The choice of a currency pair for Forex trade is one of the first choices a market participant must make because you will profit from fluctuating two currencies, which form this pair. To choose a currency pair for making a currency exchange operation it’s necessary to predict the price of which currency will grow, while the price of another will decrease.
Next, you have to decide on the parameters of the deal – volume and size. Your potential profit and the risk, which you imply to your assets, are determined by them. You should understand that income and risk of losing money are growing directly proportional to the volume of the deal in the case that the market situation will take a turn for the worse. If you are a Forex starter, the best what you can do is not to make big deals. It’s necessary to determine, which level of income you expect and how much you want to earn on your deal. The money will be placed on your account immediately when the profit from the transaction comes to the point of determining the price. At this moment the deal will be closed in an automatic mode. Possible money losses have to be also limited but they can’t exceed the amount of money on your account. The reliable Forex brokers recommend setting a low threshold. It will be useful for your further trading activities if the transaction was unsuccessful. You will receive an opportunity to carry on Forex trading.
And lastly, you have to check one more time whether the deal’s parameters suit you or not, and adjust something if it’s necessary. It’s easy to do because you can freely edit information. You should remember that price of the deal is not for a long period. The price button is used if you agree on a certain price of the transaction. Don’t worry if you didn’t press the button when it was necessary. It’s possible to set the existing price of the deal again.
When your request is registered, it will be delivered to the point of destination – the server. Each parameter of the deal will be checked there. This will be followed by notification. Then your deal will be displayed in the appropriate list of the chosen currency pair. It’s necessary to mention that you have an opportunity to trade not with one currency pair but choose several different pairs. It enables you to conclude a few deals at once and receive more income from Forex online operations.