The minimum initial deposit required is at least 50 of your selected base currency. However, we recommend you deposit at least 2,500 to allow you more flexibility and better risk management when trading your account.
It looks like you’re long and short the USD. EURUSD means you’re buying the euro and selling the usd. It is “dollars per euro”, but I don’t know why they have that convention. Right now a euro costs $1.238 and it appears to be falling (usd getting stronger).
More questions I have, when you place an order how long are they active for? Is it indefinitely until it completely depreciate in value? Is it 24hours, week, month, or year?
So if it was USDEUR it would be the complete opposite where I’m long and shorting the EUR?
Yeah, my entire strategy is holding long positions and selling right at the moment it goes up in value however I am still unsure how long in real time one can hold a position before a bid is closed. Why not the China trade?
So you’re basically saying $200.00 on the Forex wouldn’t last a day? Just out of curiosity how many times do you check your Forex accounts daily? When the stock market closes for the day so does your FOREX account stop until it reopens or is there buying and selling after hours?
At the end of the day, you should take this time to study how these kinds of things work, and write down the picks you’d make if you had the cash, and the date, and the price on that date and keep track of yourself.
Get an app for your phone called “seeking alpha” and follow ticker symbols that interest you. Private prisons? Evil oil companies? Frackers? Walmart? Read the news about them every day and like anything else, it’ll all make a lot more sense. In the meantime, throw 50 or 100 bucks into that ameritrade account, or buy and hold shares on computershare without paying any fees, and then once you got enough cash to get in the game you can start flipping some shit.
It’s like this. If I got 100 bucks and you got 1000, and we both buy the same stock on the same day and it goes up 10 percent…I’d pay 14 bucks for the buy then the sell, and 1.50 in capital gains tax. So I’d have 110-15.50 which would leave 94.50. So even though it went up 10 percent I’d be at a loss because of the fees and my small initial investment. My gains wouldn’t cover the fees. But, if you had 1000, then you’d have 1100-14 in fees - 15 bucks in capital gains tax which would leave you with 71 bucks in actual profit after fees and taxes.
So it’s super important to get up some cash so you can utilize the information in your head to make money. So go to computershare and start drafting monthly for shares of some old school dividend stocks, or if you’re more risk averse, then just open the ameritrade account, add cash services and checking, and since the checking there is money market checking you’ll get paid interest that’s more than you would on a basic savings account, and since it’s attached to your individual brokerage account you’ll be able to make instant trades and transfers and all that from an app on your phone.
Are there TD Bank branches where you live? If not, then you’ll need a local bank to deposit in and then transfer into the new account.
No I’m not saying that. You could expect, idk, $10 change per day. So if you had $200 deposited, you’d either have $190 or $210 in equity. More or less. The next day might be back at $200 or down to $180. Everyday it’s probably going to bob around $5-$10.
The biggest mover is the 1st friday of every month when NFP nonfarm payrolls are announced. You could double your money or get a margin call in an instant.
All the time. I occupy my time on here.
It’s 24hrs and closes friday at 5pm NY time and opens 5pm on sunday. I hate that it’s closed saturday.
Can somebody give me then run down on what has to be reported on taxes yearly in all of this? I thought I heard currency trading is reported differently than stocks, bonds, and the like when it concerns filing taxes.
Alright so the poor gadfly like me with my meager $200.00 can still get some action on the For ex. What’s the largest spike increase you’ve seen in currency trading? Ever see $200.00 become $300.00 instantly?
Explain margin call to me, is that when a heavy drop in the market wipes out my $200.00 in one single full swoop?
What did you mean earlier that I wouldn’t have enough money for the China trade?
So start putting a little at a time into ameritrade and don’t take it out. Won’t take as long as you think it might to get up enough cash to be able to play the game a little.