on some inspiration to trade was to remain in liquid pairs.
And also that inspired creative types tend to have careers in this while others last a few years.
Part 2: What's next?
I did a multi-day trade here.
Not exactly what youre supposed to do but it comes with fewer fees. I need to read more of the book and get to a place where I can have a manageable daily cycle to practice.
Maybe not everyday to start but focus on the practice of entering and exiting in a shorter cycle withthis kind of reflection happening in a more streamlined way.