Posted by forex at 6:53 AM
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1. Have each handler open a foreign currency exchange market (forex) demo account. Instruct the handler to view training videos and tutorials for an overview. Use interactive webinar demonstrations to learn the key concepts behind trading. Explain that the demo account will be used to handle foreign funds in the same way as regular accounts; the only difference is that the money is not actually in the account. The training demo can mimic a trading experience to build the handler's confidence and expertise.
2. Ask each handler to review all aspects of the various forex demo applications so that he understands how to operate the program. For example, make sure each handler knows how to navigate easily through the web application, and advances through each level. Make sure that application pages load consistently and that each handler knows how to change information and abandon a test transaction as necessary.
3. Ensure all terminology used in the forex training program is thoroughly understood. For example, the 'pip,' or percentage in point, represents the smallest change unit available in a currency value. While most values can be taken to several decimal points, the pip is the very smallest measurement. If a given currency is valued at 1.3456, a change to 1.3458 would be equal to two pips.
4. Have handlers perform specific calculations. For instance, ensure they understand how to calculate rates of exchange. In an investment value that changes by 10 pips, a $10 profit or loss could occur on a mere $1,300 single trade. Be certain handlers know these kinds of trades can transpire within seconds, so they need to be calculated and monitored continually. Each handler should understand the risks involved and use the demo account for practice until they can demonstrate consistent profits.
5. Use and explain prior price charts so that handlers can understand chart pattern strategies. One of the most challenging parts of the training process, mastering this skill allows handlers to effectively deal with the nuances of market fluctuations. This is essential to the success of any handler.
6. Explain other essential concepts such as the 'support' and 'resistance' price points. While they can be challenging, support and resistance levels generally are visible on any price chart at all levels, on any day and at any time. Reinforce to handlers that to produce profits from what are generally small fluctuations in currency rates, they need to learn how to leverage the best results for customers.