In this article, we will go through a short course of Forex trading online.
Learning to trade in the Forex currency market can drag on for many years, which is not convenient for all novice traders. A large amount of information makes it possible to make decisions that theoretically look absolutely correct, but in real Forex trading are completely useless.
Standard online Forex training courses include theoretical knowledge, which often confuses beginners more than they help to earn money. Therefore, we will go the other logical way: the training will consist of a minimum amount of information that will help you quickly get comfortable and start trading online today.
How do we achieve this? With the help of information technology, of course.
Forex online training course – introductory data
As we said above, Forex trading training can drag on for a sufficiently long period of time, after which so-called “manual” online trading will be available to you. This means that you will perform all trading operations in the foreign exchange market manually. That is, to make a purchase, for example, of one or another currency, you will have to press the “Buy” button with your hands. Not difficult? Absolutely not difficult. But there are several nuances:
- In order to make a decision on a particular trading operation, you will need to understand why at this point in time you need to make this particular trading decision. That is, before any action in Forex trading, you will need to conduct a market analysis. Already harder? A little harder. You can devote your whole life to analytic techniques before a satisfactory Forex strategy is found.
- In addition to the correct “entry” into the market, when you press the “Buy” or “Sell” button, the correct “exit” from the market is of great importance when it is decided to close the current trading position, with profit or loss. This is another area of knowledge that can be compared in volume with analytical training. The process is getting to be a little more complicated.
- The psychological factor. A person who has never traded on the foreign exchange market online is extremely susceptible to the influence of emotions when making decisions about “entry / exit”, and this will lead to financial losses in 9 cases out of 10. This is another separate area of knowledge – managing your emotions during trading. And we do not advise taking this moment lightly.
- The simplest thing: you will need to be near the computer a significant amount of time, getting “pleasure” from the above three points.
A trading terminal of a trader, who trades manually, looks something like this:
Of course, we exaggerate a little, but this is what the trading terminal will look like for a novice trader.
As you can see, everything is far from simple for novice traders. Why are we so sure about this? Because many, many, many years ago, we ourselves went through this. And this experience was not always pleasant.
Very often inexperinced beginner traders come to us with a seemingly simple question: “How to trade on Forex?“
Our recommendation is always the same: “Do not trade manually, you are not ready for it yet!”
Forex online training course – trading advisors
As you already understood, we do not support the idea of “manual” trading on Forex, especially by inexperienced market participants. Does this mean that you need to abandon this idea and find a more simple area of activity? Of course not!
Like any business, Forex trading is subject to automation. All processes for closing and opening trading positions can be automated. And they are already automated.
If you have not heard about Forex trading advisors (they are Forex robots, they are Forex bots, they are Forex Expert Advisors, they are also Forex EA), then now is the time to get to know them.
Forex robots are fully automatic software systems for trading Forex online. Let’s say right away that trading advisors are not toys and they are not machines for printing money. They are working tool that, if used correctly, will greatly increase your chances of becoming a successful trader with minimal knowledge.
Like any tools, trading robots can be simple and complex.
Simple ones, for example, can simply open trading positions with the subsequent transfer of process control to a person. Or vice versa, they can close positions when certain events occur.
Complex Forex advisors can completely manage online trading, without any human intervention. They analyze the market and make decisions about “entry” and “exit”, based on the algorithm embedded in them. Thus, Forex trading strategies, which may take years to study and implement, are already implemented in software products. The knowledge and experience of professional participants in the Forex currency market is embedded in these tools, it remains only to use them without wasting time and money to acquire your own experience.
A trading terminal of a trader, who uses trading robots, looks something like this:
Forex online training course – opening a trading account
In order to start trading Forex online, you need a trading account with a broker. It is on this trading account that your profit from trading will accumulate.
Brokers are professional organizations that provide traders with access to trading in the international Forex currency market. There are a huge number of brokers, and we will not recommend anyone specific, since we do not seek to limit the beginner Forex trader in choosing. This we will leave to you. Read reviews and make the appropriate decision.
The size of the trading account is now practically unlimited, and can be both $ 10 and $ 1,000,000 – it all depends on your capabilities.
Also, advisors for Forex trading online can work both with small deposits, and with deposits of sufficiently large sizes. To understand what the minimum deposit is needed to use this or that Forex robot, you need to carefully read its description, where all the necessary information will be given.
2 recommendations we give, when opening a trading account:
- Leverage selection: the larger the leverage you choose when opening an account, the higher volumes you can trade with the same size of a trading account.
- Be careful when choosing the type of account – for which trading platform it is intended. The necessary type of trading platform will be indicated in the description of the Forex trading robot, that you choose. What trading platforms (terminals) exist we’ll describe in the Forex training material below.
In common, opening a trading account is a fairly simple procedure that any user can handle without problems.
Forex online training course – trading terminal
In order for a Forex broker to execute the trading orders that Forex EA gives him, there are special software packages called trading terminals. There are many varieties of Forex trading terminals, but the most spread platforms for trading online are MetaTrader4 and MetaTrader5. These platforms are free for users and you can download needed terminal from the site of your broker.
The choice of a trading terminal will depend on the Forex advisor, that you choose. In its description you can find information about needed trading platform for its functioning.
After you install the trading terminal on your PC, you will need to connect to your trading account, that is, enter the data of your trading account in the terminal. This data consists of Login, Password and Trading Server. This information will be provided to you by the broker, when opening a trading account. Keep this information in a safe place.
In order to log in to the terminal, you need to find the menu item File-Login to Trade Account, where you will need to enter the data of your trading account.
Now everything is ready to install the trading robot.
Forex online training course – trading robot installation
After you select a Forex trading Expert Advisor, you will receive its installation file, which will need to be copied to your trading terminal. Next is a video instruction on the whole process of installing and configuring a Forex robot, using one of them as an example.
There are several important moments to note:
- Trading robots can only function if your trading terminal is open. That is, it must either be turned on 24/5 (the Forex currency market operates 5 days a week) or you will need to rent a VPS. VPS is a remote virtual dedicated server, that will function for you like a normal PC, but located on the provider’s server. On this “virtual PC” you can install your trading terminal with your Forex robot. This will help to avoid having to keep your home PC turned on all the time. A reliable VPS service can be found, for example, here: VPS service.
- When using VPS, automatic trading in terminals with the same Expert Advisor can only be enabled on one PC at a time – either on your VPS or on your home PC.
- It is highly recommended not to interfere with the work of Forex trading advisors, or it can lead to unpredictable consequences.
- Forex trading online is an activity associated with increased risk. Even when using trading robots. Therefore, never risk the money, that you cannot afford to lose.
Forex online training course – conclusion
In this short Forex training course, for a fairly short period of time, you have acquired the knowledge that is necessary for a quick start and entry into the world of online trading. We hope, that you use this information correctly to make profits and gain financial independence.