It has been three weeks since trading started for the Global Economics Team, and here are some of the results to the first run through using a FXCM demo trading account.
Through 9 trades from April 14-April 26, I managed to gain $96.65 in equity. The amount is miniscule compared the total volume of currency that I had traded (350,000) and the amount of equity I possess ($50,096.65), showing truly how low of a margin the foreign exchange market works on.
The main focus of my trades during April surrounded the USD, which is typically considered a safer currency to trade in the foreign exchange market. Most of my trades came from buying the EUR, AUD, and GBP.
Over this next week, I plan to update more regularly on what may have caused the rise in value of the currencies, while also beginning to expand where I invest my mock money. Also, I plan to invest higher amounts of my equity into well researched currencies, while diversifying my equity to avoid unsystematic risk.
Expect more frequent updates in the near future!
(Post by Evan Amano)
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