- Read An Opinion On:
- Hai Ha Money Transfer
You have to know these in order to trade the Forex Market.PIPSThis is the smallest fraction of any currency and is used as an incremental/decremental for the currency pair. In dollar currency, 1 pips represent 0.001 Dollar. In Cross trades Japan currency, 1 pips represent 0.01 Yen. Trades are executed by entering the pips of the currency. Profit take and stop loss are measure in terms of pips also. By looking at any currency price chart, you will find the currency values in pips.Currency PairAll Forex are traded in currency pair. One currency is paired with another currency to form a paired currency and using this rate to establish the exchange between to country. Every country have their individual currency note. If you are holding on to United State Dollar and you intend to change it to Europe Euro, you will be using the USD/EUR rate.Buy or SellIn trading of Forex, you will always be holding a currency as the default or holding capital. And use it to buy or sell another currency. Due to the conversion of currency via the foreign exchange market, you can buy another currency and sell it later, or sell another currency first then buy in later. Either way you are still using your default capital money to use for the trade. As a rule of thumb, always buy low sell high, irrelevant of the time involved.Now you know the basic, you can begin trading Forex in 3 simple steps.Step 1Create a trading account with your preferred Forex Broker. The broker am using is InterbankFX Australia and Alpari UK. They are established and provide MT4 platform for trading Forex. The deposit and withdraw are fast and hassle-free.Step 2Fund your capital. Next is to get your money into your newly created trading account. The default holding currency is United States Dollars. While you can choose many other but am using USD as the main currency because of the currency pair that I normal trade are the Major and USD related currency pair.Step 3The last step is to buy and activate the Expert Advisor on your trading account. You can choose a number of program to run but there is a few which I have filtered and give good results in the long run. Simply install your MT4 and run your EA program on your trading account and see your results.The above are 3 simple steps where you dont need to go thru many hours of trading or training to learn Forex. You can see my review of the Forex Broker and the Expert Advisor program at my website. Simply choose your preferred broker, create an trading account, fund your capital, buy a EA and install MT4 and run your EA on your trading account to gain passive income.Source: http://www.bestforexranking.com