Due to the theoretical possibility of easy money making, the international Forex market attracts millions of traders from all over the world. However, in practice, very few manage to make money. How to trade on the Forex market so as not to be at a loss?
Instructions
Step 1
Select a dealing center, the services of which you will use. To do this, type the word "forex" in the search box, and you will see dozens of links offering related services. Register a trading account and transfer the required amount to it. Do not invest large amounts, limit yourself to $ 10-30.
Step 2
Almost all newbies lose their first deposit, and you are unlikely to be an exception. If you have chosen Forex as the last opportunity to improve your financial affairs, it is better to immediately abandon this venture, you will most likely lose your last money. Forex trading is not so easy, it takes years to learn. So forget any get-rich-quick dreams.
Step 3
Download a trading terminal from the website of the dealing center, usually mt4. Now you have everything to start trading. But before you start trading on a real account, practice on a demo account - this opportunity is provided by almost all dealing centers. To open it, start the terminal, select "File - Open an account". In the parameters for opening an account, specify the amount with which you will start trading on a real account - for example, $ 30. Other data - name, city, etc. can be anything, nobody checks them.
Step 4
Trading on a demo account is technically no different from trading on a real account. But when you win, you don't really win anything, just as you don't lose when you lose. On a demo account, you will be able to master the basic rules of trading, get acquainted with the capabilities of the trading terminal. You can switch to a real account only after you learn at least not to lose.
Step 5
Before starting trading, set up the terminal. On the left side of the program, remove the icons of those currency pairs that you will not trade. Leave a few basic pairs. Select one of them and expand its graph to the entire working window of the program. To view the dynamics of a currency pair, look at its behavior on different timeframes, from one minute to a month.
Step 6
To open an order, click the "New order" button. You will see two options: Sell and Buy. To open an order, click on one of the buttons. The size of the minimum lot is 0.01. This means that, for example, for the EURUSD pair, each movement of the rate will bring you (or take away from you) 10 cents. To open such a lot, you need to have about $ 10 on your account, while the margin will be approximately $ 6-7, depending on the dollar rate at the time the order is opened.
Step 7
Your task is to track fluctuations in the rate and, depending on its movement, open a Sell order at the highs of the price, closing at the lows. Conversely, open a Buy order at the lows of the price and close it at the highs. The more accurately you learn to determine the moments of entry and exit from the market, the higher your profit will be.
Step 8
For automatic profit fixing, use the “Take Profit” option - the program will close your order when the rate reaches the price you set in the settings. To automatically limit losses, use the "Stop Loss" option - your order will be closed if the rate goes against your expectations and reaches the price set in the settings.
Step 9
To more fully and correctly assess the dynamics of the course, use indicators. The mt4 trading terminal has a variety of indicators installed both on the main price chart and in the windows below it. Indicator descriptions are available in the terminal reference manual.
Step 10
Remember that Forex cannot be traded without a pre-selected trading strategy. You can use both ready-made strategies, you can read about them on traders' forums, or create your own. Trading at random, without a strategy, leads to loss. You should always clearly know what you will do in any given case.
Step 11
Learn to take both gains and losses calmly. Excitement is contraindicated for a trader, all decisions must be taken calmly and carefully. Never rush, do not strive to open an order faster - even when trading within a day, you have to wait for hours for the right moment. A hasty decision often turns out to be wrong.
Step 12
The overwhelming majority of those who start trading with you in Forex will lose and give up this occupation. But if you do not stop when you fail and continue to learn the intricacies of trading, sooner or later you will be successful.
