Posted by forex at 3:43 AM
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1.
Set up your currency charts.
Fill out an online application with a currency brokerage who has charting built into the trading platform, and fund your account using one of the specified methods of deposit. Download and install the required trading and charting software from the broker's website after your deposit is confirmed. Check your email for a response from the broker, which will include your username and password, and use these to login to the trading and charting platform.
2.
Pick one of the major currencies to trade.
Open a currency chart in your preferred time frame or open multiple charts if you use more than one time frame to make your trading decisions. Choose a candlestick, bar or line chart depending on your preference. Add technical studies, such as one or more moving averages, price oscillators or any indicator you use as a guide for trade entries.
3.
Enter a trade using the chart as a guide.
Place a currency trade after your charting indicators signal an entry based on your trading methodology. Confirm that the trade was executed correctly by checking the trading platform for an open position. Set a stop loss exit point for the amount you are willing to lose in case the currency trade does not move in your favor.
4.
Follow the movement of your trade on the chart.
Place a profit target exit for your trade, unless you intend to leave the target open until you manually exit the position. Follow the currency trade on your charts as the price action unfolds. Verify the trade exit was correctly executed, once you have either closed the position for a profit or been stopped out for a loss.
5.
Exit your trade using the chart as a guide.
Reconcile your brokerage account to ensure that the balance reflects the closed currency trade. Contact the broker by phone or email if you find any discrepancies with either the entry or the exit price of the trade. Return your chart to the set up you use for your trading decisions and wait for the next entry to occur.