Wednesday, December 21, 2011

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

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