Forex Trading Tutorial – Easier Method To Learn Forex Trading
If you’re a person who have difficulties in learning by reading a bunch of theories, step by step guidance may be the one that you need. In other words, you’ll learn better with a good forex trading tutorial that split the lessons in a few steps and make you do the steps yourself so it can be easier to understand.
Nevertheless, if you’re not familiar with forex trading at all, you still have to start with theories such as definition of leverage, pips, currency pair, etc. But since the motto of a good forex trading tutorial is “make the student do it”, here’s what you should do:
1. Apply for a practice account in a MT4 (MetaTrader4 trading platform) online forex broker. Here are some suggestions: AvaFX, TadawulFX, and FXCM. Be warned that AvaFX and FXCM have their own default trading platform (called AvaTrader and FXCM Trading Station), so remember to pick the MT4 (MetaTrader4) platform as this trading platform is what you need if you have plan to use forex robot in the future. Check AvaFX review to see why I highly recommend AvaFX.
2. When you've done with the registration and installation process, log in and study your platform user interface. With the trading platform before you, it’ll be easier to explain something and you can test it right away.
By default, the top left area is the currency pair column. The most left column is the "symbol" column that display many currency pairs symbols such as USDJPY (US Dollar and Japanese Yen), USDCAD (US Dollar and Canadian Dollar), AUDNZD (Australian Dollar and New Zealand Dollar), etc.
The next column is “bid” (also known as “sell”) column; it represents how much you will get for selling the first currency. Example: sell EURUSD at bid rate 1.362 means you spend EUR 1 to gain USD 1.362.
The "ask" (AKA "buy") column give you the exact amount of the second currency that you must pay to obtain one unit of the first currency. Example: buy EURUSD at ask rate 1.378 means you spend USD 1.378 to gain EUR 1.
Now right click on one of the currency pair and click “new order”. A new order window will pop out and you’ll see two big “sell” and “buy” button. At this point, you don't have to implement any forex trading strategies, so just try to click one of them and you’ll get a confirmation message that you have executed the order successfully. You can check your trade information at the “trade” tab at the bottom of your MT4 platform.
"Forcing" the student to test and practice the lessons themselves is a must in a good forex trading tutorial; this way, they can grab the concept being taught faster. By familiarizing yourself with your trading platform interface and it features, you've understood how forex trading works. I recommend that you claim free forex trading course that utilizing tutorial method in a MT4 trading platform at forex trading course.
