Discover how to trade forex and speculate on the FX market. Including whether to use forex CFDs, how the forex market works, and how to open your first position.
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- CFD trading
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If you want to trade forex via CFDs, you’ll need an account with a leveraged trading provider. You can open an IG account for free, and there’s no obligation to add funds until you want to place a trade.
This is particularly important if you’re new to the markets. A trading plan helps take the emotion out of your decision making, as well as providing some structure for when you open and close your positions. You might also want to consider employing a forex trading strategy, which governs how you find opportunity in the market.
Find out more about how to build a trading plan.
If you’ve chosen to use a particular forex trading strategy, then now’s the time to apply it. Use your favoured technical analysis tools on the markets you want to trade, and decide what your first trade should be.
Even if you’re a purely technical trader, though, you should also pay attention to any developments that look likely to cause volatility. Upcoming economic announcements, for instance, might well reverberate across the forex markets – something your technical analysis might not take into account.
Learn more about what moves forex markets.
Open the deal ticket for your chosen market, and you’ll see both a buy and a sell price listed. You’ll also be able to decide the size of your position, and add any stops or limits that will close your trade once it hits a certain level. Hit buy to open a long position, or sell to open a short position.
When you’ve decided it’s time to close your position, just make the opposite trade to when you opened it.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.