How to Make Money Trading Forex

Select a broker to open a live trading account and follow their account openingprocedure. The process can take as little as five minutes to complete. Once you have a trading account, download your preferred trading platform from the broker’s dashboard andconnectthe live account you have just opened. You can choose either Metatrader 4(MT4) or Metatrader 5(MT5). If you already have a verified account, skip to step 2.

Once your account has been verified, you are now able to transact on the account. Log in to your new account and deposit trading capital. In Kenya, it is easy to deposit money on forex brokers’ platforms because many of them accept Mpesa money transfer, which is the country’s most convenient means of payment.

You can use different methods to analyze a Forex chart based on the type of trader you are. Such methods include the use of economic news events and technical charting tools. This is where you need chart analysis skills, so you don’t feel overwhelmed.

Most traders do not use their brokers’ charting tools. Instead, they opt for premium trading platforms with more advanced features such asTradingview

Once you have conducted your analysis and you can determine whether to buy or sell a currency pair, open the mt4 or mt5 you connected your account to on your mobile device or PC. ClickNew Orderat the top left corner of the trading platform if you use a PC. If you are using a mobile device, go to quotes, click on the currency pair you analyzed, and then selectTrade.

Enterlot sizein the volume field according to your account size,Stop LossandTake Profit, then click Buy or Sell, depending on the results of your analysis.

Managing running trades is one of the best ways to help you limit the number of losses your trading account can incur in Forex. This process is not required, but it is necessary.

You can manage running trades by moving Stop Loss to Entry Point when a trade is halfway in profits, closing the trade early if an economic event has messed up your setup, locking partial profits, or setting a trailing stop.

You can exit trades in Forex if your chart setup is invalidated or you no longer want to wait for more profits or losses. You can exit a running trade automatically by setting a Stop Loss and Take Profit or manually closing the trade.

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Spend time developing an efficient exit strategy because this process is essential.