Pocket Option is an online trading platform known for Binary Options, However, the trading platform is also popular for Forex (Foreign Exchange).
Forex ( Foreign Exchange ) trading is an act of buying and selling currency pairs with fluctuations in exchange rates. In this article, I will help you understand how you can get started with the Forex on Pocket Option.
Understanding Forex
Forex ( Foreign Exchange ) is the process of buying and selling one currency for another on the global financial market considering the market volatilities.
The foreign exchange market is a global decentralized or over-the-counter market for trading currencies. The Forex market is one of the largest and most liquid financial markets in the world with trillions of dollars traded regularly.
The simple funda of the Forex market is that you buy one currency for another for example when you buy a EUR/USD pair, It means you are buying Euros and selling U.S dollars. As a trader, our goal must be to buy low and sell high.
How to get started with Forex on Pocket Option?
Registration: The first and foremost step is to create a brand new account with Pocket Option. Use this link and you will land on the trading platform homepage, next, click the register button and complete the registration process by entering the email address, and password.
Trading Dashboard: Once you have signed up you will get access to the trading dashboard, Here, you can access all the trading tools and accessories.
Forex QT: Next, Navigate to the Forex QT demo account, Here you can access the Pocket Option Forex account for free. You will get $10,000 in virtual currency using the same you can practice forex trading and sharpen your trading skills.
Promo code & Deposit: Once you have practiced well enough you can now shift to Forex real account. Navigate to Forex real account and make a deposit using our promo code: KYL459. with the promo code, you will get extra rewards plus a deposit bonus.
How to Trade Forex?
In my last article, I have already covered How you can trade Options on Pocket Option. Now, talking about Forex, In Forex you need to understand the concept of take profit and stop Loss.
Take Profit is a desired percentage of income that you believe is sufficient. Once the price reaches that level you will receive the profit in your trading account.
Similarly, Stop loss is the amount of loss you can afford to lose once the price hits the stop loss the remaining amount will credited back to your trading account.
Now, that you have understood the concept of take profit and stop Loss, You can now easily get started with Forex trading. If you believe the market is bullish you need to place a buy or long trade similarly, If according to your analysis, the market is bearish you need to place a sell or short trade.
You can easily understand if the market is bullish or bearish you can use high-quality indicators such as RSI or Parabolic SAR. We have also covered here multiple indicators using the same you can understand the market momentum. If you still have any issues make sure to comment below and share this article with traders.