The world of online forex trading can be complex and exciting at the same time, as long as you understand what is going on.
Learning the basics of online forex trading can be rather complicated because before you get started, you have to learn the lingo that is used. There are a lot of different terms that are used that can make it all seem very confusing.
Your first step to forex trading online is to open an account. There are a number of different agencies or brokerages that you can use; it only takes a little bit of investigating to find the one that gives you all of the benefits that you would like to have. Some agencies offer different benefits than others, so always do your research carefully.
Once you open an online trading account, you add money to it as agreed. For some accounts, you have to use PayPal; for others, you can use your credit cards or other banking information. Another bonus to some accounts is the ability to use practice accounts where you start making trades and charting your progress just like you would in a real forex trading situation online, but it does not cost you any real money.
Once you are done with the practice online forex trading account, you can start making real trades. This is where your knowledge of the terminology will come into play. Not only do you need to know that every online forex trade is done in pairs, but you will also need to know other words that can seem like code if you don’t know them.
All online forex trading is done in pairs with one currency being called the “base currency” or primary and the other being the “counter currency” or secondary. When you see a pair of currencies listed on the forex trading market, the code for the first will be listed first and the secondary currency listed after. You can read the listings by looking at the codes for these currency pairs.
In addition, you will need to know that forex trading online is done in lots - ranging in size from a standard lot to a micro lot. Before you start making large lot trades, you will probably want to start off with a few micro or mini lots instead. The more successful trades you make with forex trading, the more potential leverage you will be allowed to have. Leverage is like a loan from the broker, which means that you can ask for certain amounts of trade volume even though it is technically higher than the amount of money you have in your online forex trading account.
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