Understand the basics with our interactive market course.
STEP 1. Register & choose a platform
Open an account for the platform you prefer (we recommend a ‘demo’ account if you are new to trading) and specify your leverage and base currency.
If you are not sure which account type to select, you can find a useful comparison of all our platform account types here:
You can open accounts via your FxPro Direct management area.
STEP 2: Choose your asset type or instrument
Consider which instrument(s) you wish to trade on and make sure you understand the specifications and trading conditions.
Refer to the ‘specifications’ for each asset, and the ‘order execution policy’ on the FxPro website for details.
STEP 3. Decide on your trading direction
In simple terms:
-Buy if you think the price will go up.
-Sell if you think that quotes will decrease.
It is important to make your decision based on your trading strategy, i.e. by using Fundamental or Technical Analysis, technical indicators or EAs etc
Alternatively, you can set pending Stop or Limit Orders which trigger the opening of a position once a specified price level is reached.
Reminder: Buy/Sell Stops are used in anticipation of a price continuation and are placed above the current market price for Buy, and below for Sell.
Buy/Sell Limits are used in anticipation of a price reversal and are placed below the current market price for Buy, and above for sell.
You can also attach Stop Loss or Take Profit to pending orders.
STEP 4. Determine the size of the trade
Decide upon a value of the instrument that you wish to trade and how much risk you are willing to take.
Trade size may be displayed in lots (i.e. 1.0 lot) or units (i.e. 1000 units).
Remember that the size of the trade will affect the monetary value of each pip or tick.
STEP 5. Set Stop Loss & Take Profit levels
Stop Loss and/or Take Profit can be attached to open trades and are used to indicate that the trade should be automatically closed once the set price levels are reached.
Reminder: Stop Loss is used to limit losses and are placed below the current price for Buy trades, and above for Sell trades. Take profit is used to lock in profits and are placed above the current price for Buy trades.
You can set these within the new order window, prior to placing the trade, or you can add them to an existing trade. Whilst it is not compulsory to use SL/TP, it is usually recommended to do so, especially if you will not be monitoring the trade in real-time.
Important: Using a Stop Loss does not guarantee that your position will close at the specified price, as it is executed with ‘market execution’. Refer to the Order Execution Policy for details.
STEP 6. Monitoring the position
After placing an order, you can observe the unrealised profit/loss fluctuating in real-time on your trading platform (desktop, web or mobile platform), which is automatically converted into the overall base currency of your account.
Bear in mind that for Buy trades, you will be following the Bid price, and for sell trades the Ask price. (as these are the prices at which trades will be closed).
Stick to your trading strategy and don’t let your emotions get the better of you. It is important to have a responsible trading psychology (see our ‘Psychology’ educational material).
STEP 7. Closing the position
You can finish the trade at any time by clicking the Close button or wait until the SL/TP level is triggered.
Using the ‘one-click trading’ feature allows you to close positions with just one click, without having to confirm each time.
As soon as the position is closed, your net profit or loss will be immediately reflected in the trading account balance.
As well as SL/TP, other possible reasons why trades may close automatically is due to a ‘stop out’ being triggered, or the expiration of a contract in the case of ‘Futures’. Refer to the trading specifications for more details.