Now, after you get familiar with the main ideas of online trading, it’s time to start your own journey!
Where to begin? At first, you need to connect with FBS to access the market. You don’t need to perform magic tricks here. To open the portal to the markets, you only need special software installed on your computer or phone.
A trading platform
If you decide to trade with FBS (congratulations, you have the perfect taste!), you can choose between FBS app and MetaTrader.
"Wow, so many trading platforms! But how should I choose the one that suits me?"
Don’t worry, we will explain the main differences between them and help you to choose the one that is perfect for you!
At first, prepare your phones, dear traders, as we will introduce you to… FBS app! If you prefer trading on your mobile device, this application is definitely for you. This program allows you to track all your favorite instruments, including but not limited to currency pairs, stocks, and metals. Its interface looks so stylish and user-friendly that you won’t spend a lot of time understanding its functions. You can deposit and withdraw money instantly. If you face any issues, a professional support team will be happy to help. You can find it on the FBS website, as well as on App Store and Google Play.
"What if I want to trade from my laptop? And study different charts in detail?"
If you want to trade from your PC or laptop, then MetaTrader is your choice!
Old-school traders love MetaTrader. First, this famous software provides trading through personal computers, laptops, and mobile phones. The second reason traders prefer MT over other programs is its functions. Yes, the program may seem a bit complicated at first glance, but when you get to know it better, you will open the world of pro trading. That’s where things get professional. MetaTrader has tools any trader can dream of: a wide range of trading instruments, different categories of indicators, drawing tools, calendars, and even the news!
There are two versions of this software: MT4 and MT5.
"Wow, and what’s the difference between them?"
To be truly honest, these are two versions of the same software. However, the main advantage of MetaTrader 5 is that you can trade stocks with it. In addition, MT5 has more indicators and charting tools than its predecessor and 6 types of pending orders.
"It sounds great, but am I ready? What if I fail?"
Hold on here, my friend! Before you start trading and become a professional, you need to practice a lot. Always remember – practice is the best friend of success. You can start with trading on a demo account! This way, you will gradually improve your skills.
Demo account
When one wants to become a doctor, one practices a lot beforehand to gain experience and get familiar with charts. The same applies to trading: people can boost their confidence and skills on a demo account before using real money. A demo account will help you to understand how trading with FBS works without investing a single dollar.
"Do you mean I can start trading immediately, but the money would be virtual? Can I still earn some?"
You’re right – a demo account gives you access to the real market environment. However, you can’t deposit or withdraw real money to and from it. You can ask the system for virtual money, though. It will add as much of it as you want. However, don’t ask for too much; you will lose the sense of reality and won’t understand the real losses. Pretend that everything is real and practice your trading approach.
How to install MetaTrader
"OK. I opened a demo account in my Trader Area. What’s next? How does everything work in MetaTrader?"
Let’s guide you through this process.
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After you have installed your MT4 or MT5 terminal, you can log in to your account using the data provided to you by FBS during the registration. It’s easy to forget all this information. If that has happened to you, you can check the registration email sent to you by the company or set a new password in your Trader Area.
"Got it. How to find out if I am connected to the server?"
It’s easy! In the lower right corner, you should see the speed of your internet connection: it means that you are getting live market quotes.
"Is there MetaTrader for smartphones?"
Yes, you can also trade using the MetaTrader version for iOS or Android. Download the app from App Store or Google Play. Then open the app and choose between a login with an existing account and opening a demo account. A new window opens when clicking either Login with an existing account/Open a demo account. Enter FBS in the search field. Click the FBS-Demo icon if you have a demo account or FBS-Real if you have a real account. Enter your login and password, and start trading!
Opening a trade in MetaTrader
To open a trade, you need to summon a “New order” window. The easiest way to do that is to click the “New Order” button in the toolbar above the price chart or press F9 on the keyboard.
After that, you will see the window where you need to set the parameters of your trade.
Here choose the size of your position (Volume). You can choose whether you want your order to be executed right away (Market Execution – this option is active by default) or at a particular level you expect the price to reach in the future (Pending Order). You can also set Stop Loss and Take Profit – orders that will close your trade automatically at the levels you want. You will learn more about these options in the next lesson.
If “Sell” and “Buy” buttons are inactive, it means that you have chosen an incorrect order volume for this account type. Please check your settings for order volume and compare them to the trading conditions stated on our website.
You can follow your orders in the Terminal window by clicking the Trade tab.
To close your order at any time, click the right button on the name of an order and select “Close order.”
Lesson summary
MetaTrader 4 and 5 are classic trading platforms popular among millions of traders;
A demo account allows practicing trading without investing real money;
To open a trade in MetaTrader, activate the “New Order” window and choose the volume of trade.
Coming up
In the next lesson, you will learn the key terms and definitions of the market. Keep going!