Analyze The Market
Before being able to place a trade in Forex is important to analyze the market. Traders use a whole host of technical analysis tools to study price charts and identify trends or patterns. Fundamental analysis can also provide valuable insights into the currency’s potential direction. The goal is to predict whether the price of a currency pair will rise or fall. All of this is an important factor when you are about to make a trade.
Once you’ve completed the analysis, you will be ready to make your first trade. In this course, you will learn how to make your first trade. You will be introduced to the process of brokers, setting up accounts, practicing trading, analyzing, and then making the trade.
Learning The Process
You will be shown the two types of orders which you can make, the market order and the limit order, and what they both do. You will learn about currency pairs and what a base and quote currency are. You’ll learn how to decide on the trade size, what a “lot size” is, and how many units each lot is of the base currency.
In addition to all of this, you’ll learn how to actually make the trade, either buying or selling, what a limit order is, and how it sets the desired price at which you want the trade to be executed. You will be shown what a stop-loss order is and how this can limit your risk on your trades and can lock profits when a certain price level is reached. All of this and much more. You’ll be able to mastermind your first Forex trade with ease and walk away with the knowledge to start trading and working the markets after your fist step on your Forex journey.
