How Do I Trade Forex - Basic Forex Trading - Introduction To Trading

This is one basic forex trading advice, Forex is the biggest financial market in the world. It is bigger than the US stock market, because the daily turnover has now exceeded 7 Trillion US dollars.

Understand currencies and price fluctuations. The other basic forex trading advice is learn about currency market moves, currencies are transacted in pairs. Select a single pair and learn how to trade it until you get to know how that pair moves. Best pair is the EURUSD. Other good pairs are GBPUSD, USDCHF and USDJPY. These four pair make up 160% of all online transactions. Since 2 currencies are in a pair the total is 200%.

Basic Tutorials- About Currency Pairs Tutorials

• Market Participants
• Major Currency Pairs
• Currency Pair Names
• Advantages of Trading
• Interpreting Quotes

Get a charting package which allows you to see the prevailing price as it happens and make technical analysis. The most popular software is MT4 Software. It's easy to use, chart are well presented and the software has multiple analysis tools for one to select from. The platform/software displays charts on PC Desktop computer screen: the charts explain the current buy & sell prices of the various Forex pairs. The trading software helps you keep track of your funds and how the pair which you bought or sold is doing.

Basic Guides - Software

Learn Platforms

MT4 Course

Download MetaTrader 4

The screenshot below shows the user inter-face of the MT4 Platform Software.

Basic Forex Tutorials About MetaTrader 4 Platform

Learn a basic Forex trading system which gives you an indication of when to enter & when to exit trades. Following the markets price action is a popular method that professional traders have been using for over a hundred years before charts. Candle patterns, indicators and systems can also be used. All these techniques are discussed in detail on tradeforextrading.com.

Basic Tutorials - Systems Strategies

• Systems
• Create a Strategy
• Writing Strategy Rules
• Generating Signals
• Tips for Systems Strategies
• Writing a Trade Journal
• Writing a Trade Plan
• Stochastic System
• Moving Average Cross-over system

A good Basic Forex Trading System uses the Indicators below:

Please Study Them Before Creating Your Strategy

• RSI
• Stochastic Oscillator
• MA Indicator
• Parabolic SAR
• MACD
• Bollinger Band Indicator
• ADX

Example of a Strategy

Basic Strategy

Start with a practice account before trading with real money. First start learning about Basic Forex Trading byopening a practice trading account & practice with this practice trade account, until you get to learn and understand how the foreign market works & when you are confident & consistently making good profit on your practice account then you can open a live account.

Basic Tutorials - Account Topics

• Types of Accounts
• Practice Demo Practice Accounts
• Opening a Practice Demo Practice Account

When you open a live trading account, trade with your plan and learn how to manage the emotions in forex by learning about market Psychology.

Basic Guides - Forex Market Psychology Topics

• Psychology of Traders
• Psychology and Emotions in Forex Trading
• Market Psychology Principles
• Currency Market Psychology Principles 2