What is Trading
Trade is a basic economic concept involving the buying and selling of goods and services. Forex trading is the world’s largest financial market with a daily turnover of $5 trillion and it involves many people with many currencies.
HOW DO I TRADE?
As a trader, one of the most important things you can do to improve your chances of success is to approach trading as a business. A successful trading business requires a successful strategic plan that covers your actual actual trading. Your trading plan includes the details of trading about what you will trade and how you will trade it to get the success.
Basically, you open a buy order if you expect the price to go up and open a sell order when you expect the price to go down.That means that you buy a certain amount at a lower (support price) & sell it at a higher price and gain profit from the price difference and vice versa.
How to predict whether the price is going to rise or fall?
You can use technical & fundamental analysis, You use several technical tools like Candlesticks analysis, support resistance, pivot points, different types of Indicators to predict the market`s movement
How do I close an order?
Your order profits fluctuate depending on the price until you close it. If you feel like you’ve gained substantial profit, open “Trade” tab in your MT4, find the open position, right click it and select “Close order” from the context menu.
What is Stop Loss
When you start trading online, Stop Loss is very important for you. In simple terms, Stop Loss is an automatic order to buy or sell an instrument once its price reaches a specified level. The order is executed automatically, which saves you having to constantly monitor your deals. It also serves as protection from excessive losses.