If you are a person who have hardships in learning by studying a bunch of theories, step by step instruction may be the one that you’ll require. If this step-by-step guide is utilized in a decent forex trading tutorial where you can test it straight away, it will be less difficult for you to understand the lessons.
Nevertheless, if you are unfamiliar with forex trading in any way, you still need to start with theories such as concept of leverage, pips, currency pair, and so on. But since the slogan of a good forex trading tutorial is “make the student do it”, here’s what you have to do:
1. Open a demo account in an online forex broker that uses MetaTrader4 trading platform. 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.
2. When you’ve done with the registration and installation process, log in and examine your platform user interface. With the trading platform before you, it will be easier to explain something and you can test it right away.
On the top left section, you will find the currency pair table. 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” (AKA “buy”) column give you the exact amount of the second currency that you must pay to obtain one unit of 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 stage, you don’t need to implement any currency trading strategies , so simply try to click one of them and you’ll receive a confirmation message that you have executed the order successfully. You can check your trade information at the “trade” tab at the bottom of your MT4 platform.
“Forcing” the student to test and practice the lessons on their own is a must in a great forex trading tutorial; with this, they can grab the concept being shown quicker. If you can fully grasp your trading platform interface and how to use them at the end of the tutorial, you have mastered the foundation of forex trading.
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