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Your knowledge and experience are unique. That’s why your approach to trading forex should fit your individual needs.

Getting started in Forex Trading

Welcome!

After reading this short guide, you will be ready to start trading. So let's get to it!


Visual Mode

If you're just starting out in forex trading you will automatically be directed to eToro's Visual Mode. If you're already a forex hot shot, you can skip to the Expert Mode section.

At the center of the Visual Mode lobby you'll see five big icons that you just can't miss. Each icon stands for a different trading arena. Let's take a look at what each arena is all about.

Globe Trader

Globe Trader: Let's Get Geographical

The Globe Trader arena lets you trade using a global map, with trades represented as communication wires between trade centers around the world.

A country's currency is influenced by its economic strength, its international relations with different countries and its financial relations with different economies. This arena helps you visualize the international financial exchange that you're making every time you buy or sell a currency pair.

Use the menu at the bottom of the screen to select your currency pair and trade settings.

Once you've done this, a window will pop up and ask you to confirm your trade settings.

If you are satisfied with the trade settings, the selected amount, and the rate for this currency pair, you can go ahead and click on "Open Trade". Opening a trade will make two trading towers rise up on the map in the two countries whose currencies you're trading against each other. Your profit/loss will then be represented on the wire between the two trading towers.

Forex Charts

Forex Charts: Check the Chart if You Want to Trade Smart

The Forex charts arena gives you tools Technical analysis of a currency pair's price rate movements before making trading decisions. Technical analysis studies patterns of price movement based on the assumption that past market behavior can predict future market behavior.

The graphs at your disposal illustrate the behavior of a currency pair over time and the various charting tools help you spot price movement trends.

Once you've determined the currency pairs you want to buy or sell, use the menu on the bottom of the screen to select your currency pair and trade settings.

If you wish, you can also set Stop Loss and Take Profit orders (these can be set / modified after the trade has been opened). Click "Open Trade" in order to confirm and open your trade.

If watching how well your trade does isn't exciting enough for you, you can also watch your currencies fight against each other in a game of tug of war by clicking on "show animation".

Forex Marathon

Forex Marathon: The Strongest Currency Wins the Race

The Forex Marathon arena enables traders to trade the U.S. Dollar, Euro, British Pound, or Japanese Yen based on the principles of trend following. If a currency is on a general uptrend it will probably gain strength over several currencies at once. By racing one currency against several others this arena gives you chance not just to watch an exciting forex race to the finish, but also to take advantage of a general trend in the currency's price movement.

First you need to choose the currency that you believe will strengthen (U.S. Dollar, Euro, British Pound, or Japanese Yen). Once you've selected a currency, select the currencies you wish to compete against. Select the amount you wish to trade and click on "Open Trade" . A new window will open and tell you exactly how many currency pair units you are buying and at what exchange rate.

Forex Trend

Forex Trend: Rise or Fall, That is the Question

Trend following means that the trend is your friend and the Forex Trend arena enables traders to trade the Euro, the US dollar or the Pound (as the three most liquid currencies) based on rising or falling trends.

A trend is a currency's general price movement in one of two directions - up or down. Sounds simple? It is! The only difficulty lies in predicting which way a currency will go next. If you have a hunch, then this arena will help you capitalize on that hunch by buying or selling the currency of your choice against multiple currencies according to its trend.

First you need to select a currency and predict whether it's going to rise or fall. Then select the currencies you wish to compete against and the amount you wish to trade and click "Open Trade".

Once you've confirmed the trade settings, the currencies will begin to race against each other. Pay attention, because even if you want your currency to fall, you still want it to win the race.

Trade Box

Trade Box: Analytical Trading at Your Fingertips

The Trade Box is an advanced trading arena in which you can use advanced trading tools comfortably thanks to a visual user friendly interface. Here you can use a wider range of leverages (1:10 - 1:400), trade a wider range of currency pairs and commodities, and manage your Stop Loss and Take Profit orders after opening the trade. Simply follow the intuitive trade set up process from left to right to open up to 10 simultaneous trades.

Your trades are displayed in data form, in order to simplify data analysis.

And to make sure that you don't make trading decisions out of thin air, you can also click on the chart buttons near each currency pair in the rates box to view a live currency chart.

Expert Mode

If you've already had some forex experience before joining eToro, you will automatically be directed to Expert Mode. The Expert Mode screen contains all the tools you need for trading in one user friendly interface.

Use the upper panel to choose your currency pair/ commodity and trading settings. You may also view simple and advanced charts as well as use various charting indicators by clicking on the chart button next to your pair of choice. By clicking on the bell button you can also set an alarm for any currency pair. Clicking on the "One Click Trading Button" will save your trade settings and allow you to trade simply by clicking on Buy or Sell in the currency rates box.

Once a trade has been opened it will appear in the "Open Trades" where you will be able to edit your Stop Loss, Take Profit and Carry Trade Over Weekend settings, as well as view a chart of your trade. You may open up to 100 trades simultaneously.

The beauty of this interface is that you needn't go anywhere else for forex information. In the middle panel you have the option of viewing your trading history, live forex updates and a calendar of upcoming financial events by clicking on the respective tabs.

Additional Features:

Trading Challenge:

Go to "the Community" panel and click "Trading Challenge", or click on Trading Challenge at the bottom of the platform screen. eToro holds weekly forex trading challenges with major cash prizes at stake. As an eToro member, you are automatically registered to participate in the trading challenges. with major cash prizes at stake. As an eToro member, you are automatically registered to participate in the trading challenges. The Trading Challenge tab displays your rank and the updated top 10 list.

Chat:

Go to the Community panel and click "Chat", or click on Chat at the bottom of the platform screen. In this panel you can chat with friends and fellow traders from around the world with whom you can exchange forex information, knowledge, tips or just plain old friendly chitchat. You may chat privately or publicly around the clock. To make sure that you stand out in the crowd, you can also edit your community profile, upload pictures and compile friend lists.

Top Traders' Insight

Go to the Community panel and click "Top Traders' Insight", or click on Top Traders' Insight at the bottom of the platform screen. In this panel you may view live updated rankings of the 10 most popular currency pairs as traded by eToro's top 100 traders. You can use this tool to help you make strategic trading decisions or you can simply imitate the moves of the pros without actually having to analyze the market yourself.

Before getting down to trading, here are some more helpful tips:

  • You may switch between Visual and Expert modes at any times by clicking appropriate buttons in the top right corner of the screen.
  • You may switch from real trading mode to practice mode and vice versa at any time simply by clicking the "Trade for Real Money" / "Practice Trading with Virtual Money" buttons
  • Trades opened by you will remain open until you close them or until the end of the working week when they will be closed automatically (as that is when the market closes). The option of carrying trades over the weekend is available only in expert mode.
  • You may close your trades at any time. To do so click "Close Trade".
  • You may open several trades at once in Visual Mode, meaning that you may have several trades open simultaneously. To do so, click on "Lobby" at any time, and proceed to choose the arena for your next trade.
  • In Visual Mode, to return to the lobby, click "Lobby".
  • In Visual Mode, the "My Open Trades" box displays your active trades. The "Trading Log" tab opens your trading log where you can view open trades in more detail as well as historical trades.


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