Many of you who’ve taken a look at double top and bottom indicator forex website’s homepage are initially overwhelmed by the quantity of information that’s available. Part I on the weekend when the markets are closed! See the glossary if you don’t know what the following terms mean: stop loss, trailing stop, buy stop, sell stop, buy limit, sell limit, leverage. Spend some time with your family and friends.
Don’t bother trying to trade several pairs at once until you’ve observed the behaviour of 1 currency pair over several days. More information: Money management, risk management. Finally, before you dive in, you should know the keys to forex success and supplement this knowledge with the Top 10 forex and CFD trading tips. First, however, you need to decide whether you want to start trading with a demo account or with a real account. Opening a demo account is fast and easy and allows you to quicky learn how to trade as you don’t have to worry about losing your hard-earned cash! Click on your selection, and then install the software onto your computer. Next, you probably want to close the “Market Watch” and “Navigator” windows located on your left.
Also, for learning purposes, you probably only want to look at one currency pair at a time, so go ahead and click in the upper right hand corner of the first main chart so as to put it in full-screen mode. To the immediate right of the “Expert Advisors” icon on the upper menu, you’ll notice that you have the choice between 3 different chart views. New chart” in the upper menu bar. You can then go back and forth between pairs by clicking on the tabs at the bottom of the charts. Use the magnifying glass icons to increase or decrease the detail of the chart you’re looking at. You will usually be asked whether you want to change any parameters, but in most cases the default settings are appropriate.
Now, on to the good stuff: placing orders! After the window pops up, you need to select the volume you want to commit to the trade. Although you’re in demo mode, try to stick to position sizes that will reflect your future trading commitments. When you place your order, you also have the option of placing a deferred order in the Type field. Also, I would recommend you not worry about the “maximum deviation” checkbox at the bottom of the window.
To close an order, double-click on the order line in the Trade thumbnail at the bottom of the screen and select “Close”. If you ever want to delete an order that has not yet been executed, you do the same, only this time you select the “Delete” button. To view your trading record, click on the “Account History” thumbnail at the bottom of your screen. You now know the crucial basics.