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.
Example of EUR/USD forex quote. Understanding Forex Quote Basics. In order to read currency pairs correctly, traders should be aware of the following fundamentals of a forex quote: 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. 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. Forex is the global foreign exchange market where foreign currencies are bought and sold. The market uses currency pairs to evaluate the relative strength of one currency against another. The pairings show how much of the second currency (the quote) you can buy for one unit of the first currency (the base).Forex traders use forex charts to evaluate movement in currency pairs and predict trends. 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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