- Forex Demo Broker Account (See below if you do not already have one)
- Passport or Identity Document and Proof of address not older than 90 days (You will need these documents for verification purposes)
- Your full attention
- Practice, practice practice!!!
Forex Broker Demo Account
In order to be able to practice the exercises in this course, you will need to open a demo account. A demo account is a practice account where you are able to trade live using fake money and not your own money.
Once you are comfortable with a demo account, you can then deposit real money and apply what you learned while using a demo account.
Here are the steps to follow when opening a demo account:
Click on this link (Non-US learners):
For the United States learners, please follow this guide for a demo account:
Non-US learners, follow the below guide.
Click on the “Open Account” button at the top of the screen.
Fill in your details
- First name(s) – As per your Identity document
- Last Name – As per your Identity Document
- Country of residence – Should be chosen automatically if you are not using any proxy or VPN
- Mobile phone – Enter the correct number as this will be verified
- E-mail - Enter the correct e-mail address as this will also be verified
- Password – Choose a strong password with Letters, Numbers and Symbols (This will be your broker password on ForexTime.com)
Click on “Send Pin” – A PIN will be sent to your cellphone and E-mail address. You may use any of the two PINs for verification.
Enter the pin, accept the marketing consent and then click on “Register Now”.
On the next page, enter all the necessary details to the best of your ability, Accept the agreements and click “Submit”
On the next page, select as follows:
- Account type – FXTM Standard
- Account currency – Any that you prefer
- Account leverage – 1:2000
- Trading Account Password – Enter a strong password twice (This is different from your ForexTime portal login account that you set earlier. It will be your password to your MetaTrader account, more on this later)
Click “Open Account”
Next: Click on “Download platform”
Select the “Metatrader 4 Trading Terminal for PC” or “Metatrader 4 Trading Terminal for MAC” depending on your Operating system. Download and install the application.
Go to your Desktop, you will see a ForexTime (FXTM) MT4 icon (Windows). Double click the icon and login. To find your login details, go to the e-mail that says “Congratulations! Your new trading account is now open”. Metatrader login (at the bottom of the e-mail) and use the Trading Account Password that you entered above.
Should you need to install one for your phone, hover your mouse over the QR code, scan the QR code with your phone to download the platform.
Go to your e-mail account that you used for registration. Open the e-mail that says “action required with regard to your verification” – see below!
Open a Demo account
Click on “My Accounts” on the left-hand side, then select “Open New Account”
Select Demo Account.
Account type – FXTM Standard
Account Leverage 1:2000
Complete the passwords fields
Initial balance – any amount, I suggest 20000 USD
Click “Open Account”
Your Metatrader Login details will be displayed
Download the Platform just as you did above and login using the details given.
You are now ready to continue with the course content.
Introduction to fundamental trading
Understanding The MT4 Platform
Introduction to the MT4 platform in forex trading.
What Is Forex Trading?
Learn about what forex trading really is.
How Do Forex Traders Make Money?
Learn how forex traders make money.
Forex Market Hours
Learn how the different forex market hours will impact your trading.
The Different Type Of Orders
Learn about the different types of orders during a forex trade.
What Is The Spread?
Learn what the spread is and how to utilize it during a forex trade.
The Basics-Japanese Candlesticks
Learn about the interesting Japanese candlesticks.
Learn about the candlesticks patterns in forex trading.
Learn about engulfing candles.
Trading Japanese Candlesticks
Learn how to trade the Japanese candlesticks.
The Basics – Trend Lines
Learn about the trend line.
Drawing Trend Lines
Learn how to draw trend lines.
The 3 Types Of Trend Lines
Learn about the three types of trend lines.
Trend Line Breaks
Learn about trend line breaks.
Introduction To fundamental analysis
Introduction To Fundamental Analysis
Learn about the mechanics behind fundamental trading.
Major Economic Indicators
Learn the major economic indicators used in forex trading.
Tools For Economic Stability
Learn the tools for economic stability that are essential in forex trading.
Focus on The Central Banks
Let us move our focus to the central banking institutes.
Pay Attention To The News
Learn to make the news your friend.
Trading Fundamental Analysis
Learn how to trade fundamental analysis.
Fundamental Correlation PPI
Learn about fundamental correlation PPI.
Fundamental Correlation Retail Sales
Learn about the fundamental correlation retail sales.
Fundamental Correlation PMI
Learn about the fundamental correlation PMI.
Fundamental Correlation Non-farm Payrolls
Learn about the fundamental correlation non-farm payrolls.
What is your risk appetite in forex trading?
Five Major US Fundamentals
The Five Major US Fundamentals
What the five most important US fundamentals.
Gross Domestic Product
Learn about the Gross Domestic Product (GDP).
Non Farm Payrolls
Learn about the non-farm payrolls.
Balance Of Trade
Learn about the balance of trade in forex trading.
Treasury International Survey
Learn about the Treasury International Survey.
Philly Fed Index
Learn about the Philly Fed Index in forex trading.
Learn about the effect of interest rates on your forex trading strategy.
Getting To Know The Central Banks
Learn as much as you can about the Central Banks.
Getting To Know The Central Banks - Part 2
Central banks make major economic decisions and will affect your forex trading strategy.
Monetary Policy Measures
Learn about monetary policy measures taken by the central bank.
Forex Fundamentals- Understanding- JPY, CAD. CHF, AUD& NZD
Forex Correlation How to maximize profits
How to maximize profits in forex trading using forex correlation.
Forex Correlation PT2 JPY,CHF,AUD&NZD
Forex correlation continued.
Fundamental Analysis- Profiting From Oil
Learn about the effect of oil on forex trading.
Why Have Oil Prices Fallen?
Learn the causes of an oil price fall.
Why Have Oil Prices Fallen - Part 2
Oil prices fallen, continued.
Trading Fundamental Analysis
Steps To Trading Fundamental Analysis
Here are the steps to fundamental trading.
Steps To Trading Fundamental Analysis Part 2
Forex fundamental trading part 2.
Knowing The News
Make the news your buddy.
Fundamental Trade 1
Fundamental forex trading 1.
Fundamental Trade 2
Fundamental forex trading 2
Fundamental Trade 3
Fundamental trade 3.
Fundamental Trade 4
Fundamental trading 4
Fundamental Trade 5
Fundamental trading 5
The Carry Trade - How To Identify Risk Appetite and Risk Aversion In The Market
US Syria Trade using Market Sentiment
Fundamental forex trading example.
Are you ready to trade on a real account?
Go to forextime.com and login into your account.
Click “My Accounts” and then “Accounts overview”
Under My Trading Accounts, click on the Deposit button (Minimum 100 USD).
Choose your deposit method and follow the instructions.
Remember to deposit using your Credit card or Debit card (e.g. A cheque/current account) select the Credit/Debit Cards option depending on whether your card is VISA or Mastercard.
Once the money deposited reflects on your account, you may trade real money the same way you have been trading with a demo account.
UNITED STATES LEARNERS
Log into the PaxForex Account that you created above.
Go to "My Account Summary"
Under "Trading Accounts", not Demo, click on the Account (e.g. Standard, Mini) that you opened earlier.
Click on Deposit Funds.
Choose your payment method and follow the instructions.
You are now ready to trade on a live account and make money.
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