GETTING STARTED
Hey, welcome to the BlueProfits Fx family, on this page "Getting Started", I will be getting you started with the basic setups, before entering the market. This section will cover your trading platform (MetaTrader 4), your platform to analyze the market (Tradingview), Recommended Brokers, and other additional helpful information.
Broker:MetaTrader:Tradingview
TradingView Walkthrough
TradingView Walkthrough Revised
Dalonte: Clear HD Chart Setup & Tips
Forex Factory
For Those Who Like To Trade Based Off Of News Events https://www.forexfactory.com Is A Very Reliable Source To Use. Go Under "Calendar". There Are Also Plenty Of Other Useful Resources On There Website. Give Them A Look.
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Brokers
Top Brokers You Can Choose From (But NOT Limited Too):
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1. Hugosway
2. Tradersway
3. Forex.com
4. Oanda
5. FXTM
6. KOT4X
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Forex Brokers Are Firms That Provide Currency Traders With Access To A Trading Platform That Allows Them To Buy And Sell Foreign Currencies.
Leverage & Margin Level.
Lot Sizes
With every Standard lot which is traded - 100 000 units - a trader risks to lose - or looks to win - $10 per pip.
With every Mini lot which is traded - 10 000 units - a trader risks to lose - or looks to win - $1 per pip.
With each micro lot - 1000 units - $0.10 per pip.
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0.1 = $1
0.2 = $2
0.3 = $3
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1.00= $10
1.10= $11
1.20= $12
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2.0= $20
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When Picking Lot Sizes, Be Aware Of Your Account Size & Broker. Some Positions Will Not Be Opened Without The Proper Amount In Your Trading Account. Proper Risk Management Is NEEDED. You Can Even Trade As Low As 0.01 If Needed.
Market Hours For Pairs
Depending On The Pair You All Decide To Trade, Please Be Aware Of The Session Its In. Pairs Move Better In Session. With That Being Said, Im Not Saying That You Cant Trade Out Of Session, Im Just Notifying You All With Information.
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CHEAT SHEET:
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A= AUD
N= NZD
J= JPY
C= CAD
G= GBP
U=USD
E= EUR
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This List Is For Whoever Joins The Signal Room & For Self Knowledge. When Talking With Other Traders You Will Hear Them Refer To Pairs, By There First 2 Lets, Example: AU= AUDUSD. Its Just A Shorter Way For Those Who Don't Want To Say All 6 Letters.