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FOREX TRADING 101
Your Trading Insider
Forextrading101 Everything that you need to know to about trading forex
WHAT IS FOREX TRADING?
What is forex? or What is forex trading. Forex trading is the process of speculating on the currency prices in the currency exchange market. Currencies are traded in pairs e.g AUDUSD (Australian dollar/United States Dollar), XAUUSD (Gold / United States Dollar). So by speculating on whether one currency will rise or fall (increase in value or decrease in value) in a specific time period the trader has the potential to make profit. In short forex or foreign exchange trading is the speculation will rise in value or fall against another.
HOW DOES IT WORK?
How does forex trading work? To start trading forex you have to open an account with a online fore broker that will provide with access to a trading platform for buying and selling currencies.
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Open a trading account. For a beginner it is best to open a DEMO / VIRTUAL MONEY account that will allow you to practice and learn trading without risking real money
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Obtain a forex trading platform that will to allow you access to your trading account
WHAT ARE FOREX TRADING PLATFORM / APPs?
What is a forex trading platform. A trading platform is a software application that enables traders to execute and monitor trades. trading platform link to your brokerage account. Your chosen broker will provide with login and password for your account upon signup. This login and password details will use on the trading platform (MT4/MT5) to access your trading account.
HOW TO ACCESS TRADING PLATFORM?
Meta-trader 4 and Meta-trader 5 are the most used trading ups the world by over 98% of forex traders. These platforms can be download on the google app store or google play store. However some broker have additional trading platforms so its best to enquire from your broker about available platform.
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