Step 1 is to register and select your preferred trading platform.
Open an account on the platform that suits you best. If you are new to trading, it is recommended to start with a demo account so you can practice without risk.
During registration, you will need to choose your leverage level and the base currency of your account.
If you are unsure which account type to choose, you can review a detailed comparison of the available platform account types to help you make the right decision.
Step 2 is to select the asset type or specific instrument you want to trade.
Decide which markets or instruments you plan to trade and ensure you are familiar with their specifications and trading conditions.
Review contract specifications and execution terms so you fully understand how trades will be handled before placing any orders.
Step 3 is to determine the direction of your trade.
Place a buy order if you expect the price to rise, or a sell order if you believe the price will fall.
This decision should be part of a clear trading strategy, whether based on fundamental analysis, technical analysis, indicators, automated systems, or a combination of approaches.
As an alternative, you can place pending stop or limit orders that automatically open a position once the market reaches a specified price level.
Buy and sell stop orders are used when price continuation is expected, while buy and sell limit orders are used when a price reversal is anticipated.
Stop loss and take profit levels can also be added to pending orders to manage risk and potential returns before the trade is triggered.
Step 5 is to define your stop loss and take profit levels.
Stop loss limits potential losses, while take profit secures gains once price levels are reached.
These levels can be set when opening a trade or added later, and are recommended if you cannot monitor the trade continuously.
Stop losses use market execution and do not guarantee execution at the exact specified price.
Step 6 focuses on monitoring your open position.
Unrealised profit or loss can be tracked in real time across desktop, web, or mobile platforms.
Buy positions are affected by bid price movements, while sell positions are affected by ask prices.
Maintaining discipline and following your trading plan is essential for long-term success.
Step 7 is closing the position.
Trades can be closed manually or automatically through stop loss, take profit, stop out, or contract expiry for futures.
Once closed, profit or loss is immediately applied to the account balance.
Step 8 is reviewing the position.
All closed trades can be reviewed in the account history section, showing full details such as position size, direction, prices, profit or loss, and charges.
Trades are assigned unique order numbers, and trading statements can be generated to provide a complete overview of account activity.
