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EP 124: When chasing a quick buck becomes making a quick buck w/ Max, @Madaznfootballr
With an appetite for fast money, it was only a matter of time before Max would try his hand at day trading…
But unlike scalping tickets, counting cards, reselling items on eBay and other schemes for chasing a quick buck, all of which Max had attempted, trading stuck—and it’s since become his livelihood.
The only difference is now he really does make a quick buck. Because true to his nature, Max takes his trading profits in a “scalping” fashion.
To mention a few of the things we discussed; how traders can benefit from being independent thinkers, the nature of scalping strategies, optimizing your workflow, mindset and improving your psychological game, and plenty more.
Show notes: https://chatwithtraders.com/ep-124-max-madaznfootballr/
Madaz Scalping, Chasing a quick buck, making a quick buck · @Madaznfootballr.
How long can you hold a foreign exchange setting?
In the foreign exchange market, a trader can hold a setting for as long as a few mins to a few years. Depending on the goal, a trader can take a setting based upon the basic financial fads in one country versus another.
What Are You Really Trading?
The short answer is nothing. The retail FX market is simply a speculative market. No physical exchange of currencies ever takes place. All professions exist merely as computer system entries and are netted out depending on market value. For dollar-denominated accounts, all profits or losses are calculated in bucks and taped therefore on the investor’s account.
The primary factor the FX market exists is to facilitate the exchange of one currency right into another for multinational companies that need to continually trade currencies (i.e., for payroll, repayment for goods and solutions from foreign vendors, and mergers and purchases). Nonetheless, these day-to-day corporate needs consist of just approximately 20% of the market volume. Eighty percent of trades in the currency market are speculative in nature conducted by large banks, multi-billion-dollar hedge funds, and individuals that wish to share their point of views on the financial and geopolitical events of the day.
Because currencies always sell sets, when a trader makes a profession, that investor is always long one currency and short the various other. As an example, if a trader offers one standard whole lot (comparable to 100,000 systems) of EUR/USD, they would certainly have traded euros for bucks and would certainly currently be short euros and long bucks. To better understand this dynamic, a person that purchases a computer from an electronic devices store for $1,000 is trading bucks for a computer. That individual is short $1,000 and long one computer system. The store would certainly be long $1,000, now short one computer system in its inventory. The exact same principle relates to the FX market, except that no physical exchange takes place. While all purchases are merely computer system entries, the repercussions are no less actual.
Currency exchange rate always apply to the price of one currency relative to another. The order in which both are provided (USD/CAD versus CAD/USD) issues. Keep in mind the very first currency is always equal to one unit and the 2nd currency is just how much of that 2nd currency it takes to get one unit of the very first currency. From there you can compute your conversion demands. Financial institutions will certainly markup the rate of currencies to compensate themselves for the solution. Purchasing around might conserve you some cash as some companies will certainly have a smaller markup, relative to the market exchange rate, than others.
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