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When a bank opens a position for a trader, the bank is actually paying for the entire lot, and the trader gives the bank a deposit times lower, i. Usually the leverage is on forex trading market. When a forex trading position is closed, the deposit is returned to the trader in full, regardless of the result. Because of this, in order for a trader to make a deal, he needs a certain sum of money for a forex trading deposit, and his account should have some extra money as a so-called safety net. Usually, the deposit sum for various currency pairs is shown in the Contract Specification Table.
For all other currency pairs the deposit will be almost the same, i. No matter what, before opening a forex trading position, the trader should first analyze the market to find a profitable situation where money can be earned. What Currencies can be Traded at Forex Trading Dealers in most companies work mainly in US dollars, and very rarely in any other world leading or national currency.
It is essential to understand one very important thing: if your forex trading account is in dollars, it doesnt mean that you can only make deals when a currency is being bought for dollars. It may seem paradoxical, but you may buy dollars for some other currency which you, naturally, dont have in your dollar forex trading account. For example, you may buy dollars for Euros. Such deals are made when the euro rate is expected to fall to the dollar and is called buy dollar against euro. You may even make a deal where the dollar is not present at all, e.
Y our forex trading account is debited in dollars in an amount equivalent to the cost of the deal, and the currency is automatically converted at the current exchange rate. These currencies are the most popular for Forex trading market. We have already stated that when the trader buys a currency, he does not buy Euros or British pounds, but a currency pair, e.
In this example, the euro is the base currency and the dollar is the quote currency. We say buy euro-dollar, sell euro- dollar. Position - Opening and Closing Making a deal on the Forex trading market is usually called, opening a position. Subsequently, instead of saying, Im buying Euros one should say, Im opening a position in Euros.
Euros are bought for US dollars. Depending on whether you are buying or selling, the positions are called long bull or short bear on the Forex trading market. So in our case, we should say, Im opening a long position in Euros. Here is an example of how Forex trading works. Lets assume that the euro will grow in value, i.
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If we expect the euro to fall to the dollar, we sell the euro, i. With regard to Forex trading in currencies for which the base currency is the US dollar, e.
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If we believe that the Swiss franc will grow to the US dollar, then the price will go down as opposed in the situation with the euro. Remember the rule that applies to any currency pair: if we expect the price to go up we buy open a long position , if we expect the price to go down we sell open a short position on the Forex trading market. Along with the concept of opening a position, there is the opposite concept on the Forex trading, closing a position.
It means making a deal opposite to the deal we made when opening the position. If earlier we bought Euros for dollars, now we sell Euros for dollars; if we sold British pounds for Swiss francs, now we buy them for Swiss francs. Proceeds from the deal will hit our account, with gains flowing into our account and losses flowing out. Ask and Bid There is another way to monetarily express a currency pair, besides the rate of a currency pair: a quote.
This is the information on the current rate of a currency pair expressed in two figures - Bid and Ask. Ask is the greater price of a quote. The trader can buy at this price. Bid is the lower price of the quote. The trader can sell at this price. It means that you can buy 1 dollar for 1. Thus, you may sell 1 dollar for 1. Spreads The difference between bid and ask is called the bid-ask spread.
The spreads in the Forex trading market are very small.
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For most currency pairs, the spread is from 2 to 4 points, which is much smaller even than spreads of the better performing, liquid securities on other markets. Spread is a hidden, integral cost of the forex trading, and it is minimal for the currency market. New technologies have made these low prices available to just about everybody. Points Point Pip - price interest point is the minimum price fluctuation in the cost of a currency pair. For the majority of currencies the currency rate is calculated up to a fourth of a decimal figure. Calculation of Profit and Loss The majority of Forex trading platforms automatically calculate the traders profit and loss for open positions.
This helps the trader to track profit and loss simultaneously as the market prices constantly change. However, the trader should know how such calculations are made. Forex trading systems Various companies and dealers offering services on the Forex market use various trading platforms systems , but the most popular is the MetaTrader program. Other trading systems may differ not only in the interface but also in their ideology, terminology, etc. Therefore, any actions regarding deals on the Forex market place will be evaluated through examples from MetaTrader.
The program has a multilingual interface. When first launching the program, it will ask you to register a new trading account. Every dealer has its own particular registration, so answers to potential questions which may arise during registration can be found on your dealers web site. The MetaTrader trading system has a simple, standardized interface. You can easily set it up on your own. The main thing to learn is how to open and close positions, also known as orders. You may switch between different charts by choosing the necessary currency or the chart type.
To open a position, either click New Order or the F9 key on the keyboard. A dialogue window will open in which you can enter the deals parameters. The Symbol parameter lets you choose the currency pair for the position you are opening. Lets review the Amount parameter in greater detail. The amount of the deal is set in lots. Usually 1 lot is , units of one of the currencies, although this may differ from one dealer to another.
When making a deal we indicate how many lots of currency we want to buy or sell. For example, if you set 1, it means that you make a deal in , currency units.