Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,153,141 members, 7,818,432 topics. Date: Sunday, 05 May 2024 at 03:35 PM

Do It Yourself FOREX Trading Course FREE - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / Do It Yourself FOREX Trading Course FREE (41305 Views)

China Importation Training Course-free Info Inside! / HELP! !!how Can I Invest With My Liberty Reserve Cash Apart From Forex Trading? / !!b!!!!!!!bbbb!!!!!!!bbb (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) ... (17) (Reply) (Go Down)

Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 10:30am On Jan 21, 2013

Wow, all I typed gone.. shocked
Re: Do It Yourself FOREX Trading Course FREE by Manutd19: 10:57am On Jan 21, 2013
Well that's the problem with most nigerians. Always thinking a good advice is a bad one. This is Surveycash's Thread for FX free course if am not mistaken. Why should someone come in and start making trade calls? AM sure he has hi own thread, he should go there and post and go follow him there. Just let us know when you are down of ......Nothing against Felix, He may be a good trader but isn't someone you can call a good forex money manager
Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 12:04pm On Jan 21, 2013
Lesson 5: Forex Terminologies cont'd

Leverage - This is the amount of borrowed money in multiple of the trader's deposit to enable him/her trade bigger lot sizes. This is one of the reason that makes forex attractive to small investors because with your $50, you can control positions that a $10,000 trader control. Leverage is a double edged sword. It could make or mar you. There are different leverage sizes available at a trader when opening an account. The chosen size depends on the traders risk tolerance level.

Examples leverage sizes include 1:1, 1:5, 1:100, 1:400, 1:1000 etc. With your $50 account, you can trade currencies worth $10,000 if you choose a leverage of 1:200 (i.e $50 x 200).

In previous discussion, we explained PIP as unit of measurement in fx and lot as the quantity of currencies to be traded. Now the question is "What Is The Value of a PIP?"
The value of a pip depends on the quantity of currencies (lot) you are traded and the type of currency. Generally, on a standard account, a pip is equivalent to $10.

For example, if you BUY GBPUSD @ 1.5862 and the price rose to 1.5882 (20pips), you make $10 x 20 = $200. Consequently, if the price fall to 1.5842 (20pips), you lose $10 x -20 = -$200. The effect of the loss depends on the size of your account. If you over-leverage your account, then you may be unable to last long in this business. Note, the most important thing when new in forex is capital preservation.

The example above is given based on 1lot. If it were 2lots, multiply the profit/loss by 2 etc.
Lot is just like units of share in stock market. Your profit/loss depends on the unit of shares you have in your portfolio.

See more pictures below;


Fig 2: Price Value of a PIP for different account


Fig 3: 20 PIPs value for different account

Exercise 3;

You bought GBPUSD at 3 instances
a. bought 2 lots @ 1.5872 and closed @ 1.5892
b bought 1 lot @ 1.5892 and closed @ 1.5852
c. bought 0.5 lot @ 1.5972 and closed @ 1.5892

1. Calculate the number of pips in a,b & c
2. What is the profit/loss in each case
3. Determine the aggregate profit/loss for all the trades.

Pls show your workings.
Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 2:05pm On Jan 21, 2013
Lesson 6: Forex terms cont'd

In this class, we will be looking at some of the important cooncepts in forex - Support and Resistance.

Support and Resistance.

A support is a price level where price is having difficulty falling below the level. Whenever price reaches the support, it reverses and start moving upwards.

Similarly,
A resistance is a price level where price is having difficulty rising above it. Whenever price reaches the resistance it reverses and start moving downwards.

Support and resistance is one of the most widely used concepts in trading. Strangely enough, everyone seems to have their own idea on how you should measure support and resistance.


Fig 4: Price Pattern showing support & resistance lines SOURCE: Babypips

Look at the diagram above. As you can see, this zigzag pattern is making its way upwards. When the market moves up and then reverses, the highest point reached before it reversed is now resistance.

As the market continues up again, the lowest point reached before it started reverses is now support. In this way resistance and support are continually formed as the market oscillates over time. The reverse is true for the downtrend.

In summary,


Fig 5: Forex Prof. teaching support & resistance SOURCE: Babypips


When the market moves up and then pulls back, the highest point reached before it pulls back is now resistance.

As the market continues up again, the lowest point reached before it climbs back is now support.

One thing to remember is that horizontal support and resistance levels are not exact numbers.

To help you filter out these false breakouts, you should think of support and resistance more of as "zones" rather than concrete numbers.

Another thing to remember is that when price passes through a resistance level, that resistance could potentially become support. The same could also happen with a support level. If a support level is broken, it could potentially become a resistance level.

Other interesting facts about support and resistance:


1. When the price passes through resistance, that resistance could potentially become support.

2. The more often price tests a level of resistance or support without breaking it, the stronger the area of resistance or support is.

3. When a support or resistance level breaks, the strength of the follow-through move depends on how strongly the broken support or resistance had been holding.

3 Likes 1 Share

Re: Do It Yourself FOREX Trading Course FREE by noholdsbarred(m): 3:27pm On Jan 21, 2013
Nice thread!

1 Like

Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 9:21am On Jan 22, 2013

Good morning all,

I will like to hear from you - comments, observations,recommendations, anything that will move us forward. How I wish the mod can frontpage this. We need to recruit at least 10,000 live traders off the street.

Success is a collective effort. Together everyone achieves more (TEAM)

3 Likes

Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 9:23am On Jan 22, 2013
noholdsbarred: Nice thread!

Thanks
Re: Do It Yourself FOREX Trading Course FREE by instaforexngr(m): 12:46pm On Jan 22, 2013
its good that we have a thread like this one, to enlighten traders who are just beginning trading of forex.
Though i would advise anyone who is interested in trading forex fully as a professional to go and get a proper one on one trading from an expert trader or investment economists.
Trading on the financial market requires lots of practise and demo trading under the physical guidance of a mentor or trainer.

Except if you have to loose lots of money before getting it right.

Am not in any way saying you should discard the online training, as it is going to be beneficial if and when you have gotten a basic and practical feel of the market.
I have been offering one on one forex trading education to people for the last couple of years and would also advise those seeking to get a practical and advanced experience of the market to go an adequate forex training.
I can be reached via:
info@forextrading23.com

1 Like

Re: Do It Yourself FOREX Trading Course FREE by cashkid: 2:31pm On Jan 22, 2013
surveycash:
Good morning all,

I will like to hear from you - comments, observations,recommendations, anything that will move us forward. How I wish the mod can frontpage this. We need to recruit at least 10,000 live traders off the street.

Success is a collective effort. Together everyone achieves more (TEAM)
[color=#990000][quote author=surveycash][color=#006600]
Good morning all,

I will like to hear from you - comments, observations,recommendations, i thnk u are trying as much as possible to make everytin as simple as possible and this has greatly increased the level of undrstandin and assimiltn of al u are teachn.i must also commend u on exercises u always gv at d end of every class,i tnk is going a long way to enable us personally assess ourselves.the last one u gave, i personaly solued it and even posted it here bt i wuldnt knw the reasn why it is hidden. kudos to u bro!

1 Like

Re: Do It Yourself FOREX Trading Course FREE by presiade(m): 9:38pm On Jan 24, 2013
Kudos @Op. What's happening? Why the break in transmission?
Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 7:50am On Jan 25, 2013
presiade: Kudos @Op. What's happening? Why the break in transmission?

Sorry for the break in transmission. I'm preparing my lesson note. wink

1 Like

Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 9:28am On Jan 26, 2013
Lesson 7: Opening a Forex Account

In today's class, we are going to be opening a forex account. We are going to be very fast as we already missed some periods. So listen attentively and take down the following points in your notes.

Types of Forex Account

To open a trading account, we need to know the types of accounts available. There are basically two (2) types of forex accounts. They are;

1. Demo account - This is a practice account given to the trader by the forex broker to learn the ropes of forex trading. The broker funds the account for you with virtual money to a tune of $100,000. This money is virtual and profit made cannot be withdrawn just as loss sustained will not be repaid to the broker. It is meant for the sole purpose of practice to understand the platform and trading in general. This type of trading where no real money is involved is also called "paper trading".


One mistake most newbie traders
make is opening a demo account with amount they cannot afford to trade with in real account. This is a big mistake. You should always open a demo account with the amount you wish to start real trading. In other words, if you wish to start forex trading with $100usd, then your demo account should also be $100usd.


2. Live Account - This is account as the name connotes is opened for real trading with real money. To operate this account, you need to fund it with the amount you wish to invest in forex. The question is "How much should you invest?". Forex is a business and the amount you wish to invest depends on you. But, never ever invest an amount you cannot afford to lose. Don't also trade forex using borrowed money as those are the recipes for failure in forex trading.

On the trading platform, demo and real accounts are the same - same indicators, charts, currencies etc. The only difference between the is that while demo does not require your real money before you can trade, the live account requires that you make deposits before you trade.

Another difference is emotion. Traders are always hesitant to place trade in their live accounts because of fear of losing their money. This is why most do better in demo than in the real thing. Fear is just False Expectation Appearing Real. If you can remove fear and play by the rules, forex is easy and simple.

We are going to start by opening a demo account then the real account in your 300L in forex 301 course. grin grin


Opening a demo account - step by step

As earlier discussed, forex trading is conducted via forex brokers. These brokers provide us with tools needed to analyse, forecast and trade the forex market. There are many forex brokers e.g north finance, node fx, xemarkets, fxopen, liteforex, acm gold, alpari, intaforex, marketiva etc.

For the purpose of this class, we are going to be engaging the services of Insta forex. Take a minute to check out their site http://www.instaforex.com/index.php and come back here.

Step 1 - Download the MT4 platform by clicking here
[URL=http://www.instaforex.com/downloads/itc4setup.exe]Instaforex setup.exe[/URL].

Step 2 - Locate where the software is downloaded on your computer. Double-click to open


Step 3 - Follow the illustrations below to continue;







If it requests for server name, please cancel and continue








Fill the form with your details. In the deposit field, click once. How much do you want to start trading with? Type the answer there and click next.









We have come to the end of forex 101. We'll be starting forex 201 soon but before then, please drop your questions here so we could trash them before we proceed. If you are yet to register for this class, please do now. Very soon, only registered students may be attended to.. wink

3 Likes

Re: Do It Yourself FOREX Trading Course FREE by samfaj(m): 11:40am On Jan 26, 2013
@op, gud work...thanx 4 d lectures...gettin myself 4 d next lecture...Thanx
Re: Do It Yourself FOREX Trading Course FREE by cutisman50: 10:05pm On Jan 26, 2013
@op, thanx 4 d gud work
...gettin myself ready 4 d
next lecture...may God continue to empower u & give u more foresight
Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 7:18am On Jan 27, 2013
cutisman50: @op, thanx 4 d gud work
...gettin myself ready 4 d
next lecture...may God continue to empower u & give u more foresight
samfaj: @op, gud work...thanx 4 d lectures...gettin myself 4 d next lecture...Thanx

You are welcome. Have you downloaded the platform? Any difficulties? Please, invite our friends here so they dont miss out.

Thanks
Re: Do It Yourself FOREX Trading Course FREE by teeboy4x(m): 3:51pm On Jan 27, 2013
Thanks brov...guez it won't be dat difficult for me with my binary option experience
Re: Do It Yourself FOREX Trading Course FREE by cashkid: 4:43pm On Jan 27, 2013
@ surveycash,well bro, just downloaded everything but must tell you bro, it all looks like magic cant even comprehend anything there but hope everyb thing will be clear soon
Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 10:26pm On Jan 27, 2013
teeboy4x: Thanks brov...guez it won't be dat difficult for me with my binary option experience

Hmmn..not really the same.
Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 10:27pm On Jan 27, 2013
cashkid: @ surveycash,well bro, just downloaded everything but must tell you bro, it all looks like magic cant even comprehend anything there but hope everyb thing will be clear soon

By God's grace,everything will be clear sir. Just stay tuned.
Re: Do It Yourself FOREX Trading Course FREE by BelloSKK: 11:49pm On Jan 27, 2013
Dr Eva: Nice work! I trade fx too and there are alot of things nigerians don't know about fx. Let me first warn speculators "If you have never trade Fx before don't start because of this thread, go to a professional school and learn or get an experienced coach else you will cry!" Fx is meant for people with xtra cash, the irony of it all is that " I make more money without trading than trading myself". The internet network in nigeria is not favourable for fx, if you wish to trade yourself then buy "IZONE" good robots too are rear to find, expensive to acquire & difficult to operate. With over 5 years of personal experience, i have come to discover that; Online trading
& investment is the secrete but don't you ever get involve in
HYIP, i.e. any program that gives you a fix ROI. Invest with programs that pay base on performance if you are really interested in changing your lifestyle today, contact me via
broeverest@gmail.com in that regard for free mentorship & i'll be glad to drink with you.
Pls, why won't you share it here for every body to benefit from your wealth of experience?
Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 12:45am On Jan 28, 2013
BelloSKK:
Pls, why won't you share it here for every body to benefit from your wealth of experience?

Good question..

1 Like

Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 8:05am On Jan 28, 2013

Please, if you have downloaded the platform, signify so we can proceed. I draw inspiration from knowing that people are actually following this class.
Re: Do It Yourself FOREX Trading Course FREE by samfaj(m): 8:28am On Jan 28, 2013
@OP, my MT4 platform is fully installed...let's roll on...Gud work...!!!
Re: Do It Yourself FOREX Trading Course FREE by piphacker(m): 8:46am On Jan 28, 2013
@surveycash, good work here.
Re: Do It Yourself FOREX Trading Course FREE by blackknight: 12:29pm On Jan 28, 2013
@surveycash, God bless you real good for this selfless gesture. MT4 platform installed, all good and ready for lectures grin
Re: Do It Yourself FOREX Trading Course FREE by surveycash(m): 4:02pm On Jan 28, 2013
Lesson 8: Understanding Meta Trader Four (MT4) platform

Since you all have your MT4 platform (Insta Trader), we can go ahead to explain what it does. Without much ado about nothing, let's all launch the platform so we could study it together.

To launch/open Insta Trader,
1. Go to[b] Start >> All Programs >> Insta Trader[/b]


[size=14pt]or[/size]

2. From your Desktop, double Click on the Insta Trader icon.


Either way, you should have the Insta Trader launched as shown below


chart

At the bottom-right, you can see "No connection". This means that the chart is not yet connected to the internet and price have not been updated. Once connected, you will see green/brown or green/blue colour depending on the strength of our ISP. Once connected, you will hear a sound 'gbannnnn'... grin grin

That said, let's take a look at the anatomy of the platform

1. Title Bar -



The title bar carried basic information like the trader/s account number, the broker's name, the type of account (demo or real), the currency pair in view and the period (1M, 5M, 1HR, 4HR, D1 etc)
The 60397814 is my account number created for Surveycash

2. Menu Bar -



This contains items like file, view, insert, charts, tools and windows. If you click any of this, a menu pops up to select an item. We are going to be using the INSERT menu item. Click on it and tell me what other items you see under it.

3. Shortcuts -



As the name suggests, this is a shortcut to menu items such as the arrow, cross hair, horizontal and vertical lines, M1,M5,M15,M30,H1,H4,D1, New Order, Zoom, Period, Template etc. We are going to be using the template and period icons soon. Roll your cursor on each shortcut to see its name. Can you name other items I did not mention here?

4. Market Watch -




This is a window that displays the market time of the broker and all the tradable currencies. You can scroll down to see all of them.
Question: can you trade gold or silver with Insta Trader?

5. Chart Area



The forex chart is basically a price vs time chart. It shows the change in price of a particular currency pair with changes in time. In forex, this is where we do our analysis. We use the chart to predict where price will be in the next 5mins, 30mins, 4hrs or even months. This will inform our decision to buy/sell a particular currency. We will discus Analysing The Forex Market as a whole chapter in due course. For now, just know that we use the chart to forecast the price of a currency.

In the above chart area, you can see there are 4 open windows for different currency pair - EURUSD, GPBUSD, USDCHF, USDJPY

You can maximize a window so as to see it clearly. Click the maximize icon to enlarge the window for EURUSD chart as shown below

Maximize charts


A maximized EURUSD chart


6. Currency Tab - This displays all the currency pairs that are currently opened. You can minimize/restore the tabs just as you do for your windows on the taskbar of your computer.

7. Terminal -




This is a window that gives other information like Trade, Account History, Alerts, Mailbox, Experts, Journal
Trade shows all the current trades running
Account History - This shows your acount statement just like your bank statement
Alerts - shows alerts for opened charts
Journal - keeps history of events

With this, we have come to the end of today's class. In our next class, we will be discussing How To Analyse The Forex Market
Re: Do It Yourself FOREX Trading Course FREE by BelloSKK: 8:56pm On Jan 28, 2013
2sexy: bros, he does not mean FREE ooh because i KNOW when some talk like that, Nigerians will want to get info FREE and let me tell you, he is not cheap... if you can afford him, good.
2sexy, please, I don't understand, could u shed more light about your response?
Re: Do It Yourself FOREX Trading Course FREE by Hardetutu01(m): 9:19pm On Jan 28, 2013
Mr Felix,pls ma question is this:Is Liteforex a gud nd reliable broker to trade with?
I'll be glad 2 receive ur reply.

1 Like

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) ... (17) (Reply)

CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles" / Long Queues As Residents Rush For New Naira Notes In Kano (pics) / CBN Bans Over-The-Counter Withdrawal Of New Notes

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 88
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.