With a basic introduction to CFDs, you can begin to place trades. At first it is recommended that a demo account be opened so learning can take place in a risk-free environment. This will allow you to acquaint yourself with CFD products and hone your skill before putting real capital at risk. HotForex uses the MetaTrader 4 platform; a basic understanding of that program will benefit you greatly.
The first step in placing an order is making sure the instrument you wish to trade is listed in your "Market Watch" window or that you have a chart of the CFD open within your platform. In the Market Watchwindow, right-click on a tradable and a drop-down menu will appear.
Figure 3: Select "Symbols" which will bring up a list of all the products available for trade.
|Figure 4: A list of products listed under the "Symbols" option.|
All the products you select will show up in the Market Watch window which will allow for easy trading and chart creation (to open a chart, right click on a tradable and select "Chart Window" from the drop down menu).
Create an order by right clicking on the CFD in the Market Watch window and clicking "New Order" in the drop down list. You can also create an order by right clicking on a chart, selecting Trading from the down list and then clicking "New Order." An order screen will appear which will allow you to input your trade specifications.
Figure 5: From this window you can change the instrument being traded, the volume, the stop loss or profit target as well set a limit price.
The Type of trade can either be a Pending Order (as shown in the figure above) or Market Order. If you wish to execute a trade at the current market price you must change the Type to Market Order. For a Pending Order you may also wish to set an expiry date; the order will be canceled if not filled by the expiry date.
When everything is set, hit "Place."
SEE: What's the difference between a stop and a limit order? How To Trade CFDs With HotForex: Managing A Position
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