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Forex Trading Made Easy For Beginners
Forex Trading isn't as scary as most people think and you don't need to have thousands of dollars to start. I'm going to show you how to get started with as little as $25. I will also give you the best resources to really dive into it if you think this is your passion. A very good living can be made from day trading and I'm going to show you exactly how to get your foot thru the door of one of the most exciting work at home projects you will ever learn. Let's get started...
The first thing we will do is set you up a trading account. This will be done using the Oanda Platform. Go to Oanda and open an account. Log in and fund this account by using Paypal Start with $20 (or more...profits will be very small until you can put a few hundred in there, but try it out first).
The next thing to do is to get your Oanda charts/platform set up the way we want it.
Log in to your account. You will see the graph load after a minute or two. At the top of the page, click on "graph" and then "candlesticks". You'll see your graph change to candlesticks. Next, right click on one of the candles. You should see a list of colors, click on "red/green". Now your in color!
Next, on the top of the page you will see tools. Click on "tools", then select "preference". A box will pop up. Leave all the default settings as they are except the ones I tell you to change. On the bottom left, make sure the box says "Bid". In the right column you will see "profit column format" Set this to "Home Currency". Next to "default order size" put in "20" and "%". Now click on "Apply" and "OK" What this is doing is setting you up so that you will always only be betting/risking 20% of your total balance with each trade. Ok, Go back to "tools" and click on "Currency selector". You will see alot of symbols with check boxes. The only boxes I want you to check is: EUR/USD GBP/USD USD/CHF USD/JPY That's four checked boxes. The meaning is: EUR=euros GBP=british pounds CHF=swiss francs USD=usa dollars. These are the currencys that you'll be trading 90% of the time. If by chance you get a signal for a different currency, then just go back in and put a check in that box to add it. Click on "Apply" and "OK". Almost done! Under your chart you will see "Interval". Set that to 30 minutes. Go back to "Tools" and click on "Save Current Layout". Any time you make changes to your chart/platform and you want to keep the changes, make sure to do this. Guess what??? You're done! You are now ready to start trading. Don't panic yet, we still have to hook you up with a signal provider and teach you how to place the trade.
A signal provider is someone with expertise that predicts the market movements before they happen. Most of these experts will charge you hundreds to thousands of dollars a month for this but I've got a secret! Hence the name "Wishstar's Secrets". I have found an excellent service for a meager $5 a month. You will get one signal (trade to place) every morning mon-fri from them. This is where the "EASY" comes in. You can get up, place your trade and forget about it if that's what you want to do. Ok, I can hear you saying "Yikes, I'll lose my shirt". Not by using "Stop Losses"! I'll show you how when we get to that point. First, sign up for your signals at FX Insider You will need to pay for this service by E-Gold If you don't already have an e-gold account set up, please go to my HYIP site for directions to open an account and how to fund it.
When you receive your first signal newsletter, you will see the "Trade of the Day" listed. It will look something like this:
Trade of The Day
EUR/USD
Sell 1.2330
Close 1.2260++
Stop 1.2360
*Note-This is just an example!
These signals may come in anywhere from 3:00am est to 9:00am est. If you get up and see they sent you a trade at 3:30am and it's now 8:30am, you'll need to check your charts to make sure the trade has not already happened. I'll show you how below.
Now you are ready to place a trade. Take the trade info with you to Oanda and log in.
To Place A Trade:
At the top left of your page you will see "buy/sell" Click on that. This opens a new box with market order and limit order on top.
Now in this case you were told to sell, so make sure you set it to sell and not buy next to "Action". Next you were told to sell EUR/USD, so change/set your "Currency" to EUR/USD. Next to "Units" you should see a default number equal to 20% of your account. Do nothing to this. Now, next to "Quote" you will put in the sell number you were given of 1.2330 This is the target number that will trigger your trade and make it active. When the EUR/USD hits that number, your trade will begin.
Leave the "lower bound" and "upper bound" blank/empty.
Move on to the most important part, your "Stop Loss" ALWAYS SET A STOP LOSS!!! You do this by checking the box. Never forget to check that box. A default number will appear but we will change this as per your signal. Your signal said "stop 1.2360" Enter that number in the stop loss box. Now the "close" number they gave you is your take profit box. Put a check in "Take Profit" and change the default number to 1.2260. Remove the check in the duration box. Triple check your settings and hit "Submit" (Don't hit submit if your just practising the example).
You have now placed your first trade!
You can find your non active trades by clicking on "Orders" on the top of the page. When the currency hits your target price, your trade will become active and will be listed under "Trades". When your currency price hits your take profit/close price, your trade will end with a profit. If the currency price hits your stop loss first, you will lose your trade with a small loss.
If the trade does not activate by the close of the US stock exchange 4:00pm est, then you need to cancel this order and wait for the next signal. To do this, click on "Order", click on your trade you see there and hit "Cancel". You may make changes to an order at any time until it is activated.
When you get your signal and it's been sitting in your mail box for a few hours, be sure to check and see if your too late to place this order. You will do this by going to your chart. Under your chart select the currency that your signal tells you to buy/sell. (like EUR/USD) This will bring up the chart for that currency. Now check what time the signal arrived into your mail and check the buy/sell price in your signal. On the right of your chart you will see the currency price, on the top you will see the time. Put your pointer on the edge of the chart right at your buy/sell price. A line will appear going across the chart. If from the time the signal was sent out and the time it is now, the candles do NOT touch the line, then you may go ahead and place your trade. If even one candle hits your line then your too late for that trade.
You will notice that next to the close price in the example signal that they put ++ next to it...This means that it could go higher than your close price but until you learn more and do some studying, ignore it. You must learn how to move your take profit and stop losses to use that and you must be able to sit in front of your chart when your trade is active. I'll give you resources to go to and study if you plan on pursuing this line of income.
Here's one that's interesting: Digital-Intuition
Bet On Markets And Have Fun Bet On Markets Use Referral MLT19894
For all the information that you will ever need on how to read your candlestick chart, stop losses, and much more, go here: Incredible Charts
The following is an excellent source for the beginner and while your there, sign up for his free lessons!
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Go Now To:
Trading For Beginners
The Day Trade Forex System
Forex Trading Course
Team Forex
Trading Secrets Exposed
Win At Trading
The Way To Trade
Statistical Methods of Stock Trading
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