Forex trading involves buying and selling of currency.
Currencies are traded as pairs.
For example Euro and US dollar written as EurUsd, Euro and Great Britain pound written as EurGbp, Great Britain pound and US dollar written as GbpUsd.
The first mentioned currency is known as the base currency.
For example the EurUsd, the Euro is the base currency.
If the exchange rate was 1.13720 written as EurUsd=1.1372 it means one Euro cost 1.1372
This value usually changes every minute.
That’s where forex trading comes into play.
If the value changes to 1.1373
The change is 1.1373-1.1372=0.0001. That small change(the last digit) is what we call a pip.
For a standard account a pip is worth one dollar. So a small change of 0.0006 will give you 6 dollars.
Tips to successful Forex trading
To start trading you need a platform. For mobile 📱 users we use the following apps.. Meta Trader 4 or Meta trader 5. The apps you can freely download from Google Play Store 🏪. You can also create a demo account from here..
When you download the app it will automatically create for you a demo account. A demo account will help you to know how trade
This is the interface for Meta trader 5 demo account
Quotes give the markets available… Check the photo below
Quotes from a micro account
Quotes from a standard account
How to trade without risk management
Just click on any quotes and decide if you want to sell or buy(It’s important to use the charts so as to know market trends). Will look at the chart later
To create an account and start trading click here..
