Forex Trading Tutorial - Easier Method To Learn Forex Trading
Learning by studying a pile of theories may not really tempting; in such a case, you need structured lessons that guide you step by step. If this step by step guide is utilized in a good forex trading tutorial where you can test it straight away, it will be less difficult for you to comprehend the lessons.
Nevertheless, if you are unfamiliar with forex trading in any way, you still need to start with theories like concept of leverage, pips, currency pair, and so on. But since the motto of a good forex trading tutorial is "make the student do it", here is what you should 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 study your platform user interface. With the trading platform before you, it'll be easier to describe something and you can test it immediately.
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". A new order window will pop out and you'll see two big "sell" and "buy" button. At this stage, it's not necessary to implement any forex trading strategies , so just try to click one of them and you will 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.
"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.
Article Source: FxTradingStock.com
About the Author
Obtain a free course that apply tutorial approach in a MT4 platform in forex trading course. Additionally, check the details of a trading guide that aim for large profits at a review of LMT Forex Formula.
by: Matthew Johnson
Total views: 24
Word Count: 473
Date: Thu, 22 Jul 2010
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