There are two primary methods for executing trades in the FX market: live trades and orders. But before jumping in, it is advisable to establish a practice account at an online forex broker. This is a risk-free way to try out currency trades without any real profit or loss at stake.
There are a few different avenues to use to access the market to buy or sell at current market rates.
This is also known as “click and deal” because with the simple click of a computer mouse, a deal is executed. The trader can then access live streaming of current market prices.
More experienced traders can try a few shortcuts to expedite the process like using preset trade amounts instead of having to specify the amount each time a trade is made. Or, using automatic stop-loss orders at a predetermined distance from the trade-entry price.
Most online brokers make over the phone trades available. Each broker has protocol to follow when making a trade by phone. It is important to have this option as a possibility, even if online trades are more frequently executed.
Internet access is not always reliable but the forex market will continue trading whether or not the trader’s computer is fully functioning or not. The trader needs to still have the ability to maneuver his market position even while away from the computer or there is a technological disturbance.
Orders permit a trader to stay in the game even while not fully present to make the trades. The international forex market is still in full swing even while many are asleep or are working another job. Orders can be placed through brokers.