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The Forex market is a network of multiple banks and financial firms that exchange currencies directly or indirectly. At the highest levels, major banks trade directly with each other. These major banks are called the interbank market. At the next level, small-sized banks trade indirectly with major banks through an electronic brokerage service.
Next are the brokerage firms, hedge funds, and regular corporations. And finally, the retail Forex traders Individuals. Generally, each level provides the next lower level with liquidity. For example, if a retail trader placed an order to buy euros at a broker, the broker passes this order to a bank at the higher level which has a sizable amount of euros.
The bank executes this transaction by selling the broker the euros, the broker then reflects that in my trading account. This happens instantly through trading software. Usually higher level firms like banks, provide lower-level firms or clients liquidity, and therefore they are called liquidity providers. The value of one currency against another currency. In the past decade, Forex brokers have expanded their offering to include other types of instruments.
If you open a trading account with any good broker nowadays, you would be able to trade several types of products. For example: Precious metals such as gold and silver. Energy, such as Oil and Gas. Global stock indices.
And recently, even Bitcoin. Forex trading tutorial hint: When you are ready to start trading, always look for brokers that have a wide variety of instruments. You never know where the opportunity resides. And here comes the role of a Forex brokerage firm. Forex Market Makers The Forex market maker is a company that is always ready to buy or sell financial instruments and sets both the sell and the buy prices for their clients. They make transactions at these prices with their customers.
If you want to sell, the Forex market maker will be the buyer and if you want to buy it will be the seller. Market makers must take the opposite side of your trade. Simply if you want to travel from the U. The difference between the bid and ask prices is called the spread, and it goes to the Forex broker as a sort of commission on the trade. We will discuss price quotes later in this tutorial. ECN Forex Brokers ECN Forex brokers provide access to the inter-bank market by using an electronic system that passes prices from multiple liquidity providers to clients.
Such as banks and market makers connected to this electronic communication network ECN. ECN brokers provide the tightest spreads in the industry. An ECN broker usually charges a commission in addition to the spread on each trade made by clients. What is ECN? ECN stands for electronic communication network. ECN is an electronic trading platform that hosts bids and offers from different buyers and sellers banks, investors, etc..
Hence the transactions are done electronically. Then using their trading platform, you can start making trades. But, before opening a real account, a common and necessary practice among new Forex traders is to start trading using a demo account. To open a demo account start by downloading the trading software.
A widely used software to trade Forex is the MetaTrader platform. It is used by most Forex brokers. We will use MetaTrader software as our default trading platform for this tutorial. You can download it here. Go ahead and open the MT5 terminal if it is not already open. The default window should be like this: Market Watch Panel: On the left-hand side is the market watch panel, where all the pairs that you can trade are shown, along with their prices.
The initial list is far from complete. Navigator: Just below the market watch, is the navigator panel. This is where you can see your capital and your trades along with many metrics that we will explain shortly. You can move along the tabs, one important tab is history, which shows you closed positions. Connection Status: In the right-down corner of the platform you will find if the connection with the broker is on or off.
Charts: Here you can see all the charts you open. Make an order: You can place new orders through this button. Those are the main elements that you need to know at this stage. The first currency is called the base currency, and the second currency is called the quote currency. You always buy or sell the base currency. Examples of currency Quotes: The U. Forex Pips and Pipettes In Forex, a pip is the fourth decimal place of the price 0. If the price changed from 1. For example, if the price changed from In recent years Forex brokers introduced a fifth decimal place for more precision.
It is called a pipette. The fifth digit 1 is a pipette. If the price moved from 1. Forex Leverage and Lot As a retail Forex trader, your starting capital is probably limited. Perhaps you have a few thousand to dedicate to trading. It can move more or less depending on how active the trading day was. Now your investment is equal to: x 1.
Trading euros in a period of two days has returned 10 dollars. This is a small amount and apparently not worth the time and effort you would dedicate and the risks associated with Forex trading. Leverage came to solve this issue. So basically, leverage in Forex is the ability to boost their trading capital. For example, what if the euros you used in the prior example turned to ,?
If we repeat the same trading example with , Now your investment is equal to: , x 1. In the above example, our Forex trading leverage was Forex Brokers provide different leverage options for clients, you can choose to have up to leverage in some Forex brokers. Forex Trading Tutorial Hint: The bigger the leverage the bigger the risk.
High leverage is not recommended. In Forex, a standard lot is worth , units of the base currency of the pair being traded. A mini lot equal to 10, units and a micro lot 1, units. S Dollars. Here comes the leverage. Accordingly, the higher the leverage you have the less amount of money you need to control one lot. For leverage you need And so on.
There are plenty of calculators available online here or here. To get the value of one pip in a currency pair, we have to divide one pip in decimal form 0. Now to get it in U. Otherwise, the pip value is variable. In the above case, where the USD is the base currency, pip value is not constant, it depends on the price of the pair. In the case of cross currencies, the same concept applies: In this case, the GBP is the base currency and the JPY is the quote currency. So the result will be in GBPs.
The balance will change as you make trades. The balance will change from 10, to 10, This is the amount of money you have before the trade. This is how our account will look like the moment after we opened the trade. How come?
Remember the spread. You already know that you close a buy order by a sell order. Buying price at the time we executed our order was 1. The difference is 5 pipettes 0. We also explained that this depends on the leverage you choose and the volume of your trade in this case it is 1 lot of EURUSD and our leverage is The free margin is how much purchasing power you still have after this trade.
It is how much equity you have compared to the margin. This process is called a Margin call. Margin Level will only appear in the toolbox window of your MetaTrader if you have open orders. Remember: Different Forex brokers have different margin calls rules. You should ask the broker about their minimum margin level before opening an account. Buy limit: It is an order that is pending.
It is an order to buy at a price lower than the current price. The Buy limit order will be activated if the price reaches this preset price and the order becomes an active buy order. Use Case: You use the buy limit in case you think the price will eventually go higher, but you expect it to move lower before reversing higher.
Sell Limit: It is an order that is pending, it is an order to sell at a price higher than the current price. The Sell limit order will be activated if the price reaches your preset price and the order becomes an active sell order. Use Case: You use a sell limit in case you think the price will eventually go lower, but you expect it to move higher before reversing lower. Buy Stop: It is an order that is pending, it is an order to buy at a price higher than the current price.
The buy stop order will be activated if the price reaches your preset price and the order becomes an active buy order. Use Case: You use a buy stop in case you think the price will go high, but you need confirmation by witnessing the price rise to your specified level first. Sell Stop: It is an order that is pending, it is an order to sell at a price lower than the current price.
The sell stop order will be activated if the price reaches your preset price and the order becomes an active sell order. Use Case: just like the buy stop. You use a sell stop in case you think the price will go lower, but you need confirmation by witnessing the price fall to your specified level first. Stop Loss Order: A stop-loss order is a defensive mechanism.
You can use it to protect gains or limit losses. Like the take profit, it also closes an open order when the price reaches the specified level. Trailing Stop Order: This is a type of stop-loss order, but it is variable. It basically a stop loss that trails the price if the price move in the expected direction. Then if the price of gold reaches , the platform will automatically place a stop-loss order at If the price continues to move higher the stop will move with it. So if the price reached , your stop will be at , and so on.
Now if the price moves back reverses and moves back lower towards , your stop loss will be triggered and your trade will be closed at Here is an illustration of how the trailing stop works. The trailing stop will keep moving higher along with the price until the price reaches the highest at 1. At that point, the stop loss will be at 1. Then the price failed to continue higher and reversed to touch our stop loss at 1.
Note: Traders have invented new terminology for the words buy and sell. For example, going long gold means buying gold. Forex Rollover Rollover is a small percentage of interest that can be deducted or credited to your balance if you hold a position overnight. Depending on the currency pair you are holding. What is traded in Forex market?
The answer is simple: currencies of various countries. All participants of the market buy one currency and pay another one for it. Foreign Exchange market is boundless, with the daily turnover reaching trillions of dollars; transactions are made via Internet within seconds. Major currencies are quoted against the U. The first currency of the pair is called base currency and the second one — quoted. Currency pairs that do not include USD are called cross-rates.
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