Getting started in Forex Trading

Welcome!

Once you’ve mastered this brief overview, nothing should stop you from beginning to trade. Let’s start!

Visual Mode

If you’re new to the world of Forex, you’ll have eToro’s Visual Mode instantly at your fingertips. But if you’re a seasoned and savvy currency trader, you can bypass this mode with the click of your mouse. Scroll down and you’ll be directed to the “Expert Mode.”

A main part of the Visual Mode Platform is the handful of clearly laid out symbols. Each one represents different trading stages, all of which we’re about to examine.

The Globe Trader stage allows you to buy and sell currencies utilizing world maps. Each trade is herein depicted as a thread that connects between different trade posts throughout the world.

The monetary unit of a nation changes in accordance to what’s going on in its economy; it’s also affected by its affiliations with other countries and the fiduciary associations with international economies. Taking all this into account aids you visualize when executing a trade to buy or sell currency.

To choose the trading parameters and the currency pairs you like most, utilize the guide at the base of your computer screen.

After this step, a message box requesting you verify the trading parameters chosen will appear

If you approve the trade parameters set, the totals of money posted, and the exchange price for this particular currency pair, continue on by pressing the button “Open Trade.” Once you execute (open) the trade, you’ll notice two blocks appearing on your monitor’s map; these will be located in the two nations whose monetary units you’ve selected for your trade. You will see your gains/losses posted on the line between the two blocks.

Foreign Currency graphs provide the means by which to make detailed analysis of a pair’s behaviour in the market, prior to deciding on a trade. It’s believed that by studying prior price increases and decreases, a trader can forecast future market movements.

With the charts available to you, you can observe the course that a currency pair followed during a certain period of time. You can also utilize the available tools to define the trends in price changes.

After you decide which currency pairs you want to trade, scroll down to the guide and select your currency pair and the parameters that best suit your trading style.

You may also minimize your losses by selecting a Stop Loss; or capture profits with your Take Profit orders. Keep in mind that both settings can be changed at any time even after you’ve entered into the trade. Press the button that says "Open Trade" to verify and execute your trade.

Enhance your trading experience by watching the currency pairs fight for dominance with the “show animation” mode.

The Foreign Currency competition allows traders to buy or sell currencies such as the United States dollar, Japan’s Yen, the Euro or Great Britain’s Pound, while following the currencies’ tendencies. If a monetary unit is climbing in price, chances are it will become stronger than the other currencies. By opting to trade one currency against others, you’ll have a ball. You’ll witness the exciting movements while benefiting from the direction it’s going on.

Beforehand, select the monetary unit that you think will become stronger. After you’ve made your choice, decide which currency you want it to trade opposite to. Choose the number of lots you’re going to trade and press on "Open Trade." The new box will display the number of units of currency you’ve purchased and at what rate you’ve purchased them.

Following the pattern tendencies of a currency is your best ally. By doing so, you can trade the best movers of the market (Euro, U.S Dollar and British Pound) by distinguishing their trends

A pattern is the direction in which a currency moves. It increases in price when it goes up and decreases when it comes down. The challenge lies in knowing which way it will go. If you have a gut feeling as to the course a currency will take, this stage will give you an advantage when choosing to buy or sell.

To start out, choose a currency and forecast its direction. Pair it against another currency and include the monetary amount of your trade. Press "Open Trade".

Once the system has verified your trading parameters, the movement will begin. Be vigilant, as you want to make sure your currency of choice goes in the direction you’ve forecasted it to go.

The Trade Box is an excellent option available to you. It offers an analysis platform with technically advanced easy to use visual features. With it you may opt for a more ample leverage (1:10 1:400), trade with a bigger selection of currencies and commodities, and adjust your loss/profit tolerance even after you’ve entered into a trade. Just follow the directions by scrolling from the left to the right side, and you’ll discover that you can execute up to ten diverse trades at one time.

Your transactions will be shown as data to make the analysis simpler.

And to ensure you don’t make trades by sheer guessing you can observe the charts live. Simply press the button contiguous to each currency pair.

Advanced Mode

For those who’ve dabbled in the Forex market prior to becoming members of eToro, the Advanced style trading known as Expert Mode will be made available. This screen offers easy to use trading features.

Go to the upper corner to select a currency pair, a commodity or to set your trading parameters. Explicit graphs are available for you to make an analysis. These can be elementary or complex, and offer trend signals that can be accessed through the charts contiguous to the currency pair of your liking. You may also set the alarm to notify you of a specific movement by a currency pair. You may save your trading parameter preferences by pressing the "One Click Trading Button." This enables you to just press Buy or Sell in the rate box.

Once you’ve executed a trade it will show up in the "Open Trades" screen; this is the proper place to adjust your Stop Loss, capture your gains and set your trade to remain open throughout the weekend. You may also visually examine your trade. In fact, you may hold 100 open positions at one time.

A benefit of this feature is that it offers all the Forex information you need. The center box showcases your trading log, live foreign currency related news and a calendar of future economic events. Simply click on the button of interest.

Other Perks:

Trading Competitions:

Visit "the Community" screen and press "Trading Challenge," or scroll down the platform to find the Trading Challenge button. Note that eToro offers Foreign Currency trading competitions on a weekly basis with superb cash awards. As a privileged member of eToro, you’ll be instantly included in the competitions. The Trading Competition tab showcases your status and the 10 current winning traders.

Chat:

Visit the Community forum and press "Chat," or go to the platform to press Chat. This feature allows you to communicate with people who are trading in different parts of the globe; you can share Forex tactics, facts, or simply converse with them. You may talk to them privately or allow others into your chat, twenty-four hours around the clock. Distinguish yourself from other traders by creating a community forum, posting photographs and creating a list of friends.

Top Traders’ Insight

Visit the Community forum and press "Top Traders' Insight," or scroll down on the platform to Traders' Insight. This board will provide you with the latest news for the top ten currency pairs as they’re successfully traded by eToro’s one hundred best traders. This feature enables traders to fine tune their decisions or simply follow in the footsteps of expert traders, without engaging in in-depth market analysis.

Prior to making the first trade, examine the following useful tips:

• You may shift from the Visual to the Expert Mode at any time. Simply press on the proper buttons, situated in the upper side of the screen.
• You may engage in real life trading after spending time in the practice mode or vice- versa. Just press "Trade for Real Money" / "Practice Trading with Virtual Money" buttons.
• Your trades will stay open until you choose to close them or until the week ends, (when the market closes), at which time they will be terminated automatically. You may opt to leave your position open throughout the weekend. This special feature, however, is only offered in the Expert Mode.
• Closing a trade can be done at any time by simply pressing the "Close Trade" button.
• Traders may execute several trades while in Visual Mode. This means that you may open more than one trade at a time. Just press on "Lobby" and select the stage for your upcoming trade.
• When in the Visual Mode go back to the “Lobby” by pressing the appropriate key.
• If you want to view your ongoing trades while in Visual Mode, go to "My Open Trades." Access the "Trading Log" to examine the open trades and see all those you made in the past.

Obtain further information by visiting our amazingly insightful eToro Platform Guide.