Forex Trading Tutorial – Easier Method To Learn Forex Trading
Learning by reading through a bunch of theories may not genuinely appealing; 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 may test it immediately, it will be easier for you to comprehend the lessons.
Nevertheless, if you are not familiar with forex trading in any way, you still have to start with theories such as concept of leverage, pips, currency pair, etc. 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. Note that AvaFX and FXCM offer two types of trading platform, so make sure you choose MetaTrader4 (also known as MT4) for when you decide to use EA later. Check a report of AvaFX online broker to find out why they are highly recommended.
2. After you install the platform, log in and check the platform interface. With the trading platform before you, it will be easier to describe something and you can test it immediately.
By default, the top left area is the currency pair column. The most left column is the “symbol” column that display many currency pairs symbols such as USDJPY (US Dollar and Japanese Yen), USDCAD (US Dollar and Canadian Dollar), AUDNZD (Australian Dollar and New Zealand Dollar), etc.
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”. A new order window will pop out and you’ll see two big “sell” and “buy” button. At this point, it’s not necessary to implement any currency trading strategies , so simply try to click one of them and you will receive a confirmation message that you have executed the order properly. 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 themselves is a must in a good forex trading tutorial; with this, they could grab the concept being taught faster. By familiarizing yourself with your trading platform interface and it features, you’ve understood how forex trading works. I recommend that you claim free forex trading course that utilizing tutorial method in a MT4 trading platform at currency trading course .
