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Frequently Answer Question
Forex Beginner's FAQ Answered
1. What is Forex trading?
2. Why does it seem nobody knew much about Forex until recently?
3. How Forex trading works?
4. How high are the risk in Forex trading?
5. Forex vs traditonal stocks/mutual funds trading: How does they match up?
6. What are the major traded currencies?
7. Who are the major players in Forex trading?
8. What tools do i need to start trading Forex?
9. What is the leverage at this market?
10. What is Margin?
11. Do I need to have any specific academic background in order to be successful?
12. Your question was not answered here?
13. How to open up a demo account?
14. How to open up a real account?
15. How to fund a real account?
16. I've downloaded the expert advisor for MetaTrader platform but I don't know how to install it. What
should I do?
17. I've downloaded a custom indicator for MetaTrader platform but I don't know how to install it. What
should I do?
Q: What is Forex trading?
Forex, Foreign Exchange Market, is an international exchange market where currencies from all around the world are traded. It involves buying and selling different currencies of the world.
Forex market is the largest trade market in the world, yielding $1.9 trillion daily. It is traded all around the world but United States, Japan, United Kindom, and Europes have the most active Forex traders.
Q: Why does it seem nobody knew much about Forex until recently?
Until a few years ago only the “big boys” could play this game. The initial requirement was that you could trade only if you had over ten million dollars. The foreign exchange was originally intended to be used by bankers and multinational corporations. Forex was opened to everyone during the late 90s. It’s the number one market in many different aspects. It is the most liquid, largest and fastest growing financial market in the world. Trading forex attracts many new investors because of its huge leverage and low start-up capital requirement. Most firms let you start with a mini-trading account with a measly $250.
Q: How Forex trading works?
Forex is often traded in pairs, for example USD/Euro, USD/JPY, Euro/JPY, GBP/CHF, and CAD/USD. You get 'short' in one currency and you will get 'long' in the other one. Unlike conventional stocks market, Forex trading does not have a centralized trade market.
It is considered as Over-the-Counter or Inter-bank as trades are done between two counterparts via electronic network or telephone connections. Forex works truly as a 24-hour market.
Everyday Forex trade begins when the financial centers in Sydney start their day, and moves around the globe to Tokyo, London, and then New York. Traders can always response to the market regardless of the local time.
Q: How high are the risk in Forex trading?
The risks of losing money in Forex trading is high, but it is controllable via proper education and trading system. Trading system is a must in Forex trading. Charts, graphs, or pivot points are handful to indicate the right time to enter or exit the market. An 'automated system', such as make your easierAs in any trade market, discipline, control of emotion, and money management are the traits needed to be succeed in Forex trading.
Rewards in Forex trading can be very lucrative if traders manage their risk nicely. One benefit to using our recommended brokerage firm is that they guarantee fills at your Limit and Stop-Loss order prices with no slippage.
This means you can have total control over the amount you risk on each trade. But remember, FOREX Trading is speculative and any capital used should be risk capital. In fact, we recommend that you trade on a demo account until you have shown profit for at least three consecutive months before trading real money.
Q: Forex vs traditonal stocks/mutual funds trading: How does they match up?
Forex and conventional stocks are different type of trading. When trading Forex, most trader's objectives are to predict short term movement in the currency exchange values. Most Forex tradings are done in day-trading style where traders will buy and sell in the same day. Different from Forex, stocks and mutual funds trading are more to long term style where trades may last for years or even decades!
Q: What are the major traded currencies?
Major traded currencies are United States dollars, Australian Dollars, Japanese Yens, British Pounds, Swiss Francs, Canadian Dollars, and the Euro Dollars.
Q: Who are the major players in Forex trading?
According to Wall Street Journal Europe, 73% of the trade volume is covered by Deutsche Bank, who covered 17% of the total currency trades; followed by UBS, Citi Group, HSBC, Barclays, Merril Lynch, J. P. Morgan Chase, Coldman Sachs, ABN Amro, and Morgan Stanley.
Q: What tools do i need to start trading Forex?
It does not need a lot to start trading Forex: a funded Forex account and a computer with Internet connections are basically sufficient for you to start trading foreign currencies. However, proper Forex education and systematic trading tools are highly recommended to minimize your risks in Forex market.
Also, beginner traders are advised to start off their trading in Forex with a demo account first. A demo account is an account set up with 'play' money for the purpose of training and shapen your trading skills. It's free to open a demo account with most of the Forex online brokers and it does not risk your real money in the trades.
Q: What is the leverage at this market?
Most forex brokers usually offer 100:1, but higher leverage such as 200:1 also available at Forex.Com. A 100:1 leverage means that with $1,000, you control $100,000 of currency. No other market gives you so much liquidity and leverage at the same time.
Q: What is Margin?
Margin is essentially collateral for a position. It allows traders to take on leveraged positions with a fraction of the equity necessary to fund the trade. In the equity markets, the usual margin allowed is 50% which means an investor has double the buying power. In the forex market leverage ranges from 1% to 2%, giving investors the high leverage needed to trade actively.
Q: Do I need to have any specific academic background in order to be successful?
Not at all! Successful active traders come from many different professions. Very often, people who are very successful at school or at their businesses wrongly believe that their success will be automatically transferred to forex trading. It's usually not the case. Active trading has its own learning pace and our Go-School education will prepare you to enter this exciting field.
Q: Your question was not answered here?
You can contact us if the question isn't answered anywhere.
Q: How to open up a demo account?
You have to download and install the Metatrader Platform first. The download link for Gain Capital’s Metatrader is http://www.efxnow.com/mt/forexmt4.exe
- Open the Metatrader Platform ( You can open it from the shortcut at desktop ).
- Open up the “File” then click “Open An Acccout”.
- Fill in the boxes with your details. You choose the “leverage” and the “start balance” as you like.
- Tick the small box (“ I Agree”) at the bottom then “Next”.
- Choose the Demo Server, then “Next”.
- A new Demo account will be created.
Q: How to open up a real account?
- You have to complete and submit your application online, by click this link
- After you have submitted the application, you have to upload 2 kinds of documents as “Proof of ID and Address”.
- Proof of ID : National ID, Driving License, Passport
- Proof of Address : Credit Card Bill, Phone Bill, Electricity Bill, etc. Those Documents must under the same name and address.
You can upload the file from this link
- After you have submitted and uploaded your Application form and your documenst. Then you will receive a confirmation email from Forex.Com with User ID ( ussualy take 2-3 days ). After you have received the User ID then you can fund your account
Q: How to fund a real account?
You can do deposit after you have received your USER ID. You can deposit using Wire Transfer or Credit Card:
1. Using Wire/ Transfer Bank ( 2-3 work days )
Fill in your Wire Transfer form with this details :
Nama Account Penerima |
: |
GAIN Capital FOREX.com UK Ltd |
Alamat Penerima |
: |
9th Floor |
|
||
Bank Penerima |
: |
Barclays Bank PLC, London |
Alamat Bank Penerima |
: |
Barclays |
Nomor Account Rekening Tujuan |
: |
200000 74400311 |
SWIFT Code Bank Penerima |
: |
BARCGB22 |
Sort Code |
: |
20-00-00 |
IBAN |
: |
GB66 BARC 2000 0074 4003 11 |
Berita : # nama Anda# & # nomor login Anda#
 |
|
|
2. Using Credit Card ( 1 day )
You have to enter to member area using this link then using your User Id and Password to login.
Then choose : Support > Fund My Account > Credit Card
How To install EA or Custom Indicators Answered
Q: I've downloaded the expert advisor for MetaTrader platform but I don't know how to install it. What should I do?
You can read the MetaTrader Expert Advisors User's Tutorial at Forex Wisdom Page to find out how to install those expert advisors.
Q: I've downloaded a custom indicator for MetaTrader platform but I don't know how to install it. What should I do?
You can read the MetaTrader Indicators User's Tutorial at Forex Wisdom Page to find out how to install those indicators.
