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You place a ?Buy Stop? order to buy at a price above the market price, and it is triggered when the market price touches or goes through the Buy Stop price. You place a ?Sell Stop? order to sell when a specified price is reached.
5 Easy Steps for Beginners to Start Trading in Forex Get to know what drives the market. ... Choose the right broker. ... Establish your financial goals and targets. ... Practice with virtual trading. ... Start slow and go easy on your trades. ... Conclusion.
Steps Required to Trade Forex Step 1: Research and select a broker. ... Step 2: Open a forex trading account. ... Step 3: Verify your identity. ... Step 4: Fund your forex account. ... Step 5: Research currencies and identify trading opportunities. ... Step 6: Size up your first forex trade. ... Step 7: Monitor and manage your position.
Forex trading steps Choose a currency pair to trade. Decide whether to 'buy' or 'sell' Set your stops and limits. Open your first trade. Monitor your position. Close your trade and take your profit or loss.
What should a trading journal include? Date and time of a trade. The instrument being traded. Position size. A long or short position. Entry and exit points. Result of the trade when the position has been closed.