How To Make Your First Trade: Learn Forex Trade Step By Step

Making your first trade can be nerve-wracking, especially after all the lessons that you took to learn forex trade step by step. However, one of the best things about the first trade is that you will be able to apply what you learn from your learn forex trade step by step manual.

If you happen to be in this situation, we know that it's going to be tough. There might be steps that you might not remember from your notes. Nonetheless, we are going to help you recap those important steps. Down below are the steps that you need to do when making your first trade.

Step 1: The Trading the Platform

The first step that you should do when making a trade is the trading platform. Your chosen platform is where you sell, buy, and trade your commodities. You must have already choose your platform before the actual trade.  

Step 2: Read the Charts

The next step is reading the charts. When we learn forex trading step by step, we know the importance of the charts. When applying this, make sure that you double-check the charts before doing anything. The chart will help you understand if you are going to get a profit from selling, buying, or trading your currencies.

Step 3: Indicators

After opening the charts, make sure that you do add the indicators. There are tons of indicators that you can use when you read charts. These indicators are often used by many traders to help them decide on their next decision on the trade. If you aren’t sure which indicator will work for you, you can ask your mentor to help you decide on your technical indicator.

Step 4: Place Your Order

Once you have decided on your trade, you can now go short or go long.  You need to check the trend of the prices to help you decide to go long or go short. Once you have decided, you can now place your order on your trading platform.

Some trading platforms have a stop loss and set profit level features. If your trading platform has a similar tool, make sure to use it. It can help you a lot when you are doing trades.

Step 5: Confirm your Order

Before confirming your order, make sure to double-check the amount before confirming. After the confirmation, make sure to take a screenshot of your ticket. that way, when there are any concerns about your order, you can bring it up with their customer service.  

Once your order is confirmed and place, you can now wait for a notification that your order has been processed and completed.

Step 6:  Trade Successfully Made

Once you are done with your trade, you will be able to see the profits that you have made from your trade.

Now that you have the learning forex trade step by step review, make sure that you keep these steps in mind. That way, you will learn how to get used to forex trading with practice and confidence.