How the Retail Spot Forex Works:
When you use retail spot forex software, it only requires an
internet connection,
a trading platform [like the Equal Trading platform,] and a bank account with Equal Trading [the deposit will be made to one of Equal Tradings accounts (which cannot be touched by anyone other than you)],
to trade real time. No extra data-feed is required. All
online forex brokers' software is real-time.
If you sign up for a free demo of the software, you can
"practice trade" in real-time with the exact same quotes as a live account. The
software is exactly the same, and you receive virtual money for the account. You are then able to enter trades in real time, and monitor them just as though
it were a real account.
You will experience no
operational difference between the demo account
and a live account. When you log onto your trading platform, you see your price
quotes, and you simply click on the price to sell or buy. It will ask you how
many lots or contracts you want, and then you click ok, and you are in. Each
lot/contract is $100,000 worth of the currency you are trading. You do not need
to actually have $100,000 in your account because the standard leverage on
accounts is 100:1 - $1,000 in your account buys a $100,000 contract.
You can also use the charts provided with the trading
platform; they will reflect the movement of the real-time price of their
trading platform. With those charts, you have the ability to place horizontal
lines where you chose (pivot numbers),
and with some training you can analyse where the market is going!
Each currency is quoted with a pip spread. This is how the
dealer makes his money. With Equal Trading there are no
commissions. For example I want to buy the Swiss Franc, and the current quote is
1.7205/1.7210. The dealer will give me the 1.7210 price, and I would start the
trade -5 points which equals $30.00. In my trade window, I would see my money
change as the market price moves
up or down. As it moves in my favor, my
negative position is removed as soon as the market is trading 1.7210/1.7215, or
higher.
In the spot forex market, it is common for currencies to move 100 to 300 pips/points
in a 24-hour session. If you like volatility, there is no currency more volatile then the Swiss Franc.
If you want to see the software in action, just register
for the Equal Trading demo access ID and
password for a free demo. You will get your password and username immediately sent to you by email.
If it's action you are looking for, like Mr. Magoo driving a sports car, then the forex is the place to be,
and the Equal Trading, trading platform is the right place to trade.
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