As I am understanding forex ,you use MT4 as a trading station while using a broker like Oanda?
Is Oanda the cheapest way in? Trading microlots so just want to practice. I like the idea of $50 at a time. Oanda is Canadian, is there a US broker. I am assuming there is some connection with MT4 and a broker of your choice.
Understand basic forex terminology. The type of currency you are spending or getting rid of, is the base currency. The currency that you are purchasing is called quote currency. In forex trading, you sell one currency to purchase another. Understanding the above concepts will help you grasp what's happening when you see a forex pair rising or falling on a chart. If you do the math on the difference in pips between two price points, it will also help you see the profit potential available from such moves. All of this trading is done through forex brokers. A forex brokerage is an intermediary that takes on your trade and puts it on the open market. Foreign exchange trading is not done through any centralized market, so all forex broker rates may not be exactly the same at the same time. Despite this market’s overwhelming size, when it comes to trading currencies, the concepts are simple. Let’s take a look at some of the basic concepts that all forex investors need to understand. Understanding Technical Analysis. Technical analysis is the study of historical price action in order to identify patterns and determine probabilities of future movements in the market through the use of technical studies, indicators, and other analysis tools.
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