Congratulations!
You've completed 7 chapters of foundational knowledge. You understand more about forex than 90% of people who open trading accounts. Now let's apply everything you've learned.
Before You Start
✅ Pre-Trade Checklist
⚠️ Critical Reminder
This is a DEMO account. No real money at risk. Treat it seriously anyway - develop good habits from day one. The goal isn't to make money today, it's to learn the mechanics of trading.
Step 1: Platform Setup
Let's set up your chart properly before trading.
Open EUR/USD Chart
In MT4/MT5: Market Watch panel → Right-click EUR/USD → "Chart Window"
Or: File → New Chart → EURUSD
Set Timeframe to H1 (1 Hour)
Click "H1" on the toolbar, or: Charts → Timeframes → 1 Hour
H1 is good for beginners - not too fast, not too slow.
Switch to Candlestick Chart
Click the candlestick icon on toolbar, or: Charts → Candlestick
Zoom to See ~50-100 Candles
Use + and - keys or toolbar buttons to zoom
You want to see recent price action clearly.
Your Screen Should Look Like This:
Step 2: Create Your Trade Plan
Never enter a trade without a plan. Here's a simple one for your first trade:
📋 Your First Trade Plan
Trade Parameters
Entry Decision
For this first trade, we'll use a simple approach:
- Look at the last 10-20 candles
- If price is generally moving UP → We'll practice a BUY
- If price is generally moving DOWN → We'll practice a SELL
This isn't a real strategy - it's just to practice mechanics. Don't expect to profit.
Stop Loss & Take Profit
Maximum Loss
0.01 lots × 30 pips × $0.10/pip = $3.00
This is well within our $10 risk limit. Good.
Step 3: Execute the Trade
Time to place the order. Follow these steps carefully.
Open the Order Window
- Press F9 on keyboard, OR
- Right-click on chart → Trading → New Order, OR
- Click "New Order" button on toolbar
Fill in Order Details
Calculate Your SL/TP Prices
If current price is 1.0850:
For a BUY trade:
Stop Loss: 1.0850 - 0.0030 = 1.0820
Take Profit: 1.0850 + 0.0030 = 1.0880
For a SELL trade:
Stop Loss: 1.0850 + 0.0030 = 1.0880
Take Profit: 1.0850 - 0.0030 = 1.0820
Review and Confirm
Double-check everything:
- ✓ Symbol is correct (EURUSD)
- ✓ Volume is 0.01
- ✓ Stop loss is set
- ✓ Take profit is set
Click BUY or SELL
Choose based on your earlier observation of price direction.
Trade Opened! You should see a confirmation message and your trade will appear in the "Trade" tab at the bottom of the platform.
Step 4: Manage and Close the Trade
Now that your trade is open, here's what to watch and how to close it.
Monitoring Your Trade
📊 Trade Tab (Bottom Panel)
Shows all open positions with real-time P&L:
- Profit column: Current profit/loss in account currency
- S/L: Your stop loss price
- T/P: Your take profit price
📈 Chart View
Your entry, stop loss, and take profit should appear as lines on the chart.
Trade Outcomes
✅ Take Profit Hit
Price reached your TP level. Trade closes automatically with profit.
Result: +$3.00
❌ Stop Loss Hit
Price reached your SL level. Trade closes automatically with loss.
Result: -$3.00
✋ Manual Close
You decide to close before either level is hit.
Right-click trade → Close Order, or click X next to the trade.
💡 What If I Made a Mistake?
Wrong lot size? Wrong direction? Just close the trade immediately. On demo, there's no cost to learning from mistakes. Better to close and try again than let an error run.
Step 5: Post-Trade Review
After your trade closes, record what happened:
📓 Trade Journal Entry
🎓 Congratulations - Course Complete!
You've Completed the Beginner Course!
You now understand the fundamentals of forex trading. But this is just the beginning.
Your Next Steps
🙏 A Final Word
Trading is a marathon, not a sprint. The vast majority of people who lose money in forex didn't take the time to learn properly. You did. That already puts you ahead.
Stay patient. Stay disciplined. Keep learning. The market will always be there tomorrow.
Trade smart. Choose better.