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Newbie starting out

ACNZACNZ Posts: 7 ✭
in Beginners Questions
Hi guys, yes I know "another newbie" but with all the great info on your site what do you expect lol.
I've been demo trading part time for a couple of weeks with great success following Okane and Bryan's great tutorials and advice.
I've signed up with Marketsworld charts on MT4 and I live in New Zealand.
My question now is ... When I'm ready to trade live and want to trade EUR/USD, because I'm in NZ will my deposit be exchanged into Euros to trade? Obviously the exchange rate would be WOW because I think my deposit will drop to half straight away.
If there's a thread on here please post it here.
Keep up the good work team!
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Comments

  • RaidenRaiden Posts: 186 ✭✭
    In Bins when you sign up to a broker you deposit in USD, EUR or GBP. So lets say for example the minimum deposit to start a live account is 10.....you decide if you want to deposit 10 USD, EUR or GBP. But you are going to deposit your currency equivalent to the minimum. Does that make sense to you?
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  • ACNZACNZ Posts: 7 ✭
    Thanks Raiden crystal clear.
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  • The_Geek_MHThe_Geek_MH Posts: 860 mod
    to further answer your question, when you trade currency with Binary you aren't actually exchanging your currency for the currency being trades. For example, if you deposit in USD $100 your balance will be $100 USD and all trades will be made in USD, when you make a trade on the eur/usd your trade amount/wager will be in the currency of your deposit... so $10 usd on a call option for eur/usd, and your winnings will also be in USD. Your trading on the direction of the trade, not the actual exchange of currency. Make sense?
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  • RaidenRaiden Posts: 186 ✭✭
    No Problem ACNZ.

    The_Geek_MH - could not have stated it any better than that. :smile:
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  • eduardospokaeduardospoka Posts: 3 ✭
    Como Estas,

    I am new to Binary Options trading and I saw this video on youtube which said that on average Binary Options trading will result in a loss. I am not very good at Math, but it does make some sense to me. Can anyone please help me take a look and see if the video is correct? I do not want to get into it if I am sure to lose money :(

    https://www.youtube.com/watch?v=IZgEvNuJtGc

    Thank you very much.

    Eduardo
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  • The_Geek_MHThe_Geek_MH Posts: 860 mod
    Um Eduardo, are you phishing for views to your video? This is the exact same post you made in another thread...
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  • Nick16Nick16 Posts: 2 ✭
    Hi All
    I am a newbie to trading and at the moment i have been trading Forex EuR/GBP but i would like to get into Binary options trading shares , could you recommend a good Broker please and indicator software that has realistic results
    Thanks Nick16
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  • ACNZACNZ Posts: 7 ✭
    What time frames would you recommend beginners to start on?
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  • TobiasRobinsonTobiasRobinson Posts: 45 admin
    That is a tough question. I suspect many will have their own preference and there will not be a "right" answer that will suit everyone. It may also depend on your trading strategy. If you are taking into account technical analysis over different time frames, you might then get a 'feel' for how long you need so that a) Your trade finished in the money but b) Is not so long that it might drift out again. I'm not sure that helps!
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  • OkaneOkane Posts: 1,282 admin
    ACNZ said:

    Hi guys, yes I know "another newbie" but with all the great info on your site what do you expect lol.
    I've been demo trading part time for a couple of weeks with great success following Okane and Bryan's great tutorials and advice.
    I've signed up with Marketsworld charts on MT4 and I live in New Zealand.
    My question now is ... When I'm ready to trade live and want to trade EUR/USD, because I'm in NZ will my deposit be exchanged into Euros to trade? Obviously the exchange rate would be WOW because I think my deposit will drop to half straight away.
    If there's a thread on here please post it here.
    Keep up the good work team!

    This is what I found on their website:
    "MarketsWorld accepts 5 currencies. You can choose to operate your account in British Pounds,
    Euros, US Dollars, Canadian Dollars or Australian Dollars."

    So which currency did you choose when you opened your account? Ask their support to change to the one you like.
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  • ACNZACNZ Posts: 7 ✭
    I have no time constraints so I'm guessing I should focus on 15 min + timeframes to allow journal keeping and letting things sink in aye Tobias. Okane thanks for that I think I have it. I'm in New Zealand, was living in Australia, so that would be the best way - exchange funds into Australian dollars or if deposit NZD1000 into MW they will make the exchange for me
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  • OkaneOkane Posts: 1,282 admin
    When you deposit, you just select 1000 Aussie and 1000 Aussie will show up in your
    account, how much is withdrawn in Kiwi from your account, that depends on the current exchange rates.
    You don't have to personally exchange.
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  • ACNZACNZ Posts: 7 ✭
    Awesome okane I appreciate the info
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