How to do my first trade?
1.Register on brokers site (in this example Plus500 ).
You may open real, or demo account. Click any pictures of this site to open an account.
“Your capital is at risk”
2.Choose currencies to trade with.
- Find currency pair you wish to trade.
- Choose timescale to use. In this case (1D) every candle means one day .
- Choose layout of the graph by clicking here. Candles are the most informative, since they give you information about open, close, high and low prices.
- If you wish to add indicators or lines, press here.
4. Deposit money, if you are trading with real account. Plus 500 requires a minimum deposit of 100€. Also you need to answer a couple of account verification questions.
5.When you think you know the direction of the currency pair, do the trade.
- Set amount you wish to trade.
- This line show the margin requirement.
- Set target price (Close with profit)
- Set safety price (Clode with loss if trade goes against your expectations).
- Open trade
6.Wait and see if currency goes as you were expecting.
Take profits or loss, and start to look for another trade.
I recommend not to sit in the front of your computer all the time trade is open. People usually start to over trade and close positions too early, if they keep watching every single move currency makes. Set target and stop loss and come back later.
Start trading with plus 500 now.
“Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).”
Plus 500 is an CFD broker.