Community Forex Questions
How to open a position in forex?
1. Line symbol - choose a currency pair in our example, this is EUR/USD.
2. Volume - represents the number of lots we want to buy. If 1 lot is $100,000, if we don’t have that much, we open a position of 0.1 lots or lower.
3. Set Stop Loss - in this window you should specify the value at which the order will be closed. Reduce the amount of loss. Install as needed.
4. Set Take Profit - Helps to auto close orders when the desired profit is reached. For example, in this case you could enter a value of 1.4358 and your profit would be 10 pips, which in our particular case would be around $100. If you do not place this order, close the position.
5. On the Job Type tab, select Run Now.
6. Place the bird in the “Maximum Selling Price” field and set the deviation parameter from the currency price. The order is still being executed. For example, the price has changed 2 pips since I placed the order.
If you do not fill in this parameter, the broker will return the order you need to resend new price.
7. After filling in all required fields, click on the “Buy” or “Sell” button and the fields for that position will open.
If you are still unsure, you can use a demo account to open forex positions to merge your knowledge without risking your own funds. Video lessons on how to close, open and close positions.
2. Volume - represents the number of lots we want to buy. If 1 lot is $100,000, if we don’t have that much, we open a position of 0.1 lots or lower.
3. Set Stop Loss - in this window you should specify the value at which the order will be closed. Reduce the amount of loss. Install as needed.
4. Set Take Profit - Helps to auto close orders when the desired profit is reached. For example, in this case you could enter a value of 1.4358 and your profit would be 10 pips, which in our particular case would be around $100. If you do not place this order, close the position.
5. On the Job Type tab, select Run Now.
6. Place the bird in the “Maximum Selling Price” field and set the deviation parameter from the currency price. The order is still being executed. For example, the price has changed 2 pips since I placed the order.
If you do not fill in this parameter, the broker will return the order you need to resend new price.
7. After filling in all required fields, click on the “Buy” or “Sell” button and the fields for that position will open.
If you are still unsure, you can use a demo account to open forex positions to merge your knowledge without risking your own funds. Video lessons on how to close, open and close positions.
Opening a position in forex involves several steps. First, choose a reliable forex broker and open a trading account. Next, fund your account with the required capital. Use the broker’s trading platform to analyze the market, studying charts, trends, and economic indicators to identify potential trading opportunities. Decide whether to go long (buy) or short (sell) based on your analysis. Enter the trade by selecting the currency pair, specifying the lot size (volume), and setting stop-loss and take-profit levels to manage risk. Finally, execute the trade by clicking "Buy" or "Sell." Monitor the position and close it manually or let it automatically close when your target or stop-loss level is reached. Always practice risk management to protect your capital.
Jun 06, 2022 04:00