Step 1 - Login to the trading platform
Whether you are new or experienced, the xStation5 platform is designed to make it easy for traders to find what they want quickly.
The first step to start trading is logging into the software. LOGIN HERE
Trading with leverage can involve significant risks. This trade may not be suitable for everyone, please understand all risks before investing.
Step 2 - Choose the market
No matter your reason for entering a trade, you certainly cannot have the time and resources to help you make every decision. This is why many beginner traders often limit the number of instruments they trade.
The main product groups available at XBT include:
The stock index market is the product most traders pay attention to. On the other hand, the prices of indices can fluctuate to a large extent depending on the economic growth rate and earnings of member companies.
Central banks play an important role in the Forex market. Unlike indices in the stock market, in the Forex market, traders trade currency pairs, and therefore need to pick out a bullish and a bearish coin.
In addition, the commodity market often attracts traders who do not want to keep track of all the economic data. Because in this market, prices often reflect changes in the availability of a particular good.
Last but not least, cryptocurrencies are emerging and volatile assets that often experience price movements of a scale not seen in other markets.
Traders with little time often choose to start with a stock CFD or an ETF CFD.
Step 3 - Deposit
When you deposit for the first time, a question that often arises is how much should be deposited? However, there is no exact answer to this question.
However, the good news is that it is quick and easy to fund an account at XTB with a variety of methods. Including bank transfer, top-up via Ngan Luong portal, international payment cards and e-wallets.
Step 4: Add knowledge
Knowledge is important for any trader, especially newbies, as mistakes are most often made when just starting out. Whether you trade based on fundamental analysis (economic reports) or technical analysis (technical signals), the most important thing is that you need to clearly define your entry point and take profit or stop loss level. there you will be ready to close the order.
Another important thing to keep in mind is to stay up to date with market developments that affect prices on a daily basis. However, this doesn't mean you have to follow multiple financial news services to stay up to date.
XBT's award-winning research team ensures you stay up to date on any major moves or market fluctuations. You can follow the market studies in the News section of the xStation trading platform. In addition, you can find the Economic Calendar and other materials.
You can use Market Watch. Here you can find XBT tradable products including:
Most beginner traders usually open orders using the "Place New Order" function. When the window pops up, you can simply click the "Open Order" button or right click on the chart and select "Open Order".
In the new order table (above), you can choose the trade volume as well as set the Stop Loss and Take Profit (TP) levels.
Moreover, the built-in calculator will help you to calculate
Nominal value of the transaction
Value of each pips
Daily Swap Fee
Step 6: Manage transactions
Now you know how to open a trade. It is time to consider what will happen if the situation in the market changes. To manage your trades, you may be required to change your trading parameters.
To add or change your SL or TP levels, simply drag the SL and TP icons on the chart to the desired level.
You can also double your trade volume (open another trade of the same size) or reverse it (close and open a trade in the opposite direction) by clicking the buttons on the side right of the open transaction.
Step 7 - Close the deal
The Profit or Loss you experience is not the final result until you close the position. You can either wait for the price to hit a predefined Take Profit or Stop Loss order or close the order manually in case your opinion on the market changes.
In case you have more than one open order, in the Place Order tab you can click the CLOSE button and choose to close: all positions, only profitable positions or only losing positions
Placing your first trade is not as difficult as you think. With proper preparation, you can increase your chances of success. Good luck!
MULTIPLE ORDER TYPES
Execute a variety of advanced order types such as market, limit, and stop orders, as well as take profit, stop loss, and OCO orders (one cancels the other).
EASY TO USE
The user-friendly graphical interface and tutorials makes PrimeXBT easy to use for anyone, new or experienced.
LIVE TRANSPARENT PORTFOLIO REPORTING
Access real-time portfolio metrics and position performance data right at your fingertips, from anywhere in the world.