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Getting into online trading can be quite nerve-wracking at first. This is why we do our best to guide all the newcomers of the trading world along their first steps. We want to help you understand that your success is in your hands, trading is all about analysis, planning and taking advantage of the available tools.
First things first, it is necessary to understand the basic factors that weigh in on the outcome of your trades: things that influence the levels of supply, demand and the dynamics of the market. You have to learn to pick up on such things as lack of sync in supply and demand to know that this will lead to the change in the price (if there are more buyers than sellers, the price will increase and vice versa). This concept is pretty simple and is applicable in all sorts of trading: from currencies and CFDs to serious investments.
We offer our help with developing a trading plan, setting your priorities straight and learning how to work with risky situations.
One other thing every trader should learn how to do is managing the risks by, for example, setting the reward ratio to 1:3 per trade.
To put it simply, a currency exchange rate is the rate at which the base currency can be exchanged for the quote currency. Currencies are paired up: in a popular EUR/USD pair the euro (on the left) is the base and the dollar is the quote. The exchange rate is influenced by such factors as industrial production, inflation and political events. These are the key factors you pay attention to when trading currency pairs.
A practical forex trade example looks like the following: In the case of EUR/USD pair, the euro is the base currency and the USD is a quote currency, which means that the rate shows how many US dollars a euro can pay for. Quotation of EUR/USD 1.2000 would mean that 1 euro can be exchanged for 1.2000 USD.
If you have reasons to believe that the euro will be increasing in value over the next 48 hours, you should buy the euro. Once the exchange rates rise in your favour, you will sell the euro and will end up with some profit. This is how you earn trading online.
Forex is known to be the world’s largest and most liquid market nowadays: the operations take place 24/7, while more than 5 trillion USD are traded on a daily basis. Here are some things that make forex trading different from investing in equities.
you do not pay any commission;
the markets are open 24/7;
competitive levels of leveraged trading;
over 250 assets to trade with, which are not limited to forex;
you do not need a capital to get started
The first step you should take before opening a trade is picking the right broker. Many brokers offer a free demo account that comes with a lot of educational information and hard-working support staff, who will always be there, if you need any help or assistance:
Open your account and make a deposit. Now you are ready to trade.
After having done some research, open the trading platform and open a position on the asset of your choice. After you decide how many units you want to trade, add the leverage level. Don’t rush in and start with a small amount, increase your investments as you grow more experienced. Make sure to use stop loss orders whenever you open a trade.
Once you open a trade, you have to monitor the market to see if there are any changes. If the trading chart is showing you an activity decrease, consider a sell or use the stop-loss to minimize the risks. On the opposite, if you see any positive movement, close your position.
Don’t forget to make occasional changes in your portfolio to diversify your trades, but do it within your trading strategy.
Request a withdrawal through the platform.