There are a few important things to consider before you place any trade
Deciding on a Currency Pair
Have a look at the market and after doing some analysis select a currency pair that you want to trade. Once that's done decide which direction the market will go and how much time it will take.
Choose Your Volume
Select the amount of currency you would like to trade. Keep in mind the more volume you trade, the more you can earn or lose. Especially if this is something new, starting to trade with relatively small positions sizes, is the smart, responsible choice.
Set Your Take Profit
On every position you trade be sure to set a profit target and set your take profit to your desired rate. When the price is reached in the market your position will close automatically, with the original amount put up and new profits transferred to your account. Alternatively, it is important to decide how much you're willing to risk. Set your stop loss to reflect the level of risk you think is appropriate and once again your position will be closed automatically once the price reaches this limit. Your remaining stake will be transferred to your account. Remember not to risk all your money, take the time to know the math involved.
Review and Get Ready To Execute
Have a look through at what you've chosen and make any adjustments if needed. Check the actual market to see if your price is available. If the rate has moved substantially decide if you still think the position will be a success. If the answer is yes, then execute your position.
* For a better understanding of the calculations & math involved in placing trades Please have a look at our Trading Examples.