How to trade on "Forex": nine steps

If you study all existing materials on the market"Forex", then trade will seem easy. But this will take many years. And the main goal of a trader is to make a profit, and not to endlessly study the theory. In order to learn how to start trading on "Forex", you need to make only nine steps.

1. Choosing a Broker

Given the excess of proposals, it is rather difficult to do this. Select several companies that have successfully proven themselves in this field, and select the one that provides the most favorable conditions.

2. Opening an account

Choosing a broker, we open an account for him, whichThere are two types: a demo and a real one. The first is designed to familiarize with the market and gives the opportunity to practice and adapt. If you know how to trade on the exchange, you can immediately open the real one. Since there are many different types of real accounts, before the opening procedure, familiarize yourself with such aspects as spread, commission, leverage, etc.

3. Installation of the trading platform

It is a necessary step to understand howto trade on "Forex". After all through the platform all transactions are made. It also provides an opportunity to monitor the current market situation and conduct technical analysis. At the moment, four types of platforms are created. The most popular and convenient is Metatrader.

4. Selection of currency pairs

Beginners are usually recommended to start with a coupleeuro / dollar, because there, on the one hand, there is no high volatility, and on the other hand, the most transactions are conducted. And it is for this pair that a lot of tools (indicators, strategies, etc.) are written, with which you will learn more about how to trade on "Forex".

5. Mastering technical analysis

Before the opening of the transaction, it will not be superfluous to do sothis kind of analysis. This is a very painstaking process, so to optimize and speed it up, it's better to use special programs or read off the reports of analysts.

6. Developing a strategy

The most popular answer to the question of howto trade on "Forex" with profit - to develop own strategy. If you do not want to do this, then you can take advantage of existing ones. Sometimes even freely available strategies bring in good money.

7. Opening an order

After the completion of the preparatory activitiesyou must open a position. To do this, in the established trading platform choose "Open Order" and specify the amount of currency and other parameters. After clicking "Buy" or "Sell", and our first transaction is open.

8. Taking Profit

Now your main task is to decide on thethe closing price of the order. It can be prescribed in advance, well, or wait and close the deal manually. The profit margin of each trader is different and depends on the degree of his greed and the situation on the market.

9. Fixing losses

If the price moves in the direction we do not need,then you need to have time to close the position with minimal losses. As in the case of taking profits, this can be done either manually or by prescribing a stop-loss in advance.

The question of how to trade on "Forex", onits essence is very capacious, and it is difficult to answer it within one article. In general, a full answer to it can be given solely by you yourself after many years of hard work in the foreign exchange market.

Happy trading!