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: Learn to read forex charts like a pro with our comprehensive beginners guide to forex charting. We explain the basics of charts, quotes, candlesticks, indicators and more. ... And forex charting is no different – you first need to have a good understanding of the basics, before you can progress to advanced stuff. 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. Understanding the above concepts will help you grasp what's happening when you see a forex pair rising or falling on a chart. If you do the math on the difference in pips between two price points, it will also help you see the profit potential available from such moves. 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.
Forex Trading Basics (Forex For Dummies) - YouTube
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