How to Buy and Sell the Currency Pairs

Now that our charts are set up, let’s learn HOW to open and close a position, or
buy and sell on the VT platform. After we learn HOW, we can look at WHEN to
enter/exit a trade using the technical indicators. **Please note that this
information is in the Visual Trading Manual that you should have already
read.

A. Simply move your cursor to the chart and right click. A menu will pop up
and at the top it will say buy with the current exchange rate to buy and
sell with the current exchange rate to sell. You should Buy if you think the
price line will go up on your chart or sell when you think the rate will drop
on the chart. Click on buy or sell and an ‘Open Positions’ window will pop
up that looks like this:

B. In the Amount per Acct: box you put in how many lots you will trade—1 lot

is 100,000 currency units.
Trading with 1 lot EUR/USD is $10 profit/loss per pip
Trading with 1 lot GBP/USD is $10 profit/loss per pip
Trading with 1 lot USD/JPY is $8 profit/loss per pip
Trading with 1 lot USD/CHF is $6 profit/loss per pip
Trading with 2 lots doubles the profit/loss possibility. Trading with .5 of a lot
halves the profit/loss possibility. With the CMS universal account you can
trade full or partial lots from this window. If you put in .1 of a lot your
profit/loss would be $1 in the EUR/USD etc…
C. The trade that you just made will now show up directly on the chart. If you
right click your open position on the chart you can choose to add a Stop
price and a Limit price, or you can hedge your position—which we will look
at later on.

Stop Order: Is a price you enter into an open position, where the trading
platform automatically closes your position when the Exchange rate touches
that level. If you are in a winning trade, you can move your stop up or down
to protect profits. If the exchange rate never hits that level, then the Order
doesn’t get filled.

**tip: If you are in a winning trade, you can move your stop to your entry
level, so that if your trade moves against you, the platform closes your
position without any losses.

**tip: You should be comfortable setting your stop Order at 15-20 pips. If
you can’t handle a 15-20 pip loss, then you are need to trade smaller
amounts. This will help you from over leveraging your trading account.

Limit Order: Is a price you enter into an open position for the trading
platform to automatically close your position at a profit. For example, you
might set your limit order at a 15 pip profit. If the exchange rate never hits
that level, then the Order doesn’t get filled.

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ForexGen Trading Platform

Be certain that you feel comfortable with FOREX trading platform policies before registering. Look for these few stuff

- Bid/ask price on main currency pairs
-We hope that the first part of this article as brought you a lot of much needed information on the subject at hand.
- quantity of margin that is vital per trade
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Look for the most competitive lower spreads in the market expense when you trade FOREX. If you're trading thickly, it might expense you a complete lot addition of money for not receiving a great competitive spreads. Competitive lower spreads varies about 3 to 5 pips and if you're receiving a paste of 8 pips or more, just snub this platform
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ForexgenTrading Forex Using Multiple Time Frames

time frame to trade the forex markets, and if they are profitable then fair enough. However if you want to be a profitable trader, it generally makes sense to use two or more time frames when making trading decisions.
This is because if you’re basing your entries and exits on just one time frame, you’re oblivious to the wider trend and you therefore risk trading against this longer term trend, which is never a good idea. For example, if the 4 hour chart and the 1 hour chart of a particular currency pair are in a strong bullish trend, then it’s probably not a good idea to be looking for possible shorts on the 15 minute chart.

You should always look to trade in the direction of the trend and viewing charts from longer time frames helps to show this longer term trend. This is something I picked up from reading one of Dr Alexander Elder’s books a few years ago, and this piece of information was invaluable to me as it helped shape my current trading strategy.
I now trade the 4 hour charts using an EMA crossover system but only ever trade in the direction of the overall trend from the daily chart. So if the daily trend is bullish then I will look for EMA crossovers upwards and vice versa. This has stood me in good stead and ensured I’ve always made some decent profits from forex trading.

It’s important to remember that if you only ever trade in the direction of the longer term trade, then you’re stacking the odds in your favour, and your entry points are not necessarily so crucial. Many times you will be saved by the overall trend going in your favour.
For example, if you like to trade the 5 minute charts, then you could use the 15 minute and 1 hour charts as a basis for your trading decisions. So if the pair was trending downwards on the 1 hour and 15 minute charts, for instance, then a good strategy would be to look to go short when the pair is overbought on the 5 minute chart because the odds are in your favour that a continued downwards move will take place.
Similarly you could trade the 1 minute charts and use the 5 and 15 minute charts for guidance, or if you are a long term trader, you could trade off the daily charts and use the weekly and monthly charts for guidance.

Whichever system you use, I personally think you’re always giving yourself every chance possible to become a profitable forex trader if you use multiple time frames to help you trade in the overall direction of the longer term trend.

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