Forex Trading is one of the best high potential earning methods ( it carries a high level of risk too ) suitable for those who are willing to take a risk for better rewards. If you like to start Forex demo and live trading immediately. Then this quick Forex Trading tutorial is for you !
Minimum Requirement to Start Trading
You have to be 18 years+ to trade. You will need your National Identity card ( English Only ) / Passport issued by your government to verify the forex trading broker account. Also a valid document to be used as address proof. You will be asked to provide these documents by broker at a certain time. So make sure you have these documents before proceeding to step 1 below.
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK.
Step 02 - Use Browser Application or Download the Trading Software
You can trade using the Browser application or using desktop or mobile application. So download using the below links. ( If you have 2GB ram or less, it would be better to use downloaded software to your computer for better peroformance )
Desktop or Laptop Applications
Mobile / Smart Phone / Tablet Device Applications
Step 03 - How Forex trading works & about Free Demo Account with Forex Broker
You have to predict whether the price goes up or down, then place a trade with a specific amount ( eg : $10 placed for the trade ). If your analysis is successful, you can gain profits and also get $10 back ( You can close the trade at anytime unlike in Options or include an auto closing profit level ). In case your analysis is wrong and trade is heading the other way, you can close it at anytime ( let it run for at least couple of hours or days as it will take sometime to reach profit levels most of the time ). The maximum loss will be 90% of amount invested per trade ( as per our example you may loose $9 - $9.5 for that trade ). So Using the demo ( virtual money ) account you can practice. Also get familiar with the IQ Option software. You can proceed to step 04 and trade using that way in practice account until you are successful in it. Then you can start live trading with $10 or any amount as you wish mate ( You can deposit using Neteller / Skrill or Credit/Debit card any time ).
Step 04 - How to Trade Forex with IQ Forex Broker?
It is very simple. Click "+" sign on top of the software, Choose any currency pair or stock under "Forex" or "CFD Stocks" ( You can open multiple currency charts too ! ). Enter a value for trade using "Amount" ( eg : $10 ), Choose "Multiplier" as x500 ( higher the value higher the reward as well as risk guys ! ) from right side bar. Then when you click on "Auto closing", you will get a window showing "when profit is". Mention the expected profit as a value or even as a percentage to let the trade close automatically ( Optionally you can leave this empty and manually close the trade when ever you want)
Then you have to just choose either "Buy" or "Sell" based on your assumption.
If you assume the price will go above the current price in a chosen currency pair. You can choose Buy button.
If you think that the price will go down the current price in a chosen currency pair, you can choose Sell button.
You will receive your invested amount per trade + choosen profit levels for correct prediction ( or you can manually close when you want as well ). In case if your assumption fails, you will loose only 90% - 95% of the invested amount for that particular trade only.
A simple trading idea for you
Pinbar pattern is one of the simple trading patterns that you can use to trade Forex currency pairs and cfd's.
When a pinbar candlestick forms at a very high or lower point with the wick pointing outwards, it may be an indication that the trend is reversing. So basically, if the pin bar ( a candlestick with a tiny body and a massive wick to top ) forms at a very high point in the chart, then you can enter a trade with "PUT" option ( as price likely to fall down ). If the pin bar ( a candlestick with a tiny body and a massive wick to bottom ) forms at a very low point in the chart, then you can enter a trade with "CALL" option ( as price likely to rise up ).
Step 05 - How to get my earnings ?
If you have deposited using credit/debit card. Then that amount has to be withdrawn first to that same source. Anything above it, you have to withdraw using Skrill or Neteller ewallet ( You can then easily withdraw funds from it to your bank account or mobile wallet ). For example, if you have deposited $500 using your card and say you make around $1200 from it. So your total balance in IQ Option account is $1700 now. You have to withdraw $500 first to your card. Now you will have $1200 in your account right ? So this whole amount or any portion of it can be withdrawn using Skrill/Neteller. it is that simple !
Invest only what you can afford to take a risk with. Do not invest any money taken via a loan or any money that is for your day to day living expenses as Forex is a high risk and high reward type investment.
Also refer Money Management for Forex Trading article for better trading experience.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK.