How to start trading the markets
With Palm Global you can trade forex or CFDs such as major indices and commodities. We’ll take you through a few steps on how to start trading the markets, from choosing your account type to funding your account and placing your first trade.
1.Understand the markets
Before you start trading, it’s important that you understand the markets, price movement and how to analyse the markets. At Palm Global we provide our registered users with a wide range of educational tools and videos on demand to gain an in-depth knowledge of trading CFDs and forex trading to help build your confidence. You can access these educational resources whether you open a risk-free demo account or a live account.
2. Choose your account type
If you are new to trading, you may prefer to open a Palm Global demo account, where you can practice trading in a risk-free environment, with $10,000 of virtual money. This will allow you to get to grips with using the MT4 platform, familiarise yourself with the use of charting tools and indicators, and test your trading strategies, without putting your own capital at risk.
One you’re ready and feel comfortable with the trading platform and your understanding of the markets, move onto opening a live account. Sign up for a Palm Global account.
3. Fund your account
Once your live account has been approved, you will be able to fund your trading account. Funding your account is quick and easy with our client account management area, myPalm Global. You can choose from different methods to fund your account, including a number of card payment options or by bank transfer.
4. Place your first trade
The first step is to decide which asset type and instrument you wish to trade. Once you’ve chosen your market, decide which direction your wish to trade in, whether you want to buy or sell the instrument. Remember, if you believe the value of an asset will rise, you would choose to buy, and if you believe it will go down you would open a sell position.
Once you’ve determined the direction of your trade, you need to choose your position size, your order type (whether it be a market order or a pending order), as well as set your stop loss and take profit levels. Your stop loss level is a critical part of your risk management strategy, and your overall trading plan. Once you’ve set your parameters, simply execute your trade by clicking either buy or sell.
Note: A stop loss is set to limit your losses when a trade goes against you, while a take profit order works to lock in your profits and close the position once the take profit level has been reached. Remember the importance of a trading plan. Making a trading plan and setting risk management rules will help limit trading mistakes and minimise your losses.
Don’t forget the MT4 mobile app will allow you to trade on your Palm Global account anytime, anywhere. Download the MT4 app so you never miss an opportunity to trade.
Next trading guide: Top tips for new traders →