How to Open a Trade
The term ‘CFDs’ can be explained in the following way. Instead of taking physical ownership of an asset, you speculate on the changes in price movements between when you open and close your trade.
Traders usually pick an underlying asset that they are familiar with (you can learn more about assets in our asset index section); they then decide whether the price of the asset will go up (BUY), or down (SELL).
Market orders: These trades are placed at the current market rate.
Limit orders: These trades are set up to go into effect once the asset reaches a certain price.
Stop orders: These trades are set to close once a predetermined price has been reached. This is mostly used to limit losses or capitalize on gains.
Now it’s time track your progress. The Forex market is volatile, and you may see a lot of ups and downs. What matters is that you continue doing your research and sticking with your strategy.