Forex Trading
Learning by studying a heap of theories may not really appealing; in this case, you need structured lessons that guide you step by step. If this step by step guide is applied in a good forex trading tutorial where you can test it right away, it will be easier for you to understand the lessons.
Nevertheless, if you’re not familiar with forex trading at all, you still have to start with theories such as definition of leverage, pips, currency pair, etc. But since the motto of a good forex trading tutorial is “make the student do it”, here’s what you should do:
1. Apply for a practice account in a MT4 (MetaTrader4 trading platform) online forex broker. Here are some suggestions: AvaFX, TadawulFX, and FXCM. Be warned that AvaFX and FXCM have their own default trading platform (called AvaTrader and FXCM Trading Station), so remember to pick the MT4 (MetaTrader4) platform as this trading platform is what you need if you have plan to use forex robot in the future. Check AvaFX review to see why they are highly recommended.
2. When you’ve done with the registration and installation process, log in and study your platform user interface. With the trading platform before you, it’ll be easier to explain something and you can test it right away.
By default, the top left area is the currency pair column. The “symbol” column consist of currency pairs such as USDCHF (US Dollar and Swiss Franc), GBPUSD (British Pound Sterling and US Dollar), EURUSD (Euro and US Dollar), and so on.
The next column is “bid” (also known as “sell”) column; it represents how much you will get for selling the first currency. Example: sell EURUSD at bid rate 1.362 means you spend EUR 1 to gain USD 1.362.
The “ask” (also known as “buy”) column represents how much you must spend the second currency to gain the first currency. Example: buy EURUSD at ask rate 1.378 means you spend USD 1.378 to gain EUR 1.
Now right click on one of the currency pair and click “new order”. You’ll see a “new order” form before you with “sell” and “buy” buttons at the bottom of the form. At this point, you don’t have to implement any currency trading strategies , so just try to click one of them and you’ll get a confirmation message that you have executed the order successfully. See your open trades info by selecting “trade” tab at the bottom of the MetaTrader platform.
A forex trading tutorial that makes the student always actively participate in the lesson can make it easier for a new trader to understand how forex trading works. If you can understand your trading platform interface and their uses at the end of the tutorial, you have mastered the basis of forex trading. I recommend that you claim free forex trading course that utilizing tutorial method in a MT4 trading platform at forex trading course .
Managed Forex – Keeping Forex Simple
A managed forex trading account simplifies the life of an investor. It’s made for investors that don’t possess the time to manage their trading activities. There are several institutions that will offer this feature with their clients. A managed trading account is desired by investors that wish to jump into the highly profitable forex market without having to stress over the learning curve.
With the forex market being fairly complex in nature and with success in the market requiring education of the basics, it could be quite a drag on the individual who is looking to take on this opportunity. A managed trading account allows the traders funds to be monitored on someone who is a professional in the field of trading the market.
There are several types of managed trading accounts. One type is accounts that are controlled by computer programmed robots. A trader using this kind of managed account has no human interaction with trading the market. This has advantages as taking away the emotional trading that could come into play when making discretionary trades. These automated systems are programmed by professional individuals and usually sold to investors looking to have their accounts managed. It runs completely off of technical signals that the professional programs into the system. This makes trading the forex market really simple.
Another type of managed forex trading account is where an investor lets a professional control their account. Every execution decision is done by a professional which basis his decisions on his expertise of the markets. The funds in the account remain the same as if the investor is trading the account themselves and can withdrawal their funds at any time. A managed forex trading account is not like mutual funds where you are pooling one investors money with a number of other investors funds to get profitable results. They are created to solely benefit the direct investor. This simplifies forex trading for the investor even further.
If you are trader looking to trade the forex yourself, then you must understand that you will have to educate yourself and follow the rules to successfully trading the market. Getting pointers or advice from professionals is usually highly recommended. Demo trading is a critical step into the learning curve of trading. Investing in a demo account allows you to invest in the markets with play money. This way you can learn to trade the market without risking your own real capital. This makes trading a little more difficult as compared to someone else managing the account for you.
With every investment there comes a risk. Forex trading can be risky if you do not know what you are doing. A managed forex trading account can place your funds in the hands of professionals with proven records of success in the forex market.
