With the recent news about Robinhood, GME, and beginners jumping into the stock market and making thousands of dollars, more people than ever before are looking to start trading for the first time. But while many people will simply try to buy or sell stocks, others might be more interested in trading Forex.
The price of the EUR/USD currency pair is 1.18, which shows that every euro is worth US$1.18 (since a dollar is worth €0.82)
Let’s say that, as a new Forex trader, you think the value of the euro will increase compared to the dollar. Perhaps you know about some upcoming European national news that will bode well for the shared economies of its member countries. Or perhaps you simply have a gut feeling.
Regardless, you place a “buy” order on the above Forex pair (EUR/USD 1.18). You spend $500 on this trade.
When you check back a few hours later, you find that the exchange rate difference between the euro and the dollar has increased by 10%. Now, each euro is worth US$1.19. Your trade was successful, so you pick up a trading profit of 10% of your initial investment.
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