Traders come to the Forex markets for a variety of reasons. Some traders come for the 24hr market access and have experience trading other assets. Others may be new to markets, and approaching trading for the markets for the first time. Regardless of your experience level everyone has to start somewhere! Here are some basics to help you get up to speed trading your favorite currency pairs.
Learn Forex - Register and Login
Register for a Demo
Before you can begin trading, you will need to download the trading software and register for a demo account. This is the first step every new Forex trader should take. Trading in a demo account, allows you to see your favorite currency pairs, including the EURUSD, GBPUSD, and USDJPY updating in real time. This way you can begin to track the market in real time, without exposing any live capital. Having a demo account will also become critical when it comes time to testing and creating your trading strategy!
Learn Forex - Place Your First Trade
Place a Trade
Now that you have downloaded the software, it is imperative to learn exactly what you are seeing on the trading platform. Even if you already have experience in markets, it is convenient to get comfortable with the software using a demo, before opening a live trading account. Take your time and review the rates, accounts, and open positions windows. These windows will hold updates that you will need as your trading progresses.
Once you understand the software, it's time to place your first trade! The process is as easy as clicking the dealing rate of your choosing, and then selecting to create a market order. If you have any questions about the platform don't worry. FXCM holds walkthroughs on the trading platform on most days at
Learn Forex - Develop a Strategy
Develop Your Strategy
Now that you are a little more familiar with trading and the platform, you can begin planning your trading strategy. Most traders begin by deciding if they want to trade trending or ranging markets. Then you can choose from long term, short term or scalping based strategies. Each methodology has its pros and cons so it's important to find a strategy that fits your needs. This step may take some time, but again you can continue to use your demo account while you develop the details.
To help get you started the DailyFX Education staff has designed the Trade Like a Professional course. This is another Free resource offered to help get you acquainted with components of strategy development. You will learn all about price action, indicators, risk management and other important trading tips. Get started using the link below!
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Begin Trading and Continue your Education
Once you are familiarized with the platform and have developed your strategy it will be time to open a live trading account. This last step can be done at your convenience through the FXCM application page. The application normally takes just a few minutes to fill out, and if you need assistance along the way feel free to reach out to FXCM directly through one of our many contact resources.
Registering for a live account also allows you to continue your Forex Education. Once you have a live account ID and Password, you can access DailyFX PLUS. Here you can take advantage of trading signals, SSI (Speculative Sentiment), and our live webinar events. These unique resources are here specifically for you to stay up on market conditions as you continue to refine your Forex trading skills. Use them, and get started trading today!