Quick Start Guide – Your First Trade


Your First Forex Trade

When you trade you need to know How, When, and What..

For now… lets look at how
Usual Method:

  • Log in to a demo account
  • Go to the currency graph or currency price
  • Click on the platform (left or right click)
  • A menu should pop up saying buy with the exchange rate to buy, or sell with the exchange rate to sell
  • Remember You should Buy if you think the price will go up (ie the line will go up on your chart) or sell when you think the exchange rate will drop
  • Remember this should be a 100% free DEMO account – so to start of with experiment.. have fun.. you learn more when you’re having fun.
  • Now see what you can find about order types – market orders / stop orders / limit orders..

Tips:

  • If you start to make profits – to win.. you can move your stop loss up on most platforms.. so locking in more profits/limiting your loss
  • How much of a loss can you handle to lose? if you can’t handle a 20 pip movement, your leverage is probably too high and/or you should strongly think about trading in smaller size. Moves of this size are not uncommon in the forex markets.

Market Order you can trade at the market rates
Limit Order You only actually trade if the price reaches the limit you set for the trade

Stop (Stop Loss) / Take Profit Order  The system will STOP, or Take Profit on an open trade and close out your position when the rates hit predetermined levels
Note: ideas simplified.. please read the only trading platform guides on your selected platform, or get independent official regulated advice.