For novices, first of all, you can find relevant information on the Internet to learn about it first or go to the relevant futures and foreign exchange companies for simple learning.
Here I will briefly introduce the specific operation.
1、Download mt4 software
2、Select a broker and register a demo account.
Generally, companies that have been established for a long time, have a good reputation or are listed abroad. After registering the demo account, open the mt4 software Find your trading broker and enter the account password.
You can choose your suitable forex broker on brokersview
- Select a currency pair
When trading forex you are exchanging the value of one currency for another. In other words, you will always buy one currency while selling another at the same time. Because of this, you will always trade currencies in a pair.
Most new traders will start out by trading the most commonly offered pairs of major currencies, but you can trade any currency pair that we have available as long as you have enough money in your account. For this walkthrough, we’ll look at EUR/USD (Euro/ U.S. Dollar).
4 Analyze the market
Research and analysis should be the foundation of your trading endeavors. Without these, you’re operating on emotion. This doesn’t typically end well.
When you first start researching, you’ll find a whole wealth of forex resources – which may seem overwhelming at first. But as you research a particular currency pair, you’ll find valuable resources that stand out from the rest. You should regularly look at current and historical charts, monitor the news for economic announcements, check indicators and perform other technical and fundamental analysis.
- Read the quote
You’ll notice two prices are shown for currency pairs. For example, a quote for EUR/USD may look like this.
The first rate (1.07173) is the price at which you can sell the currency pair. The second rate (1.07191) is the price at which you can buy the currency pair. The difference between the first and the second rate is called the spread. This is the amount that a dealer charges for making the trade. - Pick your position
Choose a good lot size, click buy if you are bullish and sell if you are bearish. This is instant trading.
If you’ve traded stocks, bonds or other financial products, you know that you can usually only speculate on the one direction of the market: up.
Forex trading is a little different. Because you are buying one currency, while selling another at the same time you can speculate on up and down movements in the market.
Finally, I would like to remind everyone that foreign exchange transactions are particularly risky, and you need to be cautious and do not enter the market at will.