The Foreign Exchange Market (Forex, FX, or currency market) is about a global decentralized or over-the-counter (OTC) market for trading trading of currenciecs. It is simply about trading of currencies.

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Step 1: Understand the forex Language(Lingo)

A firm grasp of the most commonly-used forex lingo will make your entry into the market much simpler. Some words and phrases you’ll hear over and over again include:

  • Base currency: The currency you are holding. You can choose your base currency as Naira, U.S. dollar or any currency that best suits you.

  • Quote currency: The currency you are going to purchase.

  • Bid price: The price that your broker would be willing to “bid” or “buy” the base currency you are holding.

  • Ask price: The price that your broker will “ask” you for in exchange for buying your quote currency of choice. The ask price is always higher than the bid price.

  • Spread: The difference between the bid price and the ask price. This is just the broker’s commission.

  • Pip: The smallest measurable value of currency movement. The word “pip” is an acronym standing for “percentage in point,” and a single pip is equal to 1/100th of 1% of your currency. For example, if the value of the USD rises by a single pip, that means it increased in value by $0.0001.

Once you know the lingo, you can read a few forex books, take a few online forex courses or join our  forex trading community on WhatsApp :

IO Forex Academy.

Step 2: Choose the Right Broker

Before you begin forex trading, you’ll need to choose a brokerage firm. Your brokerage firm will help you make trades, and many brokers also offer additional financial services.

Working with a reputable broker can mean the difference between profiting from your trades and losing money between the bid and the ask price. Don’t be afraid to thoroughly research and read the reviews of a variety of brokerage firms.

Not all brokerage firms offer forex trading, so make sure it’s available before you open an account. Working with a broker that offers multiple outlets for customer service is highly recommended for beginning traders. If you can’t figure what forex broker to use

Making money trading currencies is all about accurately predicting the movement of the global economy.

To be a profitable trader, you must convert your base currency into a quote currency set to rise in value, then convert your quote currency back to your base currency when the value peaks.

Research the trading positions, GDPs and political climates of countries you are interested in purchasing currency from, and you’ll get a great “lead” on which quote currency is worth your investment and which countries have economies projected for growth. This customizable widget from TradingView is a great starting point. Forex Heat Map by TradingView

Step 4: Make Your First Trade

Once you’ve decided which quote currency you’re going to buy, it’s time to place an order for your first trade. Your brokerage firm probably provides online trading software that allows you to place an order to buy or sell a currency.

Using your trading platform, place a market order with your broker. The specifics of your platform may vary. View a standard market order execution: After you’ve finished placing your order, sit back and let your broker handle the rest.

Through Our IO Forex Academy,

We want to provide everyone an affordable means of trading Forex with access to profitable monthly signals from day 1 and easy cut and paste trades and educational materials to guide you into a profitable trading career.

We educate you on the prons and cons of trading forex as it is not a GET QUICK RICK SCHEME.

You can Join Our Forex Academy and get access to the prerequsites needed to start a preofessional career in forex.

Join our Forex Community on WhatsApp: Drop us a message to get started.

Click this form link to start your career in Forex

*Risk Warning *⚠ Trading Forex carries a high level of risk since leverage can work both to your advantage and disadvantage. You should never invest money that you cannot afford to lose. Before trading in the complex financial product, please ensure to understand the risk involved.

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