1. Sign up for an OctaFX account -
You can enter the foreign exchange market and begin trading with an OctaFX account. You'll receive an email with your Personal Area login information, trading account credentials, and all required instructions once you've registered. To manage your funds, receive bonuses, and participate in our campaigns, you'll need to check in to your Personal Area. The trading platform is accessed using the trading account credentials.
2. Put down a deposit -
Log in to your Personal Area to make a commission-free deposit. You can start trading with as little as $25 at OctaFX. Depending on your location and payment type, the minimum deposit may differ.
According to risk management fundamentals, the more money you have, the better.
3. Log in to the online platform -
You can trade from any device at any time using the web-based platform, which requires no installation. You may also use your Android device to download a desktop version or the OctaFX Trading App. You can compare the platforms and select the most appropriate one.
4. Begin trading -
Make a purchase
Simply select the volume of your position and press Buy or Sell to place an order.
Basically, if you expect the price to rise, you place a Buy order, and if you expect the price to fall, you place a Sell order. It means that you buy something at a cheaper price today in order to sell it at a greater price later and benefit from the difference in price.
Decide on your leverage -
Leverage lowers marginal needs, or the amount required to sustain a position, and allows you to open orders with a bigger volume than your balance would otherwise allow. It's vital to remember that the larger your order is, the more you win or lose per pip.
Let's imagine you have a 500-dollar trading account with a 1:500 leverage. When the price of EUR/USD is 1.13415, you decide to open a position for 1 lot (100,000 units). This trade requires a margin of 226.83 USD, which is over half of your total money. After that, each pip movement is worth ten dollars.As a result, all it takes is for the price to drop to 1.13145 for you to lose nearly all of your money. Each pip will cost you only 5 USD if you open a position for 0.5 lots. If the price falls to 1.13145 in this situation, you will lose 135 USD.
This should be considered while making a trading decision and assessing the risk of a negative price fluctuation.
Price fluctuation can be predicted -
As a beginner, you can just follow the overall direction of the price on the chart and place Buy or Sell orders when the price rises or falls. This may not guarantee you a profit every time, but it is a fantastic place to start when constructing your approach.
It's best to avoid trading during large news releases if you have little to no expertise, as the market is notoriously unpredictable. Technical analysis and fundamental analysis are two more advanced approaches of price prediction. Basic risk management tactics can also help you cut your losses.
5. Profit from your business -
Scalping, martingale, hedging, news trading, and other tactics are just a few examples of how you might profit from currency market changes. Read this article to learn more about the most prevalent techniques and how to pick the best one for you.
Complete a transaction -
Until you close your order, your profit changes depending on the current market price. If you believe you've made a significant profit, go to your platform's Trade tab, identify the open position, press on it to bring up a context menu, and pick Close order.
Before you begin -
There are a few concepts and words that you should become acquainted with. They're discussed in detail in the article How to Trade Forex. You can also look through our section on education. It will assist you in broadening your understanding of the market in general and our services in particular. You can open an OctaFX demo account if you want to practise with virtual funds before moving on to real trading.
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