8.Placing a Trade
Probably the most obvious function you need to perform as a trader is explained below.
In this tutorial, we’re going to show you how to place a trade on Euro Dollar by buying the Euro and selling the US Dollar.
Placing a trade is quick and easy on this platform. Firstly, identity which market you wish the trade, in our case will be trading Eurodollar, we then click on the Trade button and the trade ticket opens up.
First, you nominate how many pounds per point you wish to trade. At the moment, as you can see, the amount is in Sterling, but this will be in the base currency of your account, we’re going to trade at one pound a point. In this case, one point refers to the fourth decimal place and is usually referred to as a pip.
So a one pip movement means you make or lose one pound. Please note that the point movements are calculated in your base currency. Now, we need to choose buy or sell. Once you hit buy or sell, you then need to click confirm and the trade will be executed at the current spot rate.
So let’s hit the buy button and place a trade. A confirmation screen pops up immediately giving us our open price to the fifth decimal place. We can check and view the trade at any point in the open positions tab, which now reflects our live trade. Here, you will see the pound a point Euro dollar position.
So that’s how we place a trade on the platform. We look forward to seeing you in the next tutorial.