Hi all, I'm new to forex so I might be posting a few dumb questions from time to time..lol. here we go!
I started reading and watching youtube videos about forex trading. I opened a demo account with a broker and as I'm looking at the price pairs it dawned on me. If I live in Canada and my account is in Canadian dollars, how do I go about buying say eur/usd dollars. Wouldn't my Canadian dollars have to be converted to the pair of currency I'm about to buy or sell, if I do buy say eur dollars, would that mean I would have eur dollars in my Canadian account...if so I would have to convert that before taking it out. It's a little confusing at the moment, I think I'm looking at this wrong...can someone shed some light on this for me...thanks
I started reading and watching youtube videos about forex trading. I opened a demo account with a broker and as I'm looking at the price pairs it dawned on me. If I live in Canada and my account is in Canadian dollars, how do I go about buying say eur/usd dollars. Wouldn't my Canadian dollars have to be converted to the pair of currency I'm about to buy or sell, if I do buy say eur dollars, would that mean I would have eur dollars in my Canadian account...if so I would have to convert that before taking it out. It's a little confusing at the moment, I think I'm looking at this wrong...can someone shed some light on this for me...thanks