Thefilosofi.Com – With the OctaFX account, you can access the foreign currency market and start trading. Once you sign up, you’ll receive an email containing your Personal Area login details, your credit card trading accounts, and all necessary instructions. You have to get into the Personal Area to manage your funds, get bonuses, and participate in our promotion. Credit trading accounts are used to access the trading platform itself.
Get into your Personal Area to make a deposit without any commission. At OctaFX, you can start trading with a minimum amount of $25. The minimum deposit can vary depending on your area and payment method. According to the Risk Management Basics, the more funds you have, the less risk you face.
Web-based platform doesn’t require installation and allows you to trade from any device and anytime. Otherwise, you can download the desktop version, or the OcaFX Trading App for your Android device. You can compare the platform and choose the best.
Bottom line, you open the Buy order if you estimate the price to rise and open the Sell order if you estimate the price to fall. It means you buy in a certain amount at a lower price today to sell it back at a higher price later in the day and gain the benefit of a price range
Leverage reduces the margin requirement, which is the amount required to maintain a certain position, and helps you open an order with a larger volume than is possible by your balance. It’s important to note that the higher the volume of your order, the more profit or loss you make for each pipe.
Say, you have a trading account with a balance of $500 and leverage applied 1:500. You decided to open position for 1 lot (100,000 units) on EUR/USD, when the price was at 1,13415. The margin required for this position is $226,83, almost half of your funds. Every next pipe move is worth $10.
The Way Octafx Trading Beginners Are Required To Know
Therefore, the price just needs to go down to 1,13145 so you lose almost all the money in your account. If you open the position for 0.5 lots, each pipe will only cost USD5. In this case, if the price goes down to 1,13145, your loss is $135.
As a beginner, you simply track the general direction of the price on the graph and open the Buy order when it goes up or the Sell order when it goes down. It may not give you a profit guarantee at all times, but this is a good start to developing your strategy.
If you have little experience or no experience at all, it’s better to avoid trading when there’s a headline release, because the market tends to be very unstable. Two more advanced methods of predicting prices are technical analysis and fundamental analysis. Basic risk management techniques can also be useful in reducing losses.
There are many strategies that allow you to profit from currency fluctuations, such as scalping, martingale, hedging values, new trading, and many more. Read our article to find out the details about the most common strategy and choose the best for you.
Your profit order fluctuates depending on the market price at this time until you close it. If you feel like getting a big profit, open the trading tab on your platform, find an open position, press that position to open the context menu, and choose Close Order.
There are certain concepts and terms that are important to understand. We’ve been discussing it in an article on How Trading Forex works. You can also explore our education section. It will help you expand your knowledge of the general market and our services in particular. If you want to beTraining with virtual funds before switching to real trade, you can open an OctaFX demo account.