Making Your First Forex Trade

From John Russell, former About.com Guide

Now choose a currency pair and open a chart. Select a timeframe. In this case, we are going to use a 15 minute timeframe. Each candlestick on the chart represents 15 minutes of time.

For this example I am going to use the Australian Dollar vs the Japanese Yen, AUD/JPY pair. It is showing a strong downtrend and looks like a simple trade.

Previous

• Start the Trading Platform
• Step 2 - Open the Chart
• Step 3 - Add Indicators
• Step 4 - Place the order
• Step 5 - Set the Stop Loss and Take Profit Levels
• Step 6 - Order Confirmation
• Step 7 - The Waiting Period
• Step 8 - Trade Completion

Next