Getting familiar with the forex environment and trading platform

Trading forex

Forex market is a lucrative industry where you can make huge amount of money if know how to trade the financial instrument properly. Trading the financial instrument is not an easy task and it requires an extreme level of skills and proper understanding about the financial industry. Those who are trading the financial market successfully have gone through many difficult stages. In order to master the art of forex trading, you must have a valid trading strategy and solid trading plan. As a professional trader you must be the architect of your own trading environment and you should have a solid grasp about the different functionality available in your trading platform. In this article, we will briefly describe the perfect forex trading environment and trading platform.

Trading Environment

Trading environ is such a place where the traders get access to the financial industry to execute their buy and sell order in the market. In order to execute your trading order, you must have a trading platform. The most popular platform in the forex industry is the meta trader trading platform. It’s true that the trading platform comes with a desktop version and mobile version but as a professional trader, you can’t afford to take any trade while walking in the road just by accessing the android version of the mt4 trading platform. In order to trade the market profitably, you must have a quiet place where you can do your technical analysis without getting motivated by any external factors. In the eyes of trained professional, it’s imperative to have a nice and tidy room furnished with all the necessary trading arsenal for consistent profit. You must consider trading as business and you should also maintain a fixed routine in your trading career. If you can develop a perfect trading environment for you than your success rate in this industry will be increased to a great extent.

Metatrader

Metatrader is considered to be one of the most smarted and efficient trading platforms for the traders. The best thing about the mt4 trading platform is, it’s completely free. Even the most successful forex traders in the industry use the mt4 trading platform to execute their buy and sell orders in the market. The advanced coders of the Meta trader trading platform is constantly working hard to bring positive changes in the trading platform so that the traders can use it with a great level of ease. Now we will talk about some of the basic functions of the mt4 trading platform which will allow executing orders in the market at any time.

Opening a trade in the market.

There are two major types of trade orders in the market executed by the mt4 terminal. The first one is the instant execution and the second is the pending order execution. In the instant execution order professional traders simply use the buy or sell button to enter into a trade in the live market. Right after hitting the buy or sell button in the mt4 terminal order gets filled in the live market and you can easily see your trade from the trade terminal available in the bottom part your meta trader. The second order type is the pending order. This is such an order which allows the traders to schedule buy or sell entry in the market in the future price. For instance let’s say that EURUSD is trading at a rate 1.0608.So you are expecting the price to go higher at least to 1.0630 and right after hitting that level price will dramatically fall. So you will be using pending orders in the mt4 terminal to set a sell limit at 1.0630 level. Once the price goes in that level your short order will be executed automatically. This type of pending orders saves huge amount of time since you don’t have to wait the whole day to enter short at that specified price. Your trade will be automatically executed once the certain conditions set by you are filled.

Stop loss and take profit level.

Once you enter into a live trade there are two potential outcomes for your open trade. Either you will make money or lose a certain portion of your trading account once the trade is closed. Every trader has a valid trading plan which allows them to calculate their highest possible loss and profit in the market. The mt4 trading platform allows the trader to set stop loss and take profit level for a certain trade. For instance, you have set your potential stop for a sell order in the EURUSD pairs order at the price level 1.0640.SO if you enter short at 1.0630 level and the market goes against you for 10 points then your trade will be automatically closed with 10 points or 10 pips loss. Similarly, traders can set the take profit level in any trade that they execute to ensure that their hard-earned profit is booked once the market hits a certain level.

Summary: Trading the forex market requires extreme level of skills and patience. If you truly want to master the art of forex trading then you must know how to do technical and fundamental analysis properly. In order to do so, you must have a clear understanding of your trading platform which will allow you perform your trade analysis. The more you learn about you trading platform the arsenal you will have in your trading career. The more you will get familiar with your trading environment the more advantages you will get during different market conditions. So before you start forex trading go through all the basics of trading platform and know your trading environment properly.