Forex Trading
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Table of Contents
What is forex trading?
Forex trading involves buying and selling currencies on the global foreign exchange market, with the aim of making money from changes in exchange rates.
The forex market is the largest and most liquid financial market in the world, with trillions of dollars traded daily.
In forex trading, currencies are traded in pairs, such as EUR/USD (the euro against the US dollar) or USD/JPY (the American dollar against the Japanese yen).
The goal of forex trading is to profit from changes in the exchange rates between two currencies.
Whether you’re a large financial institution or an individual trader, the forex market offers opportunities to speculate on currency price movements, hedge against currency risk or facilitate international transactions.
Trading FX through MarketMates offers you the opportunity to trade with no markup on spread, swap or commission ever.
For one flat monthly fee, you can enjoy limitless monthly trading. Start a free trial today.
Benefits of trading forex
24-hour market
Unlike other financial markets, the forex market operates 24 hours a day, five days a week, allowing you to trade at any time that suits you, regardless of your location
Trade long or short
With forex trading,you have the flexibility to profit in both rising (long) and falling (short) markets, giving you more opportunities to make profitable trades
Diverse trading opportunities
With a wide range of currency pairs to choose from, you’ll be able to find trading opportunities in most economic conditions and market types
Access to leverage
Let your trading benefit from high leverage opportunities, allowing you to control a larger position with a smaller capital investment, potentially increasing your profits
24-hour market
Unlike other financial markets, the forex market operates 24-hours a day, five days a week, allowing you to trade at any time that suits you, regardless of your location
Trade long or short
With forex trading, you have the flexibility to profit in both rising (long) and falling (short) markets, giving you more opportunities to make profitable trades
Diverse trading opportunities
With a wide range of currency pairs to choose from, you’ll be able to find trading opportunities in most economic conditions and market types
Access to leverage
Let your trading benefit from high leverage opportunities, allowing you to control a larger position with a smaller capital investment, potentially increasing your profits
Frequently asked questions
How can I learn forex trading?
Here at MarketMates we offer FREE education for beginner traders to get you started. Learn the basics with beginners’ guides, then progress onto more advanced topics.
Join over 42,000 other traders and complete our FREE course – The Advanced Course for Smart Traders 2.0.
Download FREE templates for a Trading Plan, a Traders’ Compass, trading checklists, and free unique indicators to add to your charting program.
Enjoy over five hours of training videos based on the experience of the famous ‘Market Wizards.’
How do I trade forex?
- Open your MarketMates account: Enjoy unlimited monthly trading for one flat fee with no markups on spread, swap or commission
- Write your trading plan: Use our FREE trading plan template and real-life examples to get you started
- Deposit your trading funds: Add funds to your account to start trading
- Place your orders: Buy (go long) or sell (go short) based on your trading plan strategy and market and technical analysis
- Set your stop-loss and profit-take orders: We show you how to calculate your stop-loss position and take-profit level with simple, easy-to-follow instructions and guides
- Monitor your trades: Keep track of your position and adjust as required
- Close your position: Exit your trade to either secure your profit or limit your loss
- Monitor and improve: Continuously monitor your trading progress and improve your strategy – we show you how
What is a forex trading plan?
- A forex trading plan is a structured approach to trading that outlines your goals, strategies and risk management measures
- Trading strategy: It outlines your chosen trading strategy using a rules-based approach to trading
- Risk management rules: It establishes rules for managing risk, such as stop-loss orders, take-profit levels, and position sizing
- Entry and exit criteria: It defines the conditions under which you’ll enter and exit trades
- Emotional control: Your trading plan assists you with emotional control by giving you clear rules to follow to reduce emotional trading mistakes
Is forex trading profitable?
Forex trading can be a profitable activity, as long as a structured and disciplined approach is used.
Here at MarketMates we advocate using a rules-based trading strategy based on a plan that has been extensively backtested.
Forex trading is not a get-rich-quick option. We teach new traders how to build a low-risk trading system for consistent results.
Trading forex without a detailed trading plan can be a high-risk activity.
On average more than 80% of retail traders do lose money, mainly due to a lack of careful planning and emotional trading, rather than rules-based trading.
What are forex pairs?
Forex trading involves buying one currency and selling another simultaneously. These pairs are typically represented by a three-letter code for each currency.
Base and quote currency: The first currency of the pair is known as the base currency, with the US dollar being the most popular base currency worldwide. The second currency is known as the quote currency.
Trading currency pairs: When trading forex, you are basing your decisions on the price movement between the base and quote currency. For example, if you go short on EUR/USD, you are hoping the euro will decrease in value compared to the US dollar.
Major pairs: The most popular and widely traded currency pairs are known as major pairs. Examples include EUR/USD (euro/US dollar), USD/JPY (US dollar/Japanese yen), GBP/USD (British pound/US dollar), and AUD/USD (Australian dollar/US dollar).
Minor pairs: These pairs involve currencies from smaller economies and are generally less liquid than major pairs. Examples include EUR/CHF (euro/Swiss franc) and GBP/JPY (British pound/Japanese yen).
Exotic pairs: These pairs involve at least one currency from a developing or emerging economy. Examples include USD/ZAR (US dollar/South African rand) and EUR/TRY (euro/Turkish lira).
Why MarketMates?
Marketmates is a fairer, more transparent way to trade from a broker who is on YOUR side
Get started with a FREE account for unlimited trading, with no markups on spread, swap or commission
Forex Price Chart
A powerful chart for you to use with all the customisable options you’d expect from TradingView.
Change the ticker, the time view, the type of chart you wish to view, and then add your favourite indicators.
Forex Market Data
This market data list provides a broad overview of forex market performance for the major pairs, including value, change, change per cent, open, high, low and previous values.
Use the side slider to scroll down and view different forex pairs.
Forex Heat Map
This forex heat map shows you where the action is in today’s market! See all the movers and shakers for a birds-eve view of current price action.
Spot strong and weak currencies and see how they compare to each other all in real time.
Forex Cross Rates
See real-time live quotes of selected currencies in comparison to other major forex pairs.
Screener
Get all the information you need about your favourite pairs using this handy screener tool.
See a clear view of real-time price information, including change and change per cent, high and low, plus buy or sell ratings.
You can choose whether to view just the major pairs, or choose the majors, minors or exotics alone.
Filter by many different parameters including:
- Rising and falling pairs
- All-time highs and lows
- New 52-week or monthly highs and lows
- Volatility
- Overbought and oversold
- Outperforming and underperforming SMA50
Forex Market News
Keep track of what’s happening in the forex markets with this daily news summary, filtered to bring you the most important fx market news as it happens.
Use the side slider to scroll down and view more news items.
Economic Calendar
Never miss vital upcoming economic events with this useful events calendar. See all the events and announcements you need to know, with the ability to set up filters for:
- Event importance
- Affected currencies
The Advanced Forex Course
for Smart Traders 2.0
Join over 42,000 traders and get FREE access to 17+ lessons and five hours of on-demand video based on the famous ‘Market Wizards’.
