How Do I Trade - New Trader Wanting to Start Trading

Let's imagine you're a new trader wanting to trade but you have no idea about forex trading or how it works. This course will start you off by explaining what you must do before forex trading and will give you a few tips on how to trade.

The first thing you need to know when it comes to how to trade are:

FX Practice Demo Account
Software
Setting Up Guides

By adhering to these three preparatory steps, the process of setting up trades becomes simplified for novice traders.

Forex Demo Account

For new traders exploring the forex market, the amount of information can be overwhelming, making the initial steps unclear. Setting up a practice demo account can also present challenges that add to the confusion.

So to setup a demo account you'll need to just follow these steps:

Step 1: Choose a reputable forex trading broker - Brokers offer forex demo accounts.

Step 2: Go to the broker's site and find the link for "Open forex demo account" or "Open Forex Practice Account."

Step3: Once you as a trader press this type of link, you will then arrive at a page where the broker will ask you to fill your details so as to register and sign up for the forex trading demo account, The details and particulars are your name, phone contact & e mail and country.

Step 4: After you, as a trader, complete your details in this form, click the register and sign up button. Once you finish the registration process, your Forex broker will assign you a "username" for the account you've created and a "password" as well. Additionally, the online broker will provide a link for downloading their Forex trading platform. Click the link to obtain the Forex software.

Software

For this step you will then install the platform you've just downloaded.

To install software

Go to download folder(to navigate to download folder, maximize the firefox web-browser window panel & press key board shortcut key CTRL+J, this will bring a pop up window of the download folder)
Double-click the setup package of the forex software you've just downloaded.
Follow the instruction by clicking "accept" and then click "next", "next"….. Until you get to the "finish" button, then click finish button & your installation is complete.

To Open the Forex trade platform

Go to desktop & look for the short cut Icon for the Forex platform, it should have the name or logo of the online broker. Or you as a forex trader can go to "Start menu" bottom left corner of your computer PC and from the programs menu look for the name of the forex software.
Once you Open the forex trading platform, then you need to login to your forex trading platform:
To Log in
Navigate to "File" on the top-left corner of the forex trading platform
A dropdown menu will appear, from the option/choice look for "sign in" click it
A Username and Password Log in panel shows up, Input your password and username you got when you signed up with your forex broker.
If you forget your username and password, open your email account which you signed up with and you'll have gotten an EMail from the broker where you as a FX trader can refer the user name & password authorization sign in details.
After you've logged in to your account, now you are ready to learn how to trade and how to place trades using this software platform.

How Do You Trade with the forex trading Software

While this software might appear complex for a novice trader, let's examine some key points on how to engage with it.

The first windows are market watch. This is a simple and clear window that shows the prices of the currencies you will be trading. You can also right-click on any price, like the EURUSD symbol, to open a chart like the one shown above. The chart you will see here is for EURUSD. If you want to look at another chart, like GBPUSD, go to the market-watch panel, right-click on the GBPUSD symbol, and click on open chart.

The Data window will show data about you logged in forex account, and data of trading indicators just as displayed in the above screenshot.

The terminal will display the account balance along with all open trades: to enhance this panel, hover your mouse until the cursor changes, then click and hold the mouse button while moving the mouse upward.

Then there's the menu bars, exemplification File, View…. If for example you want to hide the market-watch window, click view & uncheck/untick the market watch window, the market-watch window will disappear. To make it appear again click view again, then check/tick market-watch window, it'll reappear. Each button on the menu is self explanatory e.g. charts button is a button that manipulates the trading charts opened, changes time-frame, in general all about charts.

To learn the complete forex MetaTrader 4 guide go to MT4 Forex Guide & About Softwares.

By now you already know how to trade & can even place a buy or sell trade on the forex platform by right clicking anywhere on the forex chart window above, then click trading, then execute a new buy or sell position using the panel which appears.

However, as you are unaware of the exact time when a trader buys or sells a currency, and you do not know how to trade with market orders, you need to learn just a few forex trading for novice traders tutorials to complete these how to trade tutorial. Since these guides cannot be accommodated on this webpage, here are the links to these how to trade guides:

Putting Up Guides

1.How to Begin Forex trade for Beginner Traders an Online Forex trade Tutorial

2.About trade Sites and Forex trade Blogs

3.Online Forex trade Guides & Forex trade Education

4.Best trade Tutorials & Forex trade Training Made Easy

5.Forex trade Advice: What You Should Know

Six: The Key Participants in Global Financial Markets

.Primary Global Currency Pairs

.Designations for Foreign Exchange Pairs

.Advantages of Trading Spot Assets

Ten: How to Accurately Interpret Foreign Exchange Currency Quotes

11.Forex Lots & Contracts