Free Basic Training
What we talk about in this lesson: What is Forex, Creating a Trading Account, Making your First Trade.
When Should You Invest in Forex?
It’s important to start trading Forex When you’re financially stable. Many people see the opportunity of making money in the Forex Market and want to spend their rent money or grocery money to start trading. This is unwise, and we would recommend that you’re financially stable before you consider any type of investing. That being said, if you are financially stable and have some money saved up to start safely learning the market, you’re in the right place!
What is Forex and How is it Traded?
Forex, stands for Foreign Exchange Market. It’s similar to trading stocks, but there are more opportunities since you can buy and sell ( whereas with stocks you are limited to just buying). Let’s say that you were going on vacation to Europe from the United States. You exchanged 1,000 USD for 878 Euros. When you came back from your trip and go to exchange your Euros back to the United States dollar, you notice that there was a major economic event in Europe, and your Euros are now worth more than you originally paid for them. This is essentially what’s happening when we trade Forex, but much quicker over the internet and from the comfort of your home computer or smartphone.
What is a Broker and Why do I need one?
Next, you’ll need a broker to start trading. this will save you the trouble of having to go on a vacation every time you want to exchange USD for EUR. Signing up for an account with a broker is similar to creating a new bank account. The broker will give you a dashboard to login to and you can trade all of their available currencies from the comfort of your computer or smartphone. we get people all the time who asked us, who’s the best broker for me? the answer to that question, is that you’ll have to do a little bit of research. We’re located in the United States, and there are many international Brokers out there, but we’re unfamiliar with most of them because there are so many. Simply do a Google search for “Best forex brokers” And Google will help you with the process of finding an accredited and well-reviewed broker. We recommend Oanda if you’re in the United States, but you’re free to pick a different one that you prefer. Oanda doesn’t pay us to promote them, we just enjoy their service and they’re the best broker in the United States in our opinion. If you’re going to pick your own broker, it’s important that you find one who is regulated by your home country’s government (to prevent them from taking advantage of their customers), and someone who has good reviews. make sure that your broker meets these criteria before depositing money with them.
How to set up an Account with a Broker.
We’re going to walk you through the process I’m getting an account started with Oanda, but you’re free to pick any other broker you’d like. We’ll start this journey at Oanda’s homepage where we can choose between opening a real trading account or a demo account. This page can be found at Oanda.com
We’re going to start by opening a demo account, and once you start feeling more comfortable with Trading, then feel free to put real money in if you’d like. a demo account lets you trade the real Market, but with fake money, so if you’re inexperienced and take a couple bad trades, you won’t lose any real-world money. Click on open a demo account and filling the necessary information such as name, email, country and phone number.
and THATS IT! Congratulations! You just successfully signed up to start trading Forex on a demo account. Now from here you can choose to trade on two different platforms for smartphone or PC (Oanda’s FXTrade App or Metatrader 4). for the sake of this example, will be quickly training you on how to use Oanda’s Fxtrade App. in our opinion it’s easier to use, is it Better Built app, and gives you greater control of how much you’re risking. But you’re free to use Metatrader 4 if you prefer that. Navigate to the App Store on your phone and search for “Oanda fxTrade” and download the app.
enter your login credentials, and click login. From here, you’ll see the home screen for the FX trade app. In the top right you’ll see your account balance ( it should be $100,000 of fake money) and you’ll also see a bunch of flashing green and red numbers. these flashing symbols are the different currency pairs that we’ll be Trading.
Slide the grey “chart” tab up to show the chart for the selected pair. We’ll teach you more in a training group about how to analyze charts and make future predictions based on past occurrences. you can learn more about signing up for our Trading Group here.
Making your First Trade.
let’s take another step and make our first trade. Tap on one of the currency pairs (for example EUR/USD) and click BUY or SELL. This will bring up the order screen the screen might look complicated, but it’s really not. you’ll be selecting the number of units you’d like to trade. the app conveniently tells you how many units you can possibly buy to the right of the units text box. in our example we could potentially buy 4,400,000 units. It’s important not to max out your account on one trade, So we’re going to make our order for 100,000 units (Risking 2% of our account’s value). Don’t worry about filling in any of the other values. click submit oh, and you’ll have made your first trade. click on the portfolio icon at the bottom left of the screen and you’ll see your current trade running.
Depending on how much time has passed, your trade will either be in profit or in loss. Now we didn’t give too much analysis into this trade, we just decided to buy or sell a random pair, so don’t be upset if you’re losing money, this is just a test. You can tap on the trade to close it or modify it. Oanda also has a helpful news feed tab to show current news in the market (if you use fundamental analysis to trade).
What are Signals and our Warning about Signals.
Next, we’ll show you how to input signals into Oanda. Signals are basically where another trader will show you their trades so you can copy them. It’s important to be careful when using signals for a couple of reasons. Number one, there are lots of inexperienced Traders out there who are looking to make a quick buck and so you signals. it’s important to do a little bit of research to avoid potential scammers. Another reason to be careful with signals is because they can make you dependent. This means that if you keep taking signals you might never learn to actually trade for yourself, and be dependant on signals for the rest of your life. we take this into consideration when we send signals in our Trading Group. we don’t want traders to be infinitely dependent on us, we want to train and equip them with our strategies to make them stronger Traders after they’re done learning from us. We do this by giving detailed analysis explanations and videos with each trade that we post. For this example will show you how to input a signal into Oanda. as you can see from the example below, we have an example signal from our telegram group and the order Page open on the FX trade app. we’re just going to be transferring the order information from the signal to the order page.
If this lesson was interesting to you and you’d like to learn more about the Forex Market, consider joining our Trading Group. When you join our service you get: 1. Access to our private telegram group where we post our trades and analysis, 2. Our strategy ebook with our favorite patterns, indicators, and methods. And 3. Our 24/7 mentorship and support, ask us anything about your trades and we’ll also help you understand our trades. If you have any further questions before joining our group, click here to send us a message or DM us on instagram here. Will even give you a 10% off coupon code just for completing our intro course. Use the coupon code “INTROCOURSE” at checkout for 10% off any new order with us.