Trading forex can be a great way for you to make an outside income. Thousands of people have done that and some of them even make forex trading a career. If you are new and want to learn about this market, here we have the most basic steps of how to trade forex.
Choose a forex platform
You just need to go to the broker’s website to find a platform – the platform tool and then select the MT4 or MT5 section to download. After downloading, select the correct trading platform you registered. Each forex broker has many different servers, please check the email exchange sent to you to see the broker name, username and password provided. Enter all the information on the successful connection and you can start playing forex.
Note: when creating a forex account, if you choose a trading platform on which software, we will download it for trading. In my opinion, you should choose MT4 platform and trade on MT4 software, because MT4 is easy to use and rarely fails.
Open an account
To open a forex account you will have to perform 2 steps: open an account registered with the exchange, after completion will open an MT4 or MT5 trading account.
If you are a newcomer, we recommend opening a forex demo trading account (test account) to practice playing, practicing operations such as placing orders, closing orders, understanding the trading currency pairs… or You can use the demo account at the same time next to the real account, and any broker has these 2 types of accounts so you feel secure to experience. If you feel that you are stable with the demo account, you can go to your real account and it is not too late.
When opening a demo account you should fill in the entire information on date, year of birth, residence, phone number, email address … later you can get all that information transferred to your real account to save time.
In any forex account there are many different types of accounts. Therefore, after opening a trading account, you must open an additional account you want to trade in one of two types of software, MT4 and MT5. The steps to open a forex trading account are very simple, just follow the instructions. At any trading platform, the account opening section is usually located on the top right or in very recognizable locations.
Deposit into your account
If you use a real account you need to add money to your account to proceed with the trade. As for the demo account, there will be a certain amount of money in the account or many brokers will give you the choice of the amount needed to play, so you do not need to add money to the account anymore.
You may not know: normally to deposit money, you will have to deposit via the main website of the trading broker where you registered to open an account, find the deposit or deposit to proceed. Each exchange usually has many different types of accounts, so you want to deposit the account, please select the correct account type. Guide to deposit in forex trading.
Currently, there are many channels to deposit and withdraw money into your account. For example: via domestic bank (ATM card), Neteller, e-wallet, Visa – MasterCard… Choose a channel that suits you.
After downloading MT4 software, you will proceed to login by filling in the account number and Trading server that the exchange sent to you. Many brokers besides sending account numbers will also send you a password to log in, but there are also brokers where you will use the password you created during the registration of a management account to log in to the MT4 software.
Note: opening an account to invest in forex is very important that you need to keep in mind. There are many forex brokers around the world offering lots of promotions to entice you to open an account at their exchange. However, you need to learn thoroughly and should open at the reputable forex that we have written here, to avoid having much trouble later.
So, did you know the basic steps to participate in forex investment? But with that knowledge only helps you get used to forex. The next section below, we will guide you with some advanced knowledge you need to have if you want to invest in forex effectively and profit.
Those are the basic steps of how to trade forex. Now we just need to find a trusted forex brokers and start trading right away.