How To Open Forex Real Money Trading Account

In our last update  on  12/3/2011  we download, installed  and paper trade  the euro/usd currency pair in order to  gain some  hands on experience ..                                                                                          Now we are ready to open a real account to  trade   real money. We  start by logging   into  the   Fxcm  trading  platform as  explained earlier
Double click  the Fxcm trade platform  icon located on the computer desktop.                                                                                                                                                 wait  20 to 45 seconds for  the platform log in  tab to appear.                                                               Enter  user name                                                                                                                                 Enter  password  .                                                                                                                                               Left click the log in  button and wait 25 seconds for the platform to appear.
Locate  and left click "APPLY NOW"button on the top right hand side  of the trade platform.                                                                                                                                                   An Online fx  trade application will appear.                                                                                            Click on the' choose currency' tab and  select currency for your country.                                                                                                   Click  on "  choose account option" tab and select your account option then click  the " open an account"  button..
Enter  personal information ( full name, full address, date of birth, social security number, drivers license, phone number, email address)  All information must be true and correct..                            You may be  required to provide  two forms of identification at a later date prior to trading  account your real account.                                     Along with this personal application you will also fill out an  application stating your work and employer, bank information and answer some  security questions..                                                            Upon completion of all documents your real  forex trade  account  nunber  xxxxxxxxx will be issued ..                                             Password for your real forex  trade  account will be emailed to you.. Money must be wired or transfer to your real forex trade account before   REAL money trade can begin.
Log out of the  trade station then  Log back in with  the real account number  and real account pass word as follows:                                                                                                                                               Close  or  (x) out all  open documents that you have just filled out then                                                                                                         Check your email and print out the real account password                  Replace  the  demo log in dxxxxxxx number with the real xxxxxxxx number.                                                                                                                                            Replace  demo password xxxx number  with real  account pass word
Click the (V)  tab on Log in tab  then select "REAL"
Left click the Log in tab  to Log back into the trade platform ..                                                                 The platform is now ready to trade REAL money ..
Comments: Next update--- key things to do and and not to before trading  real money

How To Use Forex Trade Platform

 

Double click on the Fxcm icon located on your desktop.                                                                        Wait 30  seconds and the trade platform log-in tab will appear.                                                              Enter your user name,                                                                                                                          Enter your pass word                                                                                                                             Wait 45 seconds for for the Fxcm platform to be displayed .                                                                       Take a few minutes to look at how  the bells and whistles are layout on the platform.

The upper left hand corner of the platform has the currency pairs, you can scroll up and down  until you find your selected pair.                                                                                                                                                        The top right hand side of the platform has trade account balance,  equity,  profit /loss tabs                      The bottom area is the terminal where all live trades are displayed.

There are 2 type of trade accounts                                                                                                             a) Demo trade account                                                                                                                              b) Real trade account
The demo practice account otherwise called paper trading  is the account used by NEWBIES to trade in a  live market in order to gain  hands on experience.                                                                                 After  3-4 weeks of paper trading or when ever  NEWBIES are comfortable with their  developed skills and  techniques then they are ready to  upgrade from a Demo account to  Real account to  begin  trading  for real profit.

Before   trading  demo or real account  there are a few things to keep in mind.                                           a)  Leverages — Forex markets allow  large  leverages on each account traded. As a result traders take  substantial positions  without making large investment. The leverage acts as a double edged sword which results in large gains at times and large losses at other times.       Traders are required to signed  RISK/REWARD instructions saying they understand the process before they are allowed  to trade the forex market.

a)Forex currency are traded in units of  mini-lots and lots.  Each currency pair has a BUY tab  for going long and a SELL tab   for going short.
To begin paper trading any currency pair  place your mouse on top of the  BUY tab or The SELL tab and click  once.                                                                                                                                           After clicking the pair,   a market order will be created.                                                                            Complete  the market order  by entering 1-100  mini lots or lots in the  amount(k) column then  click OK

. Traders  can only buy or sell the same  pair. Traders  cannot buy and sell the same pair at the same time.                                                                                                                                                          In this  example  a BUY order of  eur/usd currency pair has been placed. After clicking this pair  a market order is created                                                                                                                                   Complete the market order by entering 5  mini lots in the  amount(k) column then click OK
                                                                                                                                                              The  eur/usd currency pair is  now  displayed on the terminal (bottom area of the platform).                    From left to right on the terminal we have symbol- eur/usd amount-in our case we bought 5 mini lots.                                                                                                                                                    Avgo-current market price.  close- This is your profit or loss figure when closing your order.                 Gross p/l- is the amount of gain since entering the market.
To   close this order and get out of the market  highlight the eur/usd by placing the mouse over the pair  and right click.
A close tab will be appear.  highlight the close tab  and click close. After which a  close market order will be created..                                                                                                                                               Click OK and your position is  closed.

Comments: In our next update we will continue laying out the nuts and bolts, sign up  real account, how to read signals, when to get in the market to guarantee a good profit, trade with news, how to read the charts
cjsystems

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How To OPen Forex Trade Account

“How To” Open Forex Trade Account

 

There are 2 ways to open a forex trading account   A) Type “forex broker” into  google search engine. Click onto  any one  of the website links and research that company.  Read the company’s  website  FAQ and go thru the questions that are frequently ask by NEWBIES . make sure you are comfortable with the answers. If not copy down the broker phone number and call the broker with any questions that you are  not sure off.. Repeat the  process with a second and then a third web site.. After you’ve completed the process you will be completely versed  and know which one of these companies you will be comfortable doing business with. The broker you’ve  selected will be acting on your behalf meaning you will be  giving him/her  your permission   to invest your money, signing  documents  with your personnel information and the like. You will be required to pay a broker fee  for the services they preform   which are negotiable . All forex brokers are regulated by the government of the countries that make up these  forex markets.. Ask your broker questions about rules   and make sure they are  knowledgeable along these lines  before opening an account   with them.
B.  If you are the person who likes to do your own investments, then research   3 companies as outline    above and  open your own forex trading account by following the step by step instructions as  outlined  here. We here at kcsystems recommend  each trader choosing  their own company to do business with, however we have worked with FXCM  over the  years and are comfortable  with the way they do business. They gave us a lot of “how to” information . We like how their trading platform are laid out, we also like the easy  access to their customer service when we have questions. As a result we highly recommend the  FXCM trading platform .. All instructions “how to” open a “demo  and    Real account  “  with  FXCM  are as follows:
To begin type “fxcm.com” into  your computer browser and  click GO.                                                    After a few seconds  FXCM company website will be displayed on your computer desktop
a)  Click onto “download fx trading station 11 for windows” tab      (mac users download the appropriate software for your system)                                                                                                                         b ) wait 30 seconds   for the next page to appear                                                                                        c c) Click“save”                                                                                                                                                       d) wait another 2 minutes for download  to be saved on your desktop                                                        e) click “run” on the next page page                                                                                                            f) click “run “  again on the last page page that appear and wait for installation to start.                                g) installation  will stop  automatically 2-3 minutes  later . click”yes” on the  except agreement box               h) wait for  a  2nd set of instructions to be  installed then click  “next”                                                          I) wait for 3rd set of instructions to be installed  click” next ”                                                                       j) wait for a 4th  set of instructions to be installed then click” next ”                                                             k) wait for installation to complete then click “finish” 

 The trading platform will now be displayed on your desktop   Click the “Need a login “tab  on the trading platform .                                                                                                                                                 On the next page  you will want to enter your personnel information for the trade account..                          a) choose your country                                                                                                                              b) Enter your full name, address, email address  phone number                                                                   c) click submit                                                                                                                                          d) wait a few seconds-                                                                                                                               e) You will receive a thank you email for registering consisting of  login id name  and login password                  example id= d31537737001     password =     3381                                                  f) it is recommended that you print this information and save it.  Click on the “launch web platform” tab.   Enter your id user name and your password as listed above..   Click on the login tab. Your platform is now be ready to trade forex currency on the world wide web. 

   How to use your platform will be your next post on this topic

 

 

Forex Currency Quotation How They Workk

Forex currency  pairs are quoted in relationship  to each other, so the value of one currency is  reflected thru out  the value of  the another currency.
example the exchange rate quote between USD/CAD = 1.0381 at the  writing of this  article.                                
USD/CAD  is called a currency pair ;. the currency to the left of the slash (/) is the base currency ; the currency  on thr right  of the slash (/) is the quote  currency.   Base currencies are always equal to one (1)  unit in the other currency. This simply means  1  US  dollar  will buy   1.0381 Canadian dollar.                          All  currency pairs are created and traded in  financial markets using these same  basic techniques on a world wide basis
Most currency pairs are traded against the US  dollar and most frequently    the US  dollar is   the  base currency in the  pair..In the market place this  is called  a direct quote
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Other base currencies are the British  pound, Australian dollar, New  Zealand  dollar and the Euro   dollar.These Base currencies are traded against the US dollar.
example euro/usd where the euro is the base currency. In this case the US  dollar is the quote currency and the exchange rate is refered to as indirect quote.. As of this writing,   1  euro  dollar is equivalent to 1.3490  US dollar.. In general all exchange rates are quoted out to 4 digits; example 1 euro  dollar  = 1.3490  usd

Bid -Ask  Tidbits For Forex
As with  all financial markets when  forex currency pairs  are traded   Bid  prices for buying and Ask prices for selling are  how the market works. The buying and selling of these currency pairs are in relationship to the base currency    Buying a currency pair is going long.. Selling a currency pair is going short                                   
example  usd/cad = 1.0381    bid=1.0381  and ask = 1.0386. Buying the usd/cad  dollar means you will be looking to see how much the market will charge for 1 us  dollar. In this case you would pay the asking price of 1.0386 cad dollar for 1 us dollar..This same pair  usd/cad  can  be sold  for bid price of  1.0381.
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Spreads – Pips Tidbits  For Forex
The difference between Bid price  and Ask price are  called the spreads.. In the usd/cad examples above the spread is 1.0386 – 1.0386 = 0.0005  or 5 pips. Pip is the smallest unit/amount that prices can move up or down in any currency quote.
In the US dollar ,British pound, Swiss franc and Euro dollar  one  (1 ) pip = 0.0001 … In japanese yen 1 pip = .01                                                                                                                                                                       
Most  currency pairs trade within a trading range of 150 – 200 pips per day.

How To Profit Trading Forex Markets

The forex currency is a 4 trillion dollar market that is  traded on the world wide web  from any where in the world for tremendous profits  provided  traders take the time to learn how this market works.
To be effective  and   good at what you do in life require practice, patience and  applying straggeries to  get profit results. Here  at cjsystems we've seen over the years where companies put togather trading  forex curency straggeries and sell them for 3-4 thousand dlollars in weekend live seminars.
To  the  newbie  starting out, not having  the investment capital to buy these straggeries or  the experience trader, we here at  cjsystems  will give a  complete overview of "how to" trade the forex market . All of the nuts and bolts will be laid out for anyone  to  use to start trading this market  for good profits or to improve their   trading skills and be very  successful.
The forex currency markets are traded 24 hours a day 5 days a weeek in 3 time zones, namely the  US, ASIAN and  EUROPEAN  markets. The us markets are - usa,canada, south america,caribbean. Asian markets are-japan, australia,new zealand,china,the korias, africa, india. European markets are-england, and the euro zone counteries.
The currency pairs traded in the 3 time zones are: audchf, audcad,audjpy, audusd, cadjpy, chfjpy, audchf, audcad, audjpy, audusd,  cadjpy,, chfjpy, eurdkk, eurchf, gbpjpy, eurcad. eurgbp, gbpnzd, gbpchf, eurjpy, eurnzd, gbpcad, audnzd, eurusd, euraud, gbpusd, nzdchf, nzdjpy, nzdusd, usdcad, usdchf, usdjpy, gbpaud.. The major currency pairs are gbpusd,eurousd,usdjpy,audusd, cadusd and cadjpy...
We trade the eurusd,gbpusd, eurujpy and gbpjpy currency pairs for  profits however we encourage each trader to trade currency pairs that they are comfortable working with.
As a newbie, fairness will always be part of the equation.. are the players on a level playing field or is the market stacked against us..Well we have great confidence in this market because the government of all countries that make up forex  have rules and regulations that govern these markets.When rules are broken people are held accountable. As a result small players as well as the larger players have  opportunities to make great profits on a daily basis.
In our next update we will have alot of  "how to " things to say about the market fundamentals . We will dove into the nuts and bolts of forex. Our journey has just begun so come back and see us  soon. This is a sponsored post