GUIDE TO FOREX TRADING VOL.1 | Daksh Murkute | Skillshare

GUIDE TO FOREX TRADING VOL.1

Daksh Murkute

GUIDE TO FOREX TRADING VOL.1

Daksh Murkute

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21 Lessons (1h 25m)
    • 1. Introduction

      4:39
    • 2. What is Forex ?

      3:42
    • 3. How does the forex market works ?

      2:35
    • 4. Currency Pairs and quotation

      4:06
    • 5. Bid Rate, Ask Rate & Spread.

      3:40
    • 6. What is PIP?

      2:42
    • 7. What is Lot Size?

      4:51
    • 8. What is commission in forex?

      5:37
    • 9. What is SWAP?

      4:00
    • 10. What is Leverage?

      5:00
    • 11. What is Margin?

      2:52
    • 12. Resources you will need for forex trading .

      1:40
    • 13. Things you shoud know in a chart

      3:53
    • 14. Guide to MT4/5

      7:06
    • 15. Types Of Analysis?

      4:24
    • 16. Types of Trading Styles?

      9:07
    • 17. How to choose a good forex trading strategy?

      4:50
    • 18. How to Choose a Broker?

      3:11
    • 19. Things you should know before opening a demo account?

      3:10
    • 20. How to open a Demo account?

      2:47
    • 21. IMPORTANT MESSAGE

      0:45
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About This Class

In this class i will help you to get started with forex trading from scratch.

Learn about all the Basics of Forex Trading and Forex Market

You don't need to be a scholar or educated for learning forex, you just need to be hard working and patient enough.

I will explain each and every little basic of forex trading in the simplest possible way, So that you can understand it correctly and get started with forex trading.

So, if you want to learn forex trading then you can watch this 1st module.

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Meet Your Teacher

Hello, I'm Daksh. I am a Professional Forex Trader and founder of forex monopoly . I invest in real estate and travel around the world.

I have helped many people to transform their personal and financial Lives. 

 

See full profile

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Transcripts

1. Introduction : Hey everyone, my name is Dutch. For those who don't know me, I am a full-time professional Forex trader and investor. I'm also the CEO of forex monopoly and forex inner circle. I'm known for converting small accounts into big ones. And simple terms people know me because of my skill of doubling or even tripling my trading account or investment in matter of weeks. In the past, I have grown my $200 trading investment into $4 thousand and my $5 thousand account into $45 thousand. I've done this multiple times in the past. I was able to achieve all these results through for extending the forex market is the largest financial market in the world. For x is a multi-trillion dollar industry. I think I forgot to mention. 4x IS a multi-trillion dollar or day industry. Yes, RD. This is how huge for exchanging s. That's why forex is the largest financial market in the world. I still remember the day when I was introduced to this amazing industry. I was in my college and I was looking online for ways to make money. So i came across folders. There were things that really impressed me and made me start Forex trading. Things like laptop and internet connection. You can get started with a laptop and internet connection. Freedom for exceeding provided me with the freedom to work anywhere I want and whenever I want. I was not restricted to work at a specific place or at a specific time. Money. I know v all for the same reason. To make money. I saw that fully threading highland extremely high potential for making money pipeline. I was a student at that time. I was searching for something that I couldn't do part-time and for x can be done by them. At that time. I didn't know that this would turn out into a full-time profession. Now, in this class, I'm going to introduce you to the industry and help you get started with it. When I started learning about forex trading this there was very little information about forex on the internet. And the information which was available online was very difficult and complex to understand. For a beginner in the Forex industry, there was a lot of misinformation about forex on the internet, which made me lose a lot of money. But you don't have to worry about it. This course is designed in such a way that you'll be able to go from a complete stranger to 4X two and export in forex trading, AV combine everything you will need to know about forex in this course. But that's not at. I have explained each and every concept of Forex in the most practical and simplified manner so that you can understand the complex topics of forex easily. After this class, you will be able to understand the forex market, understand how the forex market works, and why does the price of the currency changes? You will be able to master all the basics of forex, use the software required to trade in for X, you will be able to start your trading account and choose a proper broke. This is a complete guide for anyone who wants to get started in forex, but that's not it. I've also included a video that will help you choose the right reading styles according to your personality, need n time. Choosing the right reading style is very important for anyone. I have never seen people or traders talking about it. This video will help you choose the right trading style for you and will also help you start in the right direction. This course includes all the important skills, knowledge, facts, information that you will ever require to get started with 4X. One more thing I would like to add, I will be always here to help you. If in case you have any questions regarding any topic in my class, I will be always easier to clear all your doubts personally so that you can get the best of this whole glass. So without wasting any time, let's get started. 2. What is Forex ?: Hello and welcome to this video. In this video, we will learn what is forex. Forex basically stands for foreign exchange or exchange of one currency for another currency. Now, let us try to understand this. In today's world, different countries and every country has its own currency. Now, these currencies have their own value depending upon the economy. Like if a country's economy is strong, its currency will be strong. And if a country's economy is weak, then its currency will be vk. Let's say you want to change your country's currency for another country's currency. So when you do so, you have to give an equivalent amount of the currency one. And now, when you are exchanging one currency for another currency, that is called as foreign exchange or for x. Let us take an example of this. Let us say you live in India and you've won a trip to the USA, which is fully paid, but you thought that you will require emergency funds. So for that, you went to the exchange office and asked about the exchange rate of US dollar. So at that time, one US dollar was equal to 70 rupees. So you gave them 70 thousand rupees and got 1 $1000 in return. Now, you vent to the trip, enjoyed it for a few weeks, and then came back. But when you came back, you still had that 11000 USD left with you. So you again went to the exchange office. Who action that 11000 US dollars to IN0. And this time they gave you 72 thousand rupees. This major window. That last time venue got 11000 USD. You paid only 70 thousand rupees for them. But this time when you actually goes 1 $1000, you got 72 thousand rupees. That is, you got 2 thousand rupees extra. So how is this possible? This was because while you were enjoying in the USA, the US Dollar got stronger. And the new rate of USD was one US dollar is equal to 72 degrees. Due to this, you had a profit of two rupees per dollar and a total profit of 2 thousand rupees on 11000 US dollar. Now, in the same way, there are different countries in the world and each country has its own currency. And the rate of these currencies fluctuate every day. So in forex, you can buy and sell different currency pairs like this and non-profit from it. You just have to predict if the currency you are buying will get stronger with the time and the currency you are selling will get weaker bedtime. And luckily, you don't have to go to the exchange office every day. You don't even need to have an office for it. Nowadays. You can trade forex from any corner of the world. Even while traveling. You can directly trade forex from a laptop or smartphone with the help of internet connection. Now let's look at some facts about for us, there are eight major currencies in the Forex market. Us dollar, Japanese yen, Swiss Franc, New Zealand dollar, Australian dollar, Canadian dollar, Great Britain pound, and the euro. The forex market has a daily trading volume of around 6 trillion US dollars. Yeah, we are talking about 6 trillion US dollar or d. You can imagine how big the market is. So that's all for this video. See you in the next one. 3. How does the forex market works ?: In the previous video, we saw what is forex market? Now, many of you must be wondering or thinking, How does the forex market work? Like widens the value of currency change from time to time. Well, few factors influence the value of our currency. And due to this, the value of different currency change from time today. Now, out of all the other factors, there are three major factors that causes the value of the currency to change from time to time. The number one is traders, the banks, and the fundamental news. Now, how do these factors affect the market? The first one is the traders. There are three different types of people who fall under this category. Number one is day traders, number two is swing traders, and the last one is positioned readers. Now the traders basically react to supply and demand areas because they feel that this level is important. Now, what drives the forex market is the volume, the party which has more volume, drives the market in their direction. Let's say at some point buyers are more in quantity than the sellers. Then the buyers will push the market of the pi t, which has more volume, has the momentum of the market with them. So there are different levels of supply and demand wisdom traders react to. This causes the momentum change from time to time throughout the forex market, and hence caused the price of the market to constantly change. Now, how do the banks affect the forex market? The banks or the positional graders basically changed the main trend of the currency pair. They enter the market in very specific areas and drive the market in their direction. The third one is the fundamental use. Now, every country has the economical data. This data tells us that if the country's economy is getting stronger or weaker, Now, if the economy of the country gets vehicle, then the currency gets weaker. And if the economy of the country gets stronger, that currency gets wrong. So every country has economical news scheduled throughout the month. When the news is released, it causes the short-term and sudden movements in the Forex market and cause the value of the currency to change. So this is how the entire forex market work. And to make money in for x, you just have to predict if the price of a certain currency is going to increase or it is going to decrease. 4. Currency Pairs and quotation: Till now we have learned what is the forex market and how does it work? And why learning that, I told you how you have to buy and sell currencies to make a profit in it. Normally, when we exchange our currency for another currency, we buy one currency and sell our currency. Like if you want to exchange INR for US dollar, technically, what you are doing is you are selling INR and buying USD. So in 4X, two currencies are paired with each other. And currencies are always created in pairs. For example, euro-USD, USD, JPY, et cetera. Now, there are different currencies in the world, out of which there are eight major currencies, like US dollar, euro, Japanese yen, British pound, Australian dollar, Canadian dollar, New Zealand dollar, and the Swiss franc. These major currencies and several other currencies together form pairs in the Forex market. And they all fall into three category. That is, major, minor, and exotic currency pairs. Now, out of these eight currencies, the US dollar is called the reserve currency of the world, as it is the most widely used currency. And almost every financial system accepts it when the US dollar is linked with it or paired with any other eight major currency. It is called as a major currency pair. For example, euro-USD, GBP, USD, USD JPY, and USD CHF, et cetera. The currency pair which does not include USD in it, is called as a minor currency pair. These pairs don't have USD imputed, but have the other major currencies involved in it, like GBP, JPY, Euro, JPY, et cetera. And finally, the currency pairs which include a major currency and currency of a developing economy like South Africa or India, called exotic currency pair. For example, USD INR or USD zed, AIR, etcetera. Now, moving forward, when you go and see afford X-chart or the market worthless section. It consists of a court with two currencies. As the currencies are always traded in pairs and venue by one currency, you automatically cell another currency. Like if you open a byte position on euro-USD, it means that you are buying euro and you are selling US dollar. So the first currency of the pair is called as the base currency, and the second currency is called as the quote currency. Like in the above example. In euro, USD, euro as your base currency, and USD is that for currency. Let's take another example. Like in USD, JPY, USD is you're forced currency. So the base currency is USD. Jpy is the quote currency. Now, every currency pair has its quarter value, and this is given right in the front of the currency pair symbol. For example, that current coordinate value of euro-USD is 1.17754. This value tells us the amount of quart currency required to buy the base currency. Like in the above example, the coordinate value of euro-USD is 1.775. For. This tells us that it will require around 1.7754 US dollar to equal one Euro, which is also the exchange rate of euro-USD. Let us take another example. The current quart of USD, JPY is 1-0, 5.85. So what this means is it will require around 1.8505 Japanese yen to one US dollar. I hope you understood everything clearly. F naught. Then feel free to ask me in the discussion. See you in the next video. Thank you. 5. Bid Rate, Ask Rate & Spread.: In the last video, I told you what our currency pairs and how to read the quotations of the currency or quote, price of the currency. When I told you about the quotation, you must have noticed that there were two prizes in front of the currency pair symbol. So why do we see two rates for a single currency pair? Like how can there be two different rates for a single currency pair? In forex, the rate at which you sell your currency is different than the rate at which you buy the currency. And those rates are called as the bit rate and the Ask rate. Let us try to understand what is bid rate and ask rate and also the purpose behind it. The bit rate represents the price that a dealer or the broker is willing to pay for a currency. While the asking rate is the price at which the dealer will sell the same guarantee. To understand this, let us take an example. Let us say you live in India and you are traveling to the USA. And for that, you have to exchange your INR, two US dollars. Let us say USD is the base currency of your glucose. So when you went to exchange your INR for US dollar, the broker will offer you a rate to buy your INR and give you the US rollers. This rate with the broker or force you to buy your INR is called as the Ask rate. Now, let us say after a few days, you came back from the USA and you still had few dollars left with you to exchange that dollar for INR. You again went to the broker. Now, this time, the broker will give you a rate at which he is willing to buy your US dollar and give you the INR. This rate is called as a bid rate. Now, always remember that in the Forex market or any normal exchange market, the asking rate will always be more than the bit rate. That is, the broker will sell is base currency for more value and will always offer less rate for buying the same base currents. The main purpose behind this is that broker earns money through this process. And the difference between the asking price and the bid price is the profit that the broker makes. And this difference is called as spread. For example, in this chart, euro-USD, the Bid rate is 1.7937 and the asking rate is 1.7958. So to find the spread, we just have to subtract the Bid rate and the asking rate. So the spread is 0.021 or two pips. To sum up, in Bid rate, the brokers cells is base currency and buys a variable currency. So the Bid rate is the price at which the broker cells is base currency. And this rate is lower than the asking rate and quoted on the left-hand side. And asking rate, the broker buys a base currency and sells a variable currency. So the asking rate is the price at which broker buys his base currency. And this rate is always higher than the bid rate and quoted on the right-hand side. And finally, the difference between the asking rate and the bit rate is called as spread. That's all for this video. Thank you. 6. What is PIP?: In the previous video, when we learned about the spread, we calculated that the spread with the broker will charge is in pips. But what up pips? The answer is simple. In forex, we measure all the profit and loss in pips. But why is that? So, why do we measure profit and loss and pips? Let us try to understand everything that you need to know about PIP. Now, as you know, there are many different currencies in the world, out of which data eight major currencies in the Forex market. So if a trader traits in any of the currency pair, is it easy or possible for him to remember every small value of every currency? No, it isn't. Therefore, to make it easy to calculate the price movement, a standardized unit was introduced and it was called as pip. So pip is nothing but the smallest measure of change in the value of the currency pair or one basis point. When papers not the only smallest measure. Later on, after few years, the pipette was introduced, which is a smaller value of the PIP or the fraction of Pip. On the screen you can see the Market Watch List section. Now you're in front of every symbol. There is a value, which is also called the quote. Here you can see that at the end of the quarter value, there is a small number. This number or value is called as pipette. And in forex, when we calculate, we have to exclude the value of p. Now, let us take some examples and learn how to calculate pips. Let us say USD CAD was at 1 w 0, then it moved to 1.3 for W. So now we can say that this pair move back 100 years. Now, let us take another example. Let us say USD JPY was at 1-1-0, 0.35, then it moved to 111100. This means that USD JPY did a movement of 65 trips. So you're, if you have entered a bitrate, then you would have had a profit of 65 trips. And if you would have entered a cell trade, then you would have had a loss of 65 trips. And the profit and loss are further calculated based on the lot size which you are using. 7. What is Lot Size?: From the beginning of our human civilization, we humans have assigned certain units to everything we buy or sell. Everything from gasoline to goal is measured in certain unit. And you have to buy or sell them in those particular units. Consider you go out to buy milk. How do you measure the quantity of milk you are buying? It is obvious you will have to buy it in terms of gallons or liters. In the same way. When you buy and sell anything in the Forex market, you do that in a unit called as a lot. In the Forex market, Lord is a unit in which traders buy and sell currencies. So there are different lot sizes and each Lord says, has a certain value assigned to it. For example, if you buy 10 thousand units of any currency, you have to use one mini lot sites. And based on this, you have profit and losses. There are four different types of Lord sizes. A standard Lord, many Lord, micro Lord, and nano log. So let's start from the standard load. One standard load size is equal to a 100 thousand units of any currency you are buying or selling. And one standard Lord says is denoted by 1. So if you open a trade with a lot size 1, it means that you are buying a 100 thousand units. For example, you open a bitrate on USD JPY, but a lot size of 1 or a standard load. That means you have bought a 100 thousand units of US dollars. Now, when you use one standard lot size, every Pip is equal to $10. So this means if you open the bitrate with one standard lot size and you had a profit of a 100 pips on that trade. Yeah, you will have a total profit of $100 has width one standard lot size one pip is equal to $10. Number two is mini lot size. One mini log size is equal to 10 thousand units of currency you are buying or selling. This means that if you are opening a trade with a lot size of 0.10, then you are buying or selling 10 thousand units of that currency. For example, if you open a bitrate on USD JPY with one mini Lord, This means that you have bought 10 thousand units of US $1.1 mini lot size is denoted by 0.5.0. In one mini lot size, one pip is equal to $1. So this means that if you open a bitrate with one monologue and you had a profit of 100 pips on that trade, you, you will have a total profit of $100, as with one mini Lord says one pip is equal to $1. Number third is micro Lord. One micro lot is equal to one hundred, ten hundred units of the currency you are buying or selling. This means that if you are opening a trade with a lot size of 0.01, then you are buying or selling 11000 units of that currency. For example, if you open a bitrate or USD JPY with one micro Lord says, This means that you have bought 11000 units of US dollars. Micro Lord says is denoted by 0.01 and you're one pip is equal to $0.10. So this means if you open a bitrate with one micro Lord says, and if you had a profit of 100 pips on that trade year, you will have a total profit of $10, as with one micro lot, one pip is equal to $0.10. The fourth and the last is nano Lord. One nano lot size is equal to a 100 units of the currency you're buying or selling. This means that if you are opening a trade with a lot size of 01001, then you are buying or selling a 100 units. The currency. For example, if you open a bitrate on USD JPY with one nano Lord, This means that you have bought a 100 units of US $1.1 nanomolar is denoted by 0.001. Yup, one pip is equal to $0.01. So this means if you open a bitrate, vet one nano Lord says, and you had a profit of 100 pips on that grade year, you will have a total profit of $1 with one nano lot size, one pip is equal to $0.01. That's all for this video. Thank you. 8. What is commission in forex?: When it comes to doing business, no matter what kind of business you are doing, it is very important for you to understand every aspect of it. You cannot be successful in any business if you don't know how much money you need to invest, and why do you need to invest that money? In business, you have to keep a count on every single penny you have invested and know its importance. Forex trading is also a business and every small penny matters over your many Forex traders don't give much importance to the Commission's. They have to give on every trade. Maybe because they don't know or don't have an idea about how important it is to manage the commissions. But trust me, it is very important to keep commissions under consideration while placing our grade. In this video, we will learn about every single detail about the commission. So let us start by understanding what is commission in forex trading. Whenever you buy anything through amazon.com, they include their fees into it. Or if you buy anything from Walmart, they have debt commission's included in each of their products. So why do they do so? Yes, both of them are businesses. And to run a business, you have to earn money through the services that you provide. In the same way when you buy or sell currencies in the Forex market. You do that through a broker. This broker provides you with different services and even allows you to trade from anywhere around the world, just from your laptop or smartphone. Well, when they provide you with such grid services, isn't it obvious they will need money to keep the business running? Because in the end, let us business, not a charity. So the broker charges you better transaction free whenever you open a trade. And that phi is called as commission. So the more you iterate, the more money you're Forex broker mic. Now, when you first tap your foot into forex trading, while finding a reliable and regulated broker to open an account, you will see a lot of glucose claiming to give you 0 commission accounts. And it will make you wonder how and viable a broken NORC child, any commission from you. It may also make you think that the broker is not regulated, then is going to scam you? Well, they're not going to scam you. Regulated brokers do provide a 0 commission account, but that is a catch entered. There are different ways by which glucose charge you a commission. Let us try to understand how do glucose charge commissions. There are two ways by which the broker charges are free from you. The number one is through normal commissions and the number two is to spread commissions. Now, when you first open a grade, no matter you buy or sell, the first thing that the broker will charge from you is that commission for that transaction you just meet. It is very important to know that the Commission is forced data from your equity and not from your balance. And why I am telling you this is because it has a psychological effect on the way you take your next trade. Every broker has its commissioned charges mentioned on the website. This condition charges are based on the number of units you buy or sell. The Commission mentioned on the websites are generally based on 100 thousand units and vary from lot size to lot phase. These commission can vary anywhere between $0.50 to $7 or even more, as it depends upon the glocal you are using. Now, broker also charging commissioned through spreads. The moment you enter a grade, no matter you buy or sell, your trade is always open a few pips above or below your level. And that is the reason you see your trade in a lost whenever you open it. This is because your broker charges you with some amount of spread. And thus spread is nothing but the difference between the asking price and the bid price. Now, referring brokers provide different spreads and based on that, your commission is calculated. For example, let us consider your broker provide spread of one pip on USD JPY. Now when you buy or sell a 100 thousand units, that is what a lot size of 1 of that currency pair. You will instead see a loss of n dollars. This $10 is that commission discharged from you via spread? And no matter what is the outcome of your trade, that amount is charged from new venue closed a trade, this type of condition that the charge via spread various concerning the currency pair knew our trading as different currency pairs have different splits and it also varies by the Lord says you are using. So when you see a broker claiming 0 commission account, this means that they won't be charging you the direct commission, but they will charge you based on the spread. I hope you understood the concept of commissions clearly. See you in the next video. 9. What is SWAP?: In the previous video, I told you about commissions. And commissions are the fees that your broker charges from you? Well, there is one more which are Grochow will charge you. And it is called as swept Vi. Whenever we borrow money from someone, we have to give them an interest. And when we learned amount to someone, we have to charge an interest on the loan amount. Now, consider, you have a friend named Ben, and you borrowed $100 from a friend named Dan at an interest of 5%. What you did is you deposited that amount in the bank when the bank is going to give you 4% interest on that 1 $1000. So in this case, you have to pay 1% to your friend as the difference between the interest rates of both the bindings. Now suppose Ben gave you 1 $1000 loan at a rate of 4%, and you deposited that money into your bank and your bank gave you an interest of 5%. So in this scenario, you will receive 5% interest from the bank, out of which you will give 4% to Dan, and you will be left with 1%. So the swipe fee votes in the same way. Forex market that swept free is the difference between the interests of two countries involved in a currency pair. Whenever you hold our trade overnight, you are charged with or paid an interest. And that is called SQL. In more technical terms, swap is a charged or interest which your broker charges or pays you for holding trading positions or night to the next Forex trading day. The broker charges or pay a specific amount of commission, depending on the interest rate difference between the two countries involved in the transaction on its direction. That is, if you are buying or selling and the quantity or the number of units you are buying or selling. In a more simplified way. Whenever you hold a great overnight, your broker charges you with coffee or pays you interest for that grade. If the broker will charge you a fee or PDU, the interest depends upon certain factors, like number one, the currency pair you are dealing with. Number two, your account's currency. Number three, interest rates between two countries, currencies number for the direction of your trade, whether you're buying or selling. Number five, the number of units you buy or sell, and number six, the markup of your Grupo. Now let's try to understand how does web work or the idea behind sweat. Every currency in the world has its own interest rates. These interest rates are managed by the central banks of the respective country to which the currency belongs, and hence is used to manage the economy of the country. Like you must have seen that a different interest rate news going on in the Forex news section. These are the interest rates that are decided by the central banks of the respective country, depending upon the economic situations. So whenever you hold a currency, you get interest on it. Now, whenever you buy or sell anything in the Forex market, two different currencies are involved. Bennett. These currencies will have their own interest rates, right? So according to the rules, you can hold a currency for a day without any interest charge. But as the new trading day starts, you will be charged with, or you will get the difference in the interest rates of the two currencies you are involved with. And this is called as a swept feet. I hope you understood everything. See you in the next video. Thank you. 10. What is Leverage?: If you have a little idea about forex, then you must have heard that you can start your Forex trading from as low as $10. Or you may have seen people making thousands of dollars from the account as low as $50. So how is it possible with such a small account, you cannot even opened up trade with one micro lot. Then how is it possible? Well, leverage is the key to that. And in this video, I will tell you what is leverage. Leverage is nothing but the money which al Qaeda borrows from the broker to increase the profit potential. Let us try to understand this with the help of an example. Let us consider you find radio trading account with 1 $1000 and your broker provides, you know, leverage. So you have to trade with the leverage of one is to one. This means that with the 1 $1000 account, you can buy or sell only 100 units of any currency, pet, and you cannot borrow any money this time. Now, let's say 1000 units in USD, JPY. That means you use one micro lot size, that is 0.01. Let's consider you bought this 11000 unit for 1101000 and then the price moves to 1111000. This means that the price moved 100 pips and you had a profit of $10. As with one micro lot size, one pip is equal to ten sets. Now, let us consider you had a leverage of one is true, then this means that allows you to use ten times more money, which you have in your account. And your broker lets you control $1000, but you're 1 $1000 of comfort. So this time you can buy 1000 units in USD JPY, or use one monologue sites with the same account of 1 $1000. Let's consider U, what then 1000 units of USD JPY at the price of 1111000 and the place move to 111000. This means that the price moved 100 pips and you had a profit of $100. As with one milliwatt says one bit is equal to $0.10. So in simple terms, leveraged means borrowing from your glucose. That means if you have a $1 thousand account and a leverage of one is to ten, then you can buy or sell 10 thousand units or controlled $10 thousand from your account. And if you have a 1 $1000 account and your leverage is one is 200, you can buy or sell a 100 thousand units or control a 100 times more money than your account or use one standard lot size. Now, there must be one question that might be coming in your mind. Why does the Brooker let you borrow money? Well, that is a really simple and straight forward answer to that. Earns money when you read mode. And therefore, your broker wants you to create more. Also, the broker keeps your initial deposit aside and as soon as all your trades are in loss and that reaching the initial account balance, then the broker will not let the account go in negative and close all your tweets. For example, let us say you have an account of $1000 with a leverage of one is 200. Let us suppose you decided to open a bitrate with one standard lot size at the price of 111, and the price then move to 21101000. This means you had a loss of a 100. And with one centered lot size 100 pips are equal to 1 $1000. Now, Azure account wasn't a lot of money. $1000 in your account will get flushed or you will lose $100. So you can clearly see that leverage is a double edge sword, which means that it can help you make good profits, but it may also make you lose your account in a single grade. So data needs to choose leveraged perfectly. But the question is, what is the perfect leverage? All the professional traders use leveraged ranging from minus two, then 21 is 250. But that is also because of the big accounts sets. If you have an account size ranging from $50 to $5 thousand, then you can go for the leverage of one is 200. And if you have an account size greater than $5 thousand, then you can choose a leverage of one is to 50. Just make sure you don't risk more than three to 5% on your single trade. I hope you have understood what is leveraged. This is a little complex topic. So if you have any doubt, feel free to ask me. Thank you. 11. What is Margin?: Hello and welcome to this video. In this video, I will tell you what margin. Now, leverage is directly related to magic. And as in the previous video, we learned about leverage. Let us take a small recap about leverage and then we will move on to multi. So if you can recall, leverage is the money that a trader borrows from the broker to increase the profit potential. Now, there are different types of leverage, like one is to 101 is to 51 is 200 and even more. And what this means is, with a leverage of one is to ten, you can control ten times your account and vet one is 200 and you can control a 100 times the amount in your account. Now, let us say I have deposited 1, $1000 in my account, and the account leverage is one, is 200. So this means that I can control a $100 thousand from that 1 $1000 account and the total margin of my account will be 1 $1000 bike. Now, the margin used will depend upon the percentage of account I am using. For example, if the deck when $1000 account, I place a trade with one standard lot size, then my margin will be 1 $1000 as I am using a 100% of my article. So the simple definition of Margin is the margin is a good fit deposit that the trader gives to the broker to initiate our trade. Now, let us say you have deposited $2 thousand in the account, and the account leverage is one is to 100. So this means that you can control $200 thousand from that to $1000 account and the total margin of the account will be $2 thousand. Now, let us see, you decided to buy a 100 thousand units with your account, which means that you are using only 50% of your account in one trait. So now the broker will set aside 1, $1000 from your trading account, or 50% among off your account as a good trade deposit. Like in this example, I have a count of 1, $1000, and leverage on this account is one is to 100. So as an open country, but one standard Locke says, you can see the margin is 1 $1000. Now this time let's buy only 10 thousand units or use one mini lot size. So you can clearly see that monopolies are treated with one mini Lord size. The margin is now $100 or 10% of my account. Now, with these examples, it might be clear to you that margin is a safe deposit that your glucose set aside as you place your grade. So that's all for this video. Thank you. 12. Resources you will need for forex trading .: Hello and welcome back in this video, I will tell you the resources you will need to start for extremely. The first thing you have to do is that you have to install metal trader for on your smartphone. My trader four is a trading platform which allows you to operate from your smartphone. Now, once you have installed the app, open it. You will see a black screen like this. Now go to the settings and earn. Ask price lying and trade levels on next said the child load to look and mystics now which Elsie and date I will own. You are done with all the settings for the smartphone. Now, basically, I use this application only toe open, are closer trade I use a different platform for my forex analysts is as this application is not that easy to access for your analysts work. But if you want, you can use this application for both things that this place symmetry and for analysts work . The next thing you have to do is go toe trading you dot com and sign up. This is the platform where you will do all your forex analysts 13. Things you shoud know in a chart : Hello and welcome to this video. In this video I will tell you about a few things which you should know in the Forex chart. So this is trading view.com where I do all my technical analysis. I used trading will because it is very easy to use and has a very user-friendly interface. But lots of tools and indicators. Now, this is how afford X-chart looks. There are different types of charts available like bars, candle sticks, line charts, et cetera. When you use a line chart, whatever the movement going on in the market is represented by a line. Then the line moves up. It means that the price is moving up or the price is rising. And when the line moves down, it means that the prices moving down or falling in the same way. When you use a candlestick chart, the candlestick show the price movement in the market. Candle sticks, ADA, most preferred chart type for technical analysis. So let us learn about it. Or candlestick consists of two main parts, the body and the Vic, or shadow. This area oil is called the body and represent the opening brace and the closing brace of the candle. The wick represents the highest or the lowest point to which the price has moved. Like here in this candlestick, the body of the candlestick started from 0.10136 and ended at 0.09441. This means that the opening price of the candle is 0.01136 and the closing price is 0.094 for one year. You can also see the VIX candles have created. This tells us the highest price and the lowest price of the candle before it was completed. Now, if you have the charge on our daily citing, each candle represents 1B, with the opening brace being the first-price traded for the day and the close price being the last place traded for the day. Same way, if we move to afford our chart, one candle will take four hours to complete. And if we move to one our chart, one candle will take one hour to complete. Now, many of you may be wondering, why are there different colors to my candle sticks. Like some are white and some are black. Well, there are two types of candle sticks, bullish candlestick and the bearish candlestick. The candlestick which moves up is called the Bullish candlestick. Or when the price moves up, it is called a bullish price movement. When the price moves down, it is called bearish candle sticks, and the price movement is called a bearish price movement. Now, you can set the color of the candle sticks as per your need. In my chart. The white candle sticks represent the bullish price movement and the Black candle represents the bearish price movement. Now, moving forward, there are three different types of markets. Up lending market, or bullish market, downgrading market, or bearish market and the ranging market. When the price keeps moving up continuously for a few days, it is called an upper trending market or bullish market. When the price keeps moving down for a few days, it is called a downgrading OR bearish market. And when the price moves sideways, it is called arranging market. Like here, you can see that the price was continuously moving up. So this wasn't up trending or bullish market. Now you're the prices moving sideways, hence ranging market. And here the price was moving down and down, raining or bearish market. So these were a few basic things which you should know about anaphoric shot. Thank you. 14. Guide to MT4/5: To buy and sell currencies in the Forex market, you need a broker who allows you to treat. And then you need a trading platform from where you can directly please your trading orders. There are a lot of trading platforms available in the market from where you can buy and sell currency pairs out of all manner, trader is the most widely used and easy to use dating platform. Metadata comes and two variant and default and MD5. Most of them are similar to each other. It's just that md5 is an upgraded version of empty for water. I will label on backstop, smartphone and web widgets. In this video, I will give you short overview of this platform and will make you familiar with it. Okay, so this is the magnitude of five trading platform empty for and MD5 are almost similar in the interface. So if you are using military law for the things which I will tell you in this video will be the same for the MP4 trading platform as well. This is the market whitelist section where you can view charts of different currency pairs. You can also add more currency pairs to this section by clicking on the plus sign and then searching for that currency pair you want to add. Now, if you wish to bring any of the currency pairs to the Window section, just right-click on the PET, which you want to add. Then select the child window. The window will be added over your, you can shift between different charts from itself like this. If you want all the charts together on one screen, just double-click, you're moving forward. You can change between the line charts, bar charts or candlestick charts from this section. From here, you can zoom in and zoom out of the chart with ease. Now, as there are different timeframes, you can change the timeframe of the chart to just right-click, go to the timeframes and select which ever timeframe you want. This is the trade section where you can see your ongoing to it, your balance, as well as the history of your previous traits. Now, let us see how to open and close agreed to open a trade. You will see a box here. You can open a buy or sell trade from your itself. Just enter the lot size Z0 and click on buy or sell an option. For many of you, this box may not be available. For them. Just right-click on the chart and click on the one-click trading options. After you open a trade, if you wish to close it, you can directly do it from the grade section. Just click on the cross button. Now, there are various other ways by which you can open rate, like limit orders. Meta greater also offers radius tools for technical analysis, which is available on the toolbar. This is the process by which you can find different levels. You can also calculate, perhaps using this tool. For that, select the tool left click and hold on the point from where you want to start measuring the pips and then drag it. There are various other tools in this box, like vertical line, horizontal line, trend line, et cetera. And if you wish to add more tools, you can go to Insert, select objects and then choose whichever tool you want to use. Now, let us see how to add indicators to your child. Matter radar provides you a variety of indicators. To add an indicator to your chart, go to Insert select indicators. Now you're, there will be a variety of indicators. Choose whichever indicator you want to add, and then click on it. A box will pop up at just the settings according to your needs and then click on, okay. The indicator will be added to your chart. If you wish to remove the indicator, right click on the chart, go to the indicator list. And here you can select the indicator which you want to edit or delete. So these are the things that you will need to understand to get started with meta trade of five backstopped version. Now, let us go to MD5 smartphone virgin. Metadata five is a mobile trading platform that allows you to trade on the go. So this is the meta Trader five iOS version. On the screen you can see the quote, auction to the bottom left. This is the market worthless section. Here you will find the front currency pairs like euro-USD, USD, JPY, etc. Now, if you need, you can add another currency pairs to, for that, go to the search option to the top, then you can choose which ever path you want to add. An edge will be added to your watch list section. Now to go to any of the childhood windows, just patch on the currency pair and go to the chart. Now to the top left, you have the timeframe section by which you can change the timeframe of the chart. In the trade option, you can see your account balance, margin, equity, and also the ongoing positions. To the right, you have a plus sign from your you can open a buy or sell order, as well as set take profit and stop-loss. Now, just like the backstop version, you can use the indicator on a smart phone app as well. To add indicators to your chart, touch on F icon on the top. Here, you can add an indicator to the main window as well as the indicator window. If you want to add an indicator that is plotted on the chart or let say candle sticks. You can add it in the main window. And if you want to add an indicator which follows the price like RSI, then you will have to add that on the indicator window. Also, if you want to add an object, you can also do that by clicking on the object option on the top of the screen. Now, if you want to change the background of the chart or the types of the jug, double-tap anywhere on the screen and go to settings. From here, you can change the chart types. In the colored section, you can change the colors of the candles as well as the background. Finally, to add a broker or to login into your account, go to Settings, click on a new account, and search for your group. So these are the things that will help you get started that mattered later for Madrid of 540 stating, if you're a complete beginner, Thank you. 15. Types Of Analysis?: For this, traders use a variety of strategies and techniques to determine the best entry and exit points and timing to buy and sell currencies. Market MLS and traders are constantly innovating and improving upon strategies to devise new analytical methods for understanding the currency market. If you were to find out the total number of trading strategies are types that are a lot of them. Every other trader out there uses a different kind of strategy. But all the strategies fall under three types of analysis. Technical analysis, fundamental analysis, and sentimental analysis. In this video, we will learn about different types of analysis in forex trading. Number one is technical analysts. Technical analysis is one of the most widely used types of analysis in the Forex market. In technical analysis that traders study the price movement. There is a very old saying, but some of you must have heard. The saying is, history tends to repeat itself. In technical analysis, a person can look at historical price movements and determine the current trading conditions and potential price movement. Traders believe that all the current, previous and future market information is hidden inside the charts. And technical analysis is a way to be caught that hidden information, the person who uses technical analysis, who trade, is called a technical trader. Now, there are different types of strategies are not this kind of analysis, and there are different tools and indicators which technical traders use. Number two is fundamental analysis. Every country has different economic news shadow throughout the day. And this news directly reflects the condition of the economy of the country. As I told you earlier in this class, that the economy of the country directly affects the price of the currency and the currency pair. So if the country's economy is weak, that currency will be weak. And if a country's economy is strong, then the currency will be stopped. For example, let us say you are trading on USD JPY. You video for non-mental analysis and got to know that USD is going to get stronger and JPY is going to get weak. So what you will do is bitrate on USD, JPY. That is, you will buy US Dollars. So many traders use the news to do the complete analysis and predict if the economic or for country is going to go up or get strong or weak. So many readers use the news to do the complete analysis and predict if the economy of a country is going to get strong or weak. And based on this, they predict the future price movement in the Forex market. The traders who use fundamental analysis to place a trade appoint as fundamental traders. Third is Sentimental analysis. That are millions of readers out there in the Forex market. And every reader has its own belief and bias. Like at some point in the market, there are traders who buy and at the same point then our traders who sell. The outcome of whether price will move depends upon the number of buyers and sellers present in any market. Like at some point, if the buyers are more than the sellers, then price will move up. And if at some point the sellers are more than the buyers, then the price will move down. In the sentimental analysis that readers look for their data or what other traders feel about a particular currency pair. And then look out for what is the bias of most of the traders. If the buyers are more than they look for a buying opportunity. And if sellers are mood, then they look for a selling opportunity. That traders who use sentimental analysis is called as sentimental traders. Type of analysis is a very vast topic and involve a lot of other things. I tried My level best to give you a proper understanding of this. So I hope you have understood everything correctly. If not, then feel free to ask me in the comments section or the discussion. Thank you. 16. Types of Trading Styles?: Now that you have come this far and almost completed this class, you have all the knowledge you need for getting started with 4X. And the next thing for you to do is just look out for Forex trading strategy and give it a try. Also, I have classes on different strategies ready for you all. But before you go and just randomly select a strategy, that is one really important thing which you should know and do what's right. This thing is so much important that even now, I feel that if somehow someone would have told me this when I first started my afford externally, I wouldn't have wasted my first few years of forex trading Jodi. So the important thing which I am talking about is to select the perfect painting style. I know it doesn't really seem that important, but trust me, it is very important. Let me ask you a question. What if a horse decide to plot on a farm and a bullet decides to run in the race of horses. Well, that won't work out and the results will be great. Edo. That is what happened to me in my early trading. At the very beginning of my Forex trading career. When I first started out, when I first came across Forex trading, I had no idea about forex. I just bought a course which promised me to earn a lot of money from 4X. And the course was about scalping. So I started implementing the strategy, but even after working hard, I lost a huge amount of money with that strategy. And I had no idea why. I was not even aware that there are different styles in forex trading. As these past, I like the concept of earning money from a laptop and started pursuing 4X. So I researched and then bought different strategies from other successful traders. That was the time when I got to know that there are different reading styles in four days. And then I realized I was a horse who used to blow on a phone, or I was a bull who was running in the race of horses. I realized that I am doing one big mistake from the starting of my Forex trading career. And that mistake was choosing the wrong trading style. It was like I was a halls which was made to raise. But instead of that, I chose to blow on a farm. I wasn't doing what I was made for. This exact same thing has happened, but a lot of forex traders out there, even some of my students have gone through this. I don't want you all to move in the wrong direction like the rest of the bigness. So just stay with me as in this video, I will explain to you what are the different types of trading styles and how to choose the perfect trading style for yourself. Now, there are different types of doctors, like general practitioners, neurologist, surgeons, etc.. And then there are different ways to become a doctor based on its type. And each one has its own purpose. In the same way, there are different leading states for each one of us that are four main types of forex trading styles, scalping, day trading, swing trading, and position trading. Scalping is a very aggressive cleaning stain and a lot of risk involved in it. But then it has got great rewards to scalping isn't trading style enrich? Traders use one minute per 15 minutes timeframe to place a trade and profit from very small or minimum price movements. Scalper mix trades on smaller timeframes and get out within seconds. Minutes. In day trading, traders buy and sell currencies within the same day. That does, traders open and close their trade in a single day and no trade is held overnight. Degrading as a grading style in which the traders use 30 minutes to afford our timeframe to open a position and profit from medium price movements throughout the day. Now, talking about swing trading, swing trading is a type of reading style in which the trader opens a position and keeps a running for days or weeks until a straight potential is reached. So in traders mostly used for hour or higher timeframes to place our trade. And then position trading is that type of trading style in which traders open up position and keeps a running for weeks, months, or even years. Position trading is the same as that of investing. You need to do it for a long-term and be patient for your trade to work out. Imposition trading, you have to identify the long-term tens. Bees don't fundamentals of the currency involved in a currency pair. So these are the four different types of trading styles. Now, many of you must be thinking which one is the better trading styles. There is no such thing that a particular trading style is better than the average rating style has a different purpose and each one is suitable for different people with different personalities and other few things. So instead of searching trading style, which is best, it is important to know which trading style suits you the most. Like scalping is best for traders who can spend more time on charts and can make quick and difficult decisions without hesitating. Scalping also requires a lot of focus and concentration. So if you have what it requires, you can be a scalper. Furthermore, you get a lot of setups, white scalping. So if you are one of those impatient traders, ten, go for scalping. Now, dating is for those who can't spend the whole day on Charles, It is just like a full-time job. You will have to analyze the chart at the beginning of the day and monitor it throughout the day, just like you do any other nine to five job. In this, you will get a fewer setup as compared to scalping and will have to be patient. So if you're okay with getting a few setups and spending a whole day on trading, then you can choose date reading people who have a full-time job, and can only do the analysis on weekends and keep a check on during the weekdays, can easily do swing trading or position trading as it is less time-consuming. So if you have a part time job, then you can easily use a swing and position-based trading style. But you may require a large initial amount to start with a futures position treating. Finally, if you are patient enough to read for trades and have long-term goals, then you should choose spring based trading or position-based trading. Now, trading style is the best for you or for textile, should you choose? When choosing a reading style to suit your needs? Here are some questions which you should ask yourself. Like question number one is, I'm a short-term or long-term oriented person. If you are short-term oriented, scalping or day trading can be good for you. And if you are long-term oriented than day trading, swing trading or position trading will suit UK the most. The second question is, how much time do I have during the day to treat? If you have the whole day, then go for day trading. If you have five to six hours, then go for scalping. And if you can only check up on your trades, then Beaufort swing trading or position trading. That third question is, do have worked full-time. If you have a nine to five job, then go for it. Swing trading or position-based trading. If you work part-time, go for scalping. And if you don't work at all, then day trading will be the best for you. The next and the last question is, am I patient enough? Or do I need to see results quickly? If you are patient enough, swing trading or position trading style is right for you. Trust me, swing trading seem to be del, and very slow trading state. But when dendrite, it does wonders. But again, it should suit you. Now if you want quick results, scalping or day trading is the most suitable one for you. So these were a few questions which I think you need to answer before you choose a trading state. 17. How to choose a good forex trading strategy?: After you are done with selecting a perfect trading style for yourself, the next step is to find affording strategy of that particular step. If you go out in the market looking for Forex trading strategies, you will find a lot of them. Everyone out there trying to sell a Forex trading strategy that comes with some unrealistic promises of making huge money. Some of them even claimed to have a holy grail strategy. That doesn't feel, but it doesn't work like that. Most of them are just trying to make money by selling strategies. Not every strategy works. There are only a handful of strategies that will help you make money in the market. There are certain criteria that a good Forex trading strategy should fulfill. And I call this a blueprint for selecting the best Forex trading strategies. The first criteria is story world. I don't know why, but I have noticed the majority of traders only talk about the win rate. Even if you go out to buy a strategy, you will notice that most of them are selling a Forex trading strategy based on when rid itself. I don't see when race is not important. But the problem is, the win rate doesn't even tell you 20% about the strategy. If I was to choose between strategy with 80% win rate and no fx risk to reward and a strategy that 50% win rate and once you forward is to reward, I will choose the strategy with 50% win rate and one is to four rest to reward. Consider you have a trading strategy but 80% win rate, but no fx risk to reward. Now, what happens in this case is even if you've been 80% offered treats and make a decent amount of money, that 20% is what you will lose, can blow up your account and make you lose your money. As the strategy doesn't have a proper risk reward ratio, the trading strategy should always have a high or a decent amount of risk to reward ratio. If the risk to reward is low, then you should at least know how much you are risking and what is the reward. The second criteria as the risk management plan. This is the most important thing for any Forex trader have been breeding for more than eight years now. And I haven't seen a single Forex trader who's making money in forex and it's not good with risk management. Every professional traders out there excellently manages risk. And that's what made them successful. So it's very important to choose a strategy that has its very own Risk Management Plan. The third criteria is multiple setups. Many professional traders don't rely on single setups for placing a trade. We have different structures in the strategy and we use it accordingly. Reading for a single kind of setup can be doodle and can make you lose your patients. Make it, do things which you should not be doing. For example, if your strategy has only one kind of setup, then your mind will make you enter a trade too early without even the sight of being conformed. And this can be very bad for your account. So always choose a strategy which has multiple setups included in it. Now the fourth criteria as indicators. Indicators Ange loyal, a strategy should not be totally dependent upon indicator. I'm telling you this from the experience I have. I'm not saying indicators are useless or they do not work. It does work, but then it needs some extra confirmation. If you're trading with the strategy that makes you enter a grade based on the indicator itself, then you are in big trouble. You need to understand this. Humans make indicators and they are just there to improve your trading. It isn't a holy grail technique that will ensure you a 100% win rate. So while choosing a strategy, always make sure that the strategy is not totally based on indicators. The fifth criteria as trade management plan. Every strategy has a great management plan. Tells us when to get out Offered Rate, or when to enter a trade. A great management bland helps you to manage your trace properly and works as a navigation system for you. It guides you with different trading scenarios and helps you face them with 0s. So the strategy you choose must have a proper trade management plan included. So these are the important criteria which you should consider why choosing a Forex trading strategy. 18. How to Choose a Broker?: Hello and welcome to this video. In this video, I will tell you how to choose a proper broker. There are a lot of workers out there. Everyone has something to offer four deadlines. But before you open an account in any of the available brokers, that are few things which you should look after before opening an account. Number one is, is the broker regulated? Now, imagine you made a million dollars by trading forex, but when you try to redraw your funds, the broker didn't give you the withdrawal. This is one of the most common problems many brokers will offer. You lose spreads, no commissions, bonus, et cetera, to attract you. And when you try to withdraw, they won't allow you. This happens when you choose a broker that is not regulated. A broker that you choose should be regulated under the governing body of the respective context. Now, each country has its own governing body that looks after the brokers and make sure they follow strict rules and don't scan people. Number two is the type of trading style you are using. It is very important to choose a broker that suits your training set. Now, some brokers or for you commission-based account, that low spreads and some broker offers 0 commissions account with a little larger spreads. Now, if you add a scalper or day trader, then you will lead load spreads. So you should choose a broker who provides you with low spreads. And if you are a swing trader or position credo, then the spread doesn't matter to you. So in this case, user 2's are 0 commission broker. So before you choose a broker, make sure you keep this thing in mind. Number third is trading platforms. The next thing which you have to look after a stock trading platform. The trading platform is the most important tool for any Forex trader. So while choosing a broker, make sure you get to use the grading platform of your choice. Number four, US currency pairs offered. There are different types of currency pairs like major, minor, exotic plus. You can also treat metals in the Forex market. So the broken must provide you with all the major, minor and exotic currency pets. Number fifth is ease of money transform. Different locals have different deposits and withdrawals options. So only choose a broker who allows you to withdraw and deposit money with your choice of medium. Now, number six is initial deposit. Many of you may be big news in Forex trading. And a big no-no should always start life accounts from small amount at first and then increase when they are confident enough. So make sure you choose a broker such that they offer small, initially deposits for opening and real account. The small initial deposit may range anywhere in between $10.2, $100. So these are the few things that you should look for while choosing a broker. Thank you. 19. Things you should know before opening a demo account? : In the previous video, we learned how to choose the best broker as per your trading style, needs and other factors. Now, before I tell you how to open a demo account, I want to talk about a really serious issue associated with using them accounts. It is kind of a mistake that many Buchner for x Taylor's Mick, and I don't want you all to make the same mistakes. The mistake is that they don't read the demo account as they would treat the Life accounts. It is really important to create the demo account as real ones because we are testing a strategy in it. And we need to be honest with ourselves to see if the strategy works or not. But what most of the leaders do is they don't create a demo account as real won. The US account sizes larger than they would use on the Live accounts. They use more leveraged in demo accounts then they would use in the real ones. And the biggest mistake is that they spend too much time on them accounts. Look. The main job of the demo count is to help you test if your strategy works or not. So if you do not leave the demo account as live and then you will mess up in the Live accounts. Also, the live trading is very different than that of demonstrating. It includes the hardest part, which is emotions. So if you just keep spending much time on your demo accounts, you won't be able to master your emotions and sat in life grading. So you need to treat your demo account as you would treat your life accounts. That are a few things that you need to consider while opening a demo trading account. Number one is deposit amount. Choose the same deposit amount which you are planning to study a live account with. Like, if you wish to start your live account with $500, then open a demo gone. But $500 itself. Number two is leverage. If you are planning to start with a live account of $500, then the leverage you would use is one is to 100. So in the demo account, you should choose the same leverage, which is minus 200. And if you are planning to start live account that $1000, then you will need to use the leverage of one is to ten or one is to 50. So why do you choose the leverage for demo account? Make sure you choose the leverage which you are going to use on your life account's number three is type. Do not spend much time on demo accounts. If you are into daydreaming or scalping, then you should spend a maximum of two weeks practicing on a demo account. If you are industry swing trading or position trading, then you can practice on demo counts for a couple of months. These are very little things that make a huge difference in your trading journey. So make sure that you take a note of this and see you in the next video. 20. How to open a Demo account?: After you are done with selecting a trading style, a trading strategy, and choosing a vlookup. You need to first test that strategy on our demo to get used to, but that strategy. So in this video, I will tell you how to open a demo trading account. After selecting a broker, go to the website of the broker you want to open a demo account on. For example, I want to open a demo on IC markets. So this is the website of IC markets. Now, when you go on the website, you will find an auction for opening a demo account. Like here you can see the option of try a free demo account. So all you have to do is click on that. Now on the next page, they will ask you for all your personal details. Fill up the details and click on the register button on the next page, they will ask you for the trading platform and other details. Choose a trading platform which you want to use. If you use empty for, then choose mp4 and if you want to use MD5, then choose MD5. Now keep the account type to standard. Now here you can choose the base currency as for your preference. In the leverage section, make sure you keep the same leverage that you are going to use in the live account. Like I used the leverage of one is to ten. So I'm keeping the leverage to one is to ten. Now keep the initial deposit the same as you would use in the real account. I will use a live trading account of $10 thousand. So I will deposit $1000 in my demo account. And now click on proceed. After you are done with it, you will receive user ID and password on your registered email address. After you are done with opening a demo account, go to the metadata for platform. So you can use any of the two versions, smart phone or laptop. First, we will look for the laptop versions. Open empty, forgot MD5, go to the file and choose to login to a trade account, enter your login ID and password, and select your server. You will get the server name in the email in which you received the ID and password. Now, click on OK and you will be logged in into your account. Now, if you wish to login with your smart phone, go to the MP4 dot MD5 dating app, go to Settings, now, select a new account. Search for glucose, enters our ID password, and then you will be logged into your account. So that is how you open a demo trading account. 21. IMPORTANT MESSAGE: Congratulations. You have no successfully completed the class. As you well know, aware and educated about the basics, you will only a four x training strategy. I have already added a class ritually weeds, a successful and profitable forex trading strategy. You can visit my profile and check out the class, the secret trading strategy. And if you have any questions or nowt related to what they were taught you in this class, then feel free to contact me. I'm always here to help make sure you visit my profile and follow me there and check out my other classes on stocks crypto and investing. Thank you.