Getting There

Three lessons to go and I’ll have finished last week’s assignments.  The great thing about these lessons is that I really have been able to work at my own pace and as my schedule permits.  I would strongly advise doing them daily and keeping up because it’s not nice being behind.  However, it hasn’t been too difficult to try and catch up.

Okay…lesson 10…the last bit about money and leverage.  What I learned here is that again, Oanda (the broker) automatically calculates the units available to me with their own leverage equation.  This is great because I will never have to bother with trying to figure it out.

Low leverage is like a safety net for traders.  The lower the leverage, the less you can risk at any one time.  Oanda automatically sets leverage at 20:1, but for my trading, I will use 50:1.  I was walked through how to change the leverage in Oanda.  I did encounter a slight difference from the instructions to actually doing it, but I emailed Sid right away and he immediately updated his diagrams and instructions so no worries there.

Lesson 11 is all about monitor set up.  Wow…lots to take in here, but I found the descriptions, graphics & explanations to be very clear.  I will need to spend some time on this because it will take a bit of practice to become familiar with the platform and how everything works.  Sid emphasized the importance of practice here so that when I do begin to trade, it will be like riding a bike or driving a car.  I can focus on the trade and not the mechanics of it.  Sensible I’d say, huh?

Lesson 12 is short and sweet.  Sid wants to make sure that I have a spreadsheet program installed on my computer before next week’s lessons.  I am a bookkeeper by trade, so naturally this is a given for me.  However, for those of you who don’t, Sid gives complete instructions on how to download a free program that will work just fine.  Having completed this, Sid promises that there are very exciting things to come in next week’s stuff…whew whoo!!!

To wrap up last week’s lessons I listened to the first of four recorded audio meetings.  This first one Sid talks about brokers and why he has chosen to work exclusively with Oanda.  Sid goes into great detail on this subject, but I will not do that here.  Suffice it to say that Oanda is by far the most honest broker out there.  If it’s good enough for Sid (who is much more experienced than I), then it’s good enough for me.

That’s it for now folks.  Thanks for reading and have a great day!

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