But if you want to learn how to trade forex successfully, it can take years of experience and research. Are you keen to gain access to this global market? Read on. Forex trading is the process of converting a particular currency into another currency — for example, the British pound GBP into American dollars USD. Firms such as banks and importers need to do this every day as part of their business. However, a large proportion of FX trade in the UK is carried out by individuals who want to take advantage of currency price movements to make a profit.

Individual traders trade forex online using specialist trading platforms or software. These platforms act as their gateway to the interbank market — a network which allows financial institutions around the world to exchange money.

Because forex has such a huge daily trading volume, the market can be volatile. This means that although FX trading can be incredibly risky, it also has the potential to bring about huge returns, which is an attractive prospect for many traders. Traders make a profit when they correctly anticipate a change in price, enabling them to sell an asset for more than they paid for it.

In trading, this is known as closing the position. Every transaction that occurs on the forex market concerns a currency pair. The price of the base currency, which is the first currency in each pair, is known as the bid price.

The price of the quote currency, which is the second currency, is known as the ask price. These are usually given to four decimal places, as variations between prices can be very small. The difference between the bid price and ask price is referred to as the spread. You can work out the spread by subtracting the bid price from the ask price.

Spreads are often incredibly narrow, but because FX trading can concern such huge sums, these tiny spreads can quickly add up to massive profits or losses. The best platform for you will depend on your trading style and risk management strategy. Examples of widely used forex platforms include MetaTrader 4 and 5. Your choice of platform will be closely linked to your choice of forex broker. Most brokers will either connect you to the platform they use, or offer their own proprietary platform.

It can be easy to let your emotions run away with you when there are large sums of money involved, but by developing and sticking to your preferred trading style , you can create a considered plan instead of acting on impulse. There are four main trading styles, also known as trading plans. Much like choosing your trading platform, the best style for you will depend on your level of experience and your appetite for risk.

For related reading, see: How To Find Your Forex Trading Style. Day trading is a style which involves making a series of short-term trades on the same day. This enables investors to take advantage of volatility, but requires them to monitor the market intensively and make quick-fire decisions.

However, some investors have got around this by using day trading software which automatically buys and sells based on market fluctuations. For related reading, see: Day Trading in the United Kingdom. Scalping is often considered a variant of day trading. With this strategy, investors typically monitor the market on a 5-minute basis or less and hold positions for a matter of seconds or minutes.

Traders who favour this strategy are known as scalpers. Unlike day trading, position trading is a long-term style. Position traders make their decisions based on expected uptrends and must weather any dips which occur on a day-to-day or week-to-week basis. Swing trading is an intermediate or medium-term style, so is often seen as the compromise between day trading and position trading.

Swing traders aim to profit from price swings, holding positions for as long as a couple of weeks at a time. Like position trading, swing trading requires investors to carry out technical analysis. This is the study of past currency prices in order to work out the likelihood of future price swings. For related reading, see: Swing Trading vs Day Trading. A trading strategy is simply the method FX investors use to decide how and when they will make trades.

A trading style, on the other hand, will take into account your trading timeframe and your money management approach. Examples of popular UK forex trading strategies include trading breakouts , a return-to-mean strategy , the overlapping Fibonacci strategy , and the London hammer strategy. These are the most commonly traded pairs, all of which involve the US dollar. There are seven major currency pairs. A commodity currency is one which fluctuates according to commodities such as gold or oil.

In any case where a trade is held overnight there is a rollover fee that needs to be paid. These are the interest payments on the positions. However, the Riba principles of Sharia Law do not allow this type on interest to be paid or received.

Here are the steps to take to open an Islamic Account with us:. Not only forex , but also Halal gold and silver trading , where all trades are supported by physical gold stores.

Or take advantage of our Halal oil and index trading , where there are no positive or negative swaps. Make your choice between the award-winning MetaTrader 4 or MetaTrader 5 platform.

The former is excellent for forex trading, while the latter has been optimized for trading stocks and indices , with advanced order management built-in.

Many of our traders prefer to use this platform since it requires no download and it has an intuitive interface, making it an easy platform for all traders. There are also solid choices for the mobile traders out there. AvaTrade offers both the mobile version of MetaTrader 4 and the proprietary AvaTradeGO app. Access your AvaTrade forex account and trade wherever you go, after taking a look to our FX Trading Tips for And for those automated traders out there we have a wide range of options for copying the trades of other trades.

Choose from DupliTrade , ZuluTrade, and more. MetaTrader 4 is a platform that allows you to trade CFDs trading and Forex trading. The platform serves as an intermediary with your broker. You will find all the tools and information you need to trade. The first panel is the Market Watch.

It shows you in real time the action in the markets The central panel represents the action of the market in a visual way.

Access our online forex trading page, complete the following steps and quickly create your forex trading account:. To trade you can download the MetaTrader 4 trading platform. Many of our traders are scalpers and day traders who never keep a position open overnight, but others are swing traders who routinely let their trades go into the next day.

In any case where a trade is held overnight there is a rollover fee that needs to be paid. These are the interest payments on the positions. However, the Riba principles of Sharia Law do not allow this type on interest to be paid or received. Here are the steps to take to open an Islamic Account with us:. Not only forex , but also Halal gold and silver trading , where all trades are supported by physical gold stores. Or take advantage of our Halal oil and index trading , where there are no positive or negative swaps.

Make your choice between the award-winning MetaTrader 4 or MetaTrader 5 platform. The former is excellent for forex trading, while the latter has been optimized for trading stocks and indices , with advanced order management built-in.

Many of our traders prefer to use this platform since it requires no download and it has an intuitive interface, making it an easy platform for all traders. There are also solid choices for the mobile traders out there. AvaTrade offers both the mobile version of MetaTrader 4 and the proprietary AvaTradeGO app. Access your AvaTrade forex account and trade wherever you go, after taking a look to our FX Trading Tips for And for those automated traders out there we have a wide range of options for copying the trades of other trades.

Choose from DupliTrade , ZuluTrade, and more. MetaTrader 4 is a platform that allows you to trade CFDs trading and Forex trading. The platform serves as an intermediary with your broker. You will find all the tools and information you need to trade. The first panel is the Market Watch.

It shows you in real time the action in the markets The central panel represents the action of the market in a visual way. From this panel you can follow several markets at the same time, change the given period, set pivot points , indicators etc. The last panel groups your sales, the history of your actions and the log of your activities. The order window will then appear This window allows you to place your Stop loss or Take profit. You can define the volume as well as the nature of the order between immediate or deferred execution.

From this window, you buy or sell your securities. It will soon have you placing your first trades and preparing for more advanced strategies. We also have sections that are specifically oriented towards teaching you about the different order types , how and when to use them, and a breakdown on the various economic indicators and data releases, and how they will impact on markets and your trading.

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The Foreign exchange market — or as they often call it, the Forex market — is where currencies are being traded. ECN Zero accounts — These accounts have a GBP minimum starting capital, but provide 0-pips spreads in exchange for a transaction fee. Many of our traders prefer to use this platform since it requires no download and it has an intuitive interface, making it an easy platform for all traders. With this strategy, investors typically monitor the market on a 5-minute basis or less and hold positions for a matter of seconds or minutes. In fact, the UK has some of the most comprehensive forex regulations in the world, with robust laws that are designed to protect you and your money. Forex Trading UK : How to Open Forex Trading Account in UK Home » Forex Trading UK : How to Open Forex Trading Account in UK.

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