hi,I am new in forex . Pls guide me. I have sign up for demo a/c $50,000 using the FXCM trading Station (11). DO anyone using this trading station?
Do this trading station is same as the one that I will obtain after I accumulated the knowledge from the demo station?. Anyone know how I can trading with this trading station in my my a/c .let say I want to buy $US / YEN ( $amount $1000) in the demo a/c(50,000) . when i look at the trading machine US currency is more the YEN.
the I will wait until the YEn drop more for example then to sell back the sell $US money to YEN to earn Profit.
HOw I can set up the demo a/c
30 minute trade/ 24 hours trade /1 week tared or 1 month trade. OK for examle I want take 1 day trade
in the above matter ,
where i can give a order and how to stop the order from the demo machine.
How about the margin and leverange what thsi mean in athe above demo a/c and hwo i can calculate the profit using the margin or leverange
level.WHat thsi means margin and leverange. Thanks for all information given really appreciate
i trade with fxcm(the real and demo account) and there is no difference. once you can master the the demo then the real account shouldn't give you any problems
if you want to know about margins and leverages then read the baby pip lessons. everything is explained. i had trouble understanding it too but you need to read everything over and over again until you get it. the tutorials also teach you how to calculate the price of a pip and profits/losses.
"let say I want to buy $US / YEN ( $amount $1000) in the demo a/c(50,000) . when i look at the trading machine US currency is more the YEN.
the I will wait until the YEn drop more for example then to sell back the sell $US money to YEN to earn Profit."
-when you enter your platform you will see your quotes. the platform will show your bid/ask for each currency pair. if you want to buy USD/JPY then you you click on the ask price for that pair. then a little form will pop up that you fill out then you hit ok. your order will execute right away. you can also click on the icon that says "entry" to place an order that will execute automatically once a certain price is reached. you click "entry", select your pair, fill out the rest of the order then execute. when you want to exit a trade then you click on the order(in the "open positions" window), right click and select close. you can also just enter an opposite order (but this takes a bit longer)which will also clock you out. once an order is executed you can click on the space in "pending orders" window or "open positions" window that are empty and reserved for limit and stop losses. it is there you can enter your protective orders. man i can go on and on about how to work this platform but it will make more sense to you if you just read the manual and watch the demo presentation at fxcm. you can also talk to a rep who can guide you through everything over the phone or through instant messanger.
"30 minute trade/ 24 hours trade /1 week tared or 1 month trade. OK for examle I want take 1 day trade
in the above matter ,
where i can give a order and how to stop the order from the demo machine. "
- the platform doesnt exectute orders during certain timeframes. you use the charts and their timeframes to analyze the market then you just place your orders based on what the charts are telling you. if the chart says buy then you go to the account platform to you buy and when you are ready to get out then just do the approprate action to get out. again, a rep from fxcm can help you with this.
take your time with the demo account. fool around with it so that you can see what everything does. when you allow yourself to make lots of mistakes with your demo. that way when you start a real account you know what to avoid to make seriouse errors. play with the demo, practice placing orders (buy/sell instant executions, entry positions, stop loss/limits, exits etc), then practice trading on the demo. once you have mastered all this then you are able to work with a real account.
if you havent already, read the baby pips lessons, watch the fxcm platform presentation, read the platform manual and then talk to a rep.
hi, Thanks for a good info. . few more questions. For ur experience , how long need for us to mastering the demo a/c before go for a real? The demo a/c is just for a month and can i requested it 1 more month after a/c have stop. I hoping to master the demo a/c first before go for a real one. Can I open real forex a/c with $1000 capital . Just want to know from ur experience using the real platform
do i need always on the computer like 8 hours a day watching of the market or how do ur play with the platform.
do ur play only wuith one currency or more in the beginning and how many order do ur make in the beginning.
How about the order when they start and when the order with stop.
can we fixed the time in the plat form like 1 day, or 2 1 weeks or a month for a long days trading and what are the best trading procedure,a short
hour trade or long hour trade.
do ur make profit from the real a/c and what are the strategy that ur use to play in this forex. Thanks
Take the BABYPIP school, this will answer your questions...this is basically a flip the coin industry, with all the bells and whisles charts etc etc..there is no magic formula...your first goal should be to pull out 10 bucks a day if you can do that build on it...before i quit this last year, i was able to pull out 25 bucks a day consistenly, before i slipped up and got greedy and lost most of my investment...i started believing i beat the system...and of coarse you will NEVER......I always say, if you can take a $20.00 bill, crumble it up and go flush it down the toilet without any problems...then you will be good with FOREX