A stop-loss is an order made to the broker or online Forex trading platform to close sell a position once it drops to a certain point, in order to minimize the loss carried by the trader. If you aren't sure when to use one, the short answer is: always — especially when you are not closely watching your open positions for the duration that they are active. If you intend to monitor open positions, however, stop-loss orders are not strictly necessary, as you have the option to close positions manually at any point within the trading window. While stop-loss orders can and do save traders from painfully large losses, they can also be triggered by a brief but steep dip in value.
A trader watching closely may have chosen not to close the position at that stage, fully expecting the market to recover almost instantaneously. A stop-loss, however, does not have this discretion. A position closed in a sudden but very brief dip will still render a loss, despite subsequent quick market recovery. It all comes down to your goals, risk-tolerance, and trading strategy.
If you need a Forex trading account, opening one is a quick and simple process. This is most often followed by uploading your identifying documentation in line with KYC requirements.
While some trading platforms have a brief waiting period pending document validation, others with automated onboarding systems allow you to trade immediately after signing up. Should there be any problems with your documentation, they will contact you accordingly. It is crucial to familiarize yourself with the Forex market before depositing any funds or attempting to make live trades.
Trading Basics You Should Know
As mentioned further above, be sure to practise with a demo account for some time before live-trading using your own funds. One Financial Markets offers a free forex trading account with no initiation fees or monthly account fees. Kindly check the FAQ section on the right of the application page , where you will find a complete list of required documents per country to open an account.
Note that all documents should be clear and provided in colour where applicable. Both the front and the back of any submitted cards or identification documents must be scanned and submitted together. If you experience difficulty with the application or document uploading process, or are unable to provide certain documents, kindly contact our client services department for assistance.
In certain cases, possible alternatives may be offered. An important message to remember is that successful traders are careful traders.
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Never allow sentiment or emotion to control your actions. Profitable Forex trading requires the diligence of thorough research and the discipline to stay up to date with events, political or otherwise, that may impact exchange rates. Traders who act with clarity of mind on logical decisions are far more likely to be successful than those who take extreme risks or act without information.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Platforms MT5 MT4. Live Chat. More about cookies. RISK In Forex trading, risk and leverage are not the same thing, although the terms are often confused.
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HOW FOREX TRADING WORKS
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How to Start Day Trading for Beginners - Tutorials and Strategies
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