You are anxious. You are impatient. You are fidgeting. You cannot wait to place your first (profitable) forex bid.
You have read a hundred and one blog posts, ebooks, articles, watched as many youtube videos as there are youtube subscriptions, but you are still asking the same question, HOW THE HELL DO I TRADE FOREX?
This is the hell how 🙂
1. Open a brokers account to trade forex. You can do so HERE
2. Fund your account. With the above broker, you can do so straight from Mpesa.
3. Go to the brokers website and download MT4 and install it into your computer. If you do not know what MT4 is or why you should use it, check out THIS Youtube Video.
4. This particular broker offers Demo accounts with which you can dummy trade. If you have not yet registered for a Demo account, DO SO NOW! Do not trade with real money just yet.
5. Double click on the MT4 icon on your desktop to launch it and log into your Demo account. If you are having problems doing that, again, watch THIS Youtube Video.
6. If your Internet connection is good and you have successfully logged in, you will see moving graphs. This is a Demo account so do not fret. On the Tool bar at the top of MT4 (where we have File, View, Insert etc) click on Charts, then Periodicity, then 5 minutes to view the 5 minute chart. This chart updates every 5 minutes.
7. Click on Tools (same place you clicked on Charts) then New order, then click on “Buy by market” (blue button).
8. Now watch the graph either go up in your favor (since this is a buy not sell order) or down against you. After 10 minutes go to the trade tab at the bottom of the page and double click on the order you placed. It might be named something like 22908773 with a blue dot next to it because it was a buy order. Click the yellow “Close XXXXX order” button on the popup window that appears to end the trade.
9. CONGRATULATIONS! YOU HAVE JUST MADE YOUR FIRST TRADE! Did you make a profit? Did you make a loss? To find out, click on the “Account History” tab at the bottom of the page to see your profit/loss.
10. Of course, this is an over-simplification of the trade process but it gives you a clue of what ‘forex trading’ is all about. For a Trading System that will give you the Best odds when Trading Forex, Check out the FREE Alpha and Omega Trading System HERE.
I wish you happy and prosperous trading 🙂