If you’re a person who have difficulties in learning by reading a bunch of theories, step by step guidance may be the one that you need. In other words, you’ll learn better with a good Forex Trading tutorial that split the lessons in a few steps and make you do the steps yourself so it can be easier to understand.
Nevertheless, if you’re not familiar with forex trading at all, you still have to start with theories such as definition of leverage, pips, currency pair, etc. But since the motto of a good forex trading tutorial is “make the student do it”, here’s what you should do:
1. Apply for a practice account in a MT4 (MetaTrader4 trading platform) online forex broker. Here are some suggestions: AvaFX, TadawulFX, and FXCM. Note that AvaFX and FXCM offer two types of trading platform, so make sure you choose MetaTrader4 (also known as MT4) for when you decide to use EA later. Check a report of AvaFX online broker to see why they are highly recommended.
2. When you’ve done with the registration and installation process, log in and study your platform user interface. With the trading platform before you, it’ll be easier to explain something and you can test it right away.
On the top left section, you’ll find the currency pair table. The “symbol” column consist of currency pairs such as USDCHF (US Dollar and Swiss Franc), GBPUSD (British Pound Sterling and US Dollar), EURUSD (Euro and US Dollar), and so on.
The “bid” (AKA “sell”) columns beside it contain the exact amount of the second currency that you will gain when you sell one unit of the first currency. Example: sell EURUSD at bid rate 1.362 means you spend EUR 1 to gain USD 1.362.
The “ask” (also known as “buy”) column represents how much you must spend the second currency to gain the first currency. Example: buy EURUSD at ask rate 1.378 means you spend USD 1.378 to gain EUR 1.
Now right click on one of the currency pair and click “new order”. You’ll see a “new order” form before you with “sell” and “buy” buttons at the bottom of the form. At this point, you don’t have to implement any strategies in forex trading , so just try to click one of them and you’ll get a confirmation message that you have executed the order successfully. You can check your trade information at the “trade” tab at the bottom of your MT4 platform.
“Forcing” the student to test and practice the lessons themselves is a must in a good forex trading tutorial; this way, they can grab the concept being taught faster. By familiarizing yourself with your trading platform interface and it features, you’ve understood how forex trading works. I recommend that you claim free forex trading course that utilizing tutorial method in a MT4 trading platform at training course for forex trading .
