Write your login details on a piece of paper and then store it away safely! These credentials are the entry key to your trading account. After you do this, most Metatrader brokers are likely to ask you for a copy of your ID and also provide you with the terms of use. Get your smart phone, take a picture of your ID and send it to your account manager, who requires the confirmation. Now that you confirmed your registration and provided your ID information, you will need to make a deposit into your Metatrader trading account.
There are several choices that you will have for depositing funds with your forex broker. When you create this account, it gets connected to your trading account at the MT4 trading platform. Above you see a screenshot of the Metatrader 4 order window. This is where all your open trades will be displayed. In addition, your Balance, Equity, and Free Margin will show in real time as well. So, after you have installed the MT4 trading platform, this is what you are going to see on your monitor:.
This is an example of a ready-to-go Metatrader 4 platform, which has now been setup and funded.
Stock Photo - Foreign Currency Symbols Meaning Forex Rate 3d Illustration
You will notice numerous buttons at the top of the MT4 trading platform. When you click on these buttons, your chart will be automatically converted into the desired timeframe. The two magnifying glasses above are used to zoom in and zoom out the trading charts without changing the trading time frame. The three buttons on the left of the magnifying glasses are the three different Metatrader charting options — Bar Chart, Japanese Candlestick Chart , and Line Chart.
At the left side of the chart timeframe buttons you have a few basic drawing tools, which are frequently needed when performing technical analysis. These are: vertical line, horizontal line, trend line , price channel, Fibonacci retracement and some image labels. If you right click on the chart window you will see various options to customize your trading platform. Here you should take some time to personalize the settings that best suit your preferences.
This way you can instantly open trades at a preliminary decided size lots. On the left side of the Metatrader terminal you will see the live Market Watch red rectangle.
Currency Symbols
Note that these are not all the available trading symbols offered by your broker. This will display all the available financial instruments of your broker. It is important to mention that the Market Watch window is another place to open trades from. You can pick symbols from there and then by right clicking on your mouse, it will allow you to get options for each of these financial assets.
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See the image above for details on this. Now that we have discussed the basic functions of the MT4 Forex trading terminal, I will now show you how to open real trades. In order to buy or sell a currency pair , you can use one of the options we mentioned above. This will bring you to a special trading window.
This will instantly bring up the trading window. This is what you will see:. If you want to change the Forex pair you want to trade just use the menu and pick a different symbol. The second line concerns trading volume. This is the amount in full lots you want to invest in your trade.
It is very important to know that one full lot equals , units. In this manner, you should also get acquainted with other lot sizes. Below you will find a little table containing the different trading volumes:. If you want to do a standard pip value calculation , you should use the following calculation:. You will invest in your trade 1 Full Lot , units. So you need to know how much one pip 0. You will first need to calculate the amount one pip 0. Then you multiply the result by the volume you are willing to trade. This means that the value of 1 pip 0. Remember that you always get the end result in the base currency using this calculation.
But what if the USD is not the base currency, but a quoted currency? We will discuss that next. In this case the formula becomes a bit extended. You still do the formula we discussed above, but you should then multiply the result by the spot rate in order to convert it in USD. Remember we said that the result of the upper formula is in the Base currency. If you want to calculate the value of 1 pip 0. The results are for 1 Full Lot. Carefully choose the volume you are willing to trade when opening a position. Are you ready to start Forex trading already? Click the banner below to get started:.
I'll now give you some Forex currency trading tips to help you decide which currency pairs to trade. With over countries in the world, you can find more than a handful of currencies to trade. However, these may not have the potential to deliver the best results. So, what is the best currency pair to trade? What do most traders trade? Which is worth trading and why? Keep on reading this article to find out the answers to these questions and more!
Forex Trading Basics (learn forex online)
Before analysing the best trading pairs, it is better to enhance our knowledge of the most popular currencies that can be found in the world of Forex trading. They include:. Out of these currencies, you can find a few popular currency pairs. If you want to achieve success in Forex trading, you need to have an in-depth understanding of the different Forex pairs that you use to trade.
Forex Trading Basics (learn forex online)
If you select any of the options which we are going to discuss below, you will make trading much simpler for yourself, as lots of expert analytical advice and data is available on them. Therefore, if you are a trader who does not like being in the position of taking too much risk, this might be one of your best options for trading Forex. All the Forex majors that can be found are equipped with tight spreads. It is perhaps better to avoid those pairs which have high spreads. The recommended spread by the trading experts tends to be around pips. When it exceeds 6 pips, trading may become too expensive, which can lead to greater losses.
Still, it doesn't mean that you should totally avoid anything which has a high spread. The best way to trade sensibly and effectively in this regard would be to exercise proper risk management within your trading to help minimise the risks of trading. As we saw above, the major Forex pairs consist of the most heavily traded currencies and all include the US dollar.
Minor Forex pairs, also known as cross currency pairs, are pairs that do not include the US dollar. These pairs have wider spreads and less liquidity than the major pairs, however, they still have sufficient liquidity for trading. Examples of minor pairs include:.
Then there are the exotic currency pairs, which include the currencies from emerging economies. Exotic pairs are the least liquid and also tend to have the largest spreads. Examples of these exotic pairs include:. Just like any other skill, becoming successful at trading takes time and plenty of practice.
To master this skill you need to have a lot of patience, discipline, but most of all you need to be passionate about the industry.
Major Cross-Currency Pairs or Minor Currency Pairs
Successful trading starts with having a trading plan that is based on either Technical or Fundamental analysis. Technical analysis looks at price charts of a financial instrument, using technical indicators or price action to attempt to predict future movements in price. Whereas, fundamental analysis attempts to predict price movements based on macro economical data and news releases. There are many different ways you can learn currency trading online as there are a lot of different education providers. To start learning for free with Admiral Markets we suggest heading over to our "Forex Strategy" section in our Articles and Tutorials education portal to learn different trading strategies.
It's time to briefly detail the Forex trading sessions along with the currency pairs I have just discussed. Understanding the Forex trading sessions will also strengthen your trading strategy. The Forex markets are open 24 hours a day during the week, except on holidays. However, the market isn't dominated by one market. Instead, there is a global network of brokers and exchanges and brokers around the world.
The Forex trading hours are based on the market opening hours of each participating country. Although a hour Forex market offers many opportunities for both individual and institutional traders , since it guarantees liquidity and a reliable opportunity to enter and exit trades at any possible time within the Forex trading hours, it still has its pitfalls for traders. While you can trade different currencies anytime you wish, you can't monitor your position for long periods of time. This means that there are Forex trading times in which traders miss opportunities, or worse, there is a spike in market volatility that leads the spot to move against a position when you're not nearby.
To reduce such risks, you have to learn when the markets are most likely to be volatile, and therefore decide what times are best for their individual trading strategy and style. If you look at these hours, you may notice that there is a pattern that generally follows: as one major Forex market closes, there is another one that has opened.
There are specific times in which the markets are more active and times when they are less active. All traders need to keep track of the different levels of activity throughout the trading sessions. Next, I'm going to briefly discuss these periods and the times that traders generally consider the best and worst times to trade.