Sometimes it's not so obvious what the process to getting started in Forex actually is. It's pretty easy to get lost in the technical jargon that's out there. Also there is such a wealth of information that is so scattered around the net that you can easily feel overwhelmed. So I decided to write this article to reach out to anyone new who wants the information given in a step-by-step manner which is easy to follow.
First things first, you need to familiarise yourself with all the trading terminology. It would be too much to write in here so the best thing to do is to view the full list and go through it via the terminology link shown in the resource section below.
Secondly, we're going to need to set you up with a forex demo account (see in resources below) where you can practice. To speed things up, use the demo link below to sign up with our preferred broker - they offer excellent terms and are one of the biggest brokers in our world. Make sure you put in your correct email address when you register because they will be sending you your login information.
Download the MT4 platform from the broker page to your computer and run through the installer wizard. Once this is done you can open up your trading terminal, which, if you've used our preferred broker, is installed as "FxPro - Metatrader 4". You will receive all the information to put into your account via email. So check your email for this. Go to File -> Login and enter the login information from your email and you're up and running! Nice.
Now, if you've never "played around" with the Metatrader 4 terminal, or any other terminal for that matter, it is a good idea to have a look at what different things the software offers you. You're hooked up on a demo account so you cannot do any damage so don't be afraid to try figure out what different things do. Some are self explanatory, some are not - but have some fun with it anyway.
Once you've gone through the first introduction to the system, now its time to learn how to create your first order to buy and sell a currency pair. Select the currency pair that you want to trade from the left-hand menu that lists all the currencies. Right-click on the pair and click on "New Order". This will pop-up a window enabling you to set the parameters of your trade - the "Stop Loss" and "Take Profit" (check out the terms from the terminology listed below if you're unsure what they mean). You can also do this directly from the chart which you want to trade from by right-clicking on the chart and again clicking on "New Order". You then click on either "Buy" or "Sell" and you have just created your first order.
To close the order you need to go to the bottom of the screen in the "Terminal" panel under the "Trade" tab. Here you can see your open trades. To close it, double (left) click on it, and hit the yellow "Close #... " button. That's it, you've just completed your first trade.
A word of caution, even though it is very easy to open and close a trade, and therefore make or lose money, don't fool yourself into thinking that you can make money on a consistent basis without enough practice. Any person can kick a ball well once or twice but only a person who has practiced kicking it long enough can do it well consistently over time and make a living from it (i.e. a pro footballer!). So let me just remind you not to commit the mistake of going straight to a live account or worse live trading.
As a rule of thumb, make sure you can be profitable for a minimum of 3 months before going onto doing anything on a live account. This is the best lesson I can give you so far and it will be the case for the first few months of your trading career.
So now that you've gone through the setup of the terminal and know how to open orders, the next thing to learn is one of the most essential parts of any type of financial trading - RISK MANAGEMENT. I have a great lesson in store for you next so don't miss it and check it out here.
Demo account link
Forex Basics Terminology
August 10, 2012
Getting Started in Forex, a Step by Step Guide
March 10, 2012
Forex, Spread Betting Strategies
There are many strategies that define how to trade forex but not many of those techniques contain spread betting strategies which is the manipulation of your betting platforms to increase behalf possible and limit losses. Distinct spread betting platforms have Distinct features and methods of using their platforms so in this description I am going to form a few strategies that I use with my singular spread betting platform.
First of all don't confuse spread betting strategies with actual trading strategies, although as foremost they are not the same thing. Forex spread betting is the placing of a bet on which way you think a currency is going to go, up in value or down in value. There are things to consider when placing your bet such as how much you are willing to let the trade go against you before you exit at a loss, known as a stop loss, or how much you want the trade to go in your favour before you exit with a profit, known as a limit order.
Although you can always exit a trade at any time manually it is always recommended to trade with a stop loss. It is the manipulation of the stop loss that I would consider to be a good spread betting strategy. It is known that the financial markets move in waves and whichever trading strategy you use to enter a trade you should have a spread betting strategy to play once in the trade as part of your trading plan.
One of the most favorite and minute risk methods of spread betting is to enter a trade and once 20 pips in behalf move your stop loss up to your entry point as to eliminate risk. Sounds good in theory but as the shop moves in waves the chances are you will be knocked out of your trade with zero behalf the majority of the time. You can by comparison on this basic theory by taking out 80% of your behalf at 20 pips up and provocative your stop loss up to your entry point that way you still have 80% of your behalf on a reversal and if it keeps running you still have 20% on the trade.
There are also trailing stop losses available on most spread betting platforms, these tend to work great with the longer term trades. As previously mentioned the shop moves in waves so you would need to allow for this in your trailing stop loss, that will move up to a pacific length from the price that you requested. A good example of this is when you enter a trade in the former example and the trade keeps running in your favour, it would be a good spread betting strategy to at last set a trailing stop loss of 100 pips.
Forex, Spread Betting StrategiesJuly 13, 2011
Kostenlose Forex - Was ist Forex?
Forex ist eine Abkürzung für den Wandel. Forex ist der größte Markt für Börsen auf der ganzen Welt. Zwischen $ 1 und $ 2000000000000 Dollar auf Forex gehandelt jeden Tag, verglichen mit etwa $ 25000000000 Dollar täglich an der New York Stock Exchange gehandelt.
Forex beinhaltet den Kauf einer Währung zum Beispiel Britische Pfund (GBP), und der Verkauf einer anderen Währung wie US-Dollar (USD). (Währungen werden immer notiert und gehandelt zu zweit.) Kauf realer undVerkauf an einen Händler oder Makler.
Forex Guide
Wenn Sie Aktien eines bestimmten Unternehmens kaufen, sind Sie eigentlich Ihr Geld investieren in diese Gesellschaft. Wir hoffen, dass das Unternehmen gelingen wird und gedeihen, so dass der Wert Ihrer Aktien steigen wird. In der gleichen Weise, wenn Sie eine bestimmte Währung des Landes zu kaufen auf dem Forex, investieren Sie Ihr Geld in der Wirtschaft dieses Landes. Wenn das Ziel Wirtschaft des Landes gesund ist, dann wird der Wert seiner Währung zunehmen wird,und einen Gewinn erzielen.
Der Forex ist nicht ein physischer Ort. Die gesamte Devisenmarkt arbeitet auf einer Zeitskala von 24 Stunden. Itis elektronisch über Telekommunikationsverbindungen zwischen den Zentren in verschiedenen Ländern ausgeführt werden.
Der Forex Markt ist in Kraft seit 1971, aber bis zum Beginn des 21. Century, konnten nur Einzelpersonen und Unternehmen mit zehn Millionen Dollar leisten, Forex-Handel. Alles, was jetzt geändert hatjedoch. Alles was Sie brauchen, um loszulegen, ist ein Computer mit einem schnellen (DSL) Internetverbindung. Sie können auch mit einer Investition von nur $ 50 zu beginnen.
Die sieben am meisten gehandelten Währungen im Forex sind US-Dollar (USD), Euro (EUR) Japanische Yen (JPY), Britische Pfund (GBP), Schweizer Franken (CHF) Kanadische Dollar (CAD) und Australische Dollar (AUD). Fremdwährungen Symbole bestehen aus drei Buchstaben. Die ersten beiden Buchstaben identifizieren das Land, während die letzten Buchstaben identifiziertder Währung des betreffenden Landes Währung.
Zum Beispiel: -
USD: US = Vereinigte Staaten, D = Dollar.
GBP: GB = Vereinigtes Königreich (Großbritannien), P = Pfund.
Der Grund, warum der Forex-Markt ist 24 Stunden geöffnet, da zu jeder Zeit während der 24 Stunden wird der Finanzplatz offen für Geschäfte in einigen Teilen der Welt. Und weil dem Devisenmarkt ganztägig geöffnet ist, können Sie den Handel der Forex jedes Mal, dass Ihnen am besten passt.
Die vier Währungen mit "höchste Handelsvolumen (in Reihenfolge) ist US-Dollar (USD), Euro (EUR) Japanische Yen (JPY) und Britischen Pfund (GBP). Diese vier Währungen mit Schweizer Franken (CHF) Kanadische Dollar (CAD) und Australische Dollar (AUD) heißen wichtigen Währungen.
Kostenlose Forex - Was ist Forex?
