6 Steps to Trade Forex and other Financial Market Instruments

6 Steps to Trade Forex and other Financial Market Instruments

1. Open an Account with INGOT Brokers

Opening an account with INGOT Brokers is extremely easy. All you need is to fill in your personal details, the wallet currency, and to submit the documents needed for verification. After completing this step, you are requested to choose the account type out of the following three (Professional, Prime, and ECN) depending on the leverage, products, lot size, and minimum deposit. Furthermore, you should download the trading platform, either MT4 or MT5.  

2. Consider the Charts 

Relative strength points may be an indicator to go long while weakness points can be a guide for going short. Those two points are important for the clients’ decision, based on the considered period. Additionally, the trader must always remember that weak or strong points for the considered period, may not be the case for the coming one. Simply, historical tendencies should not be trusted, but rather monitored in real-time by comparing the movement of one asset to another. Also, selecting a timeframe to meet your specific goal depends on the trading strategy. 

What are the Types of Charts you Need to Consider?

Bar and Candlestick Charts: those two charts provide the opening and closing prices, in addition to the highs and lows in the time frame determined by the trader. 

Line Charts: this type provides a quick summary of the historical prices, though it lacks the detailed information that the bar and candlestick charts provide.

As a trader, you should also consider volume charts, because they show the volume of traded instruments at a specific price level. 

3. Place the Order

There are several ways to place an order on MT4 or MT5, but the easiest way is to click on “new order”. Then you choose the symbol (the instrument to trade), the volume of the trade, and finally the position. 

4. Decide your Stop Loss and Take Profit Levels

Stop Loss Order: this is an order designed to limit the trader’s loss once the instrument price reaches a certain level. 

Take Profit Order: this is an order that specifies a price above the purchasing price, which is chosen by the trader to maximize their profits. 

5. Confirm the Order

You can confirm your order by choosing your position, and either going short or long by clicking on the “Sell” or “Buy” buttons.  

6. Complete the Trade

Getting out at the right time is easy but needs good price observation. The trader can exit in case of profit or to minimize loss and enter another trade to compensate for the loss. The forex market is very liquid, for this reason, the trader can enter and exit the market at any time 24 hours, 5 days a week.

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