First Steps in Forex – Module 1

Welcome to the 'First Steps in Forex' course by GO Markets. In this first module, we explore the Forex market to gain a greater understanding of trading as a method of investment. You'll discover how to get started with Forex trading, how markets move, as well as important terminology We'll also introduce you to the MetaTrader platform, your gateway to trading on the Forex market. Additionally, we will begin to outline in detail some of the vital key principles of the risks involved, including how to manage leverage and margin more effectively. Looking for a different module? Click on one of the buttons below.

Learning dashboard Access module 2

Modules

Module 1.1: Course and module introduction

Learning outcomes:

Understand the purpose of the course
Identify how you can get the most out of this course
Recognise how the course fits in with the whole "First Steps" package so that you can take advantage of the available support.

Module 1.2: What is the Forex market? An overview

Learning outcomes:

Understand the nature of the Forex market and the terms used to describe it
Identify the major reasons why people choose to trade Forex
Become aware of the key risks that you must learn to manage
Recognise the similarities and differences between Forex and other trading vehicles
Identify YOUR aims as a Forex trader.

Module 1.3: How the Forex market works

Learning outcomes:

Understand how specific currencies are abbreviated
Understand the currency pairs and the "Majors"
Identify key market times that are most likely to influence currencies.

Module 1.4: ‘Long’ vs. ‘short’ Forex trading

Learning outcomes:

Understand the difference between 'Long' and 'Short' trading in Forex markets
Identify the principles of how to profit and manage risk from either approach
Recognise why people may buy and sell a position.

Module 1.5: Forex trade pricing

Learning outcomes:

Understand price quotes and the importance of pips
Define Forex 'spreads' and their impact on your trading
Describe the meaning of a 'lot' and how lots influence position size.

Module 1.6: Why markets move

Learning outcomes:

Understand the underlying principles of what moves the value of currencies
Define the key factors that influence this and how it impacts sentiment and ultimately price
Identify how this may influence your trading decisions.

Module 1.7: Your trading decision process

Learning outcomes:

Understand the key factors and process involved for taking a trade from entry to exit.

Module 1.8: Entry and exit using MT4

Learning outcomes:

The ability to enter a trade on your trading platform
The ability to exit a trade on your trading platform.

Module 1.9: Risk management

Learning outcomes:

Identify the two key risks that Forex traders can be subjected to and MUST address when trading
Appreciate the concept of the old market cliché, "Keep your losses small and let your profits run".

Module 1.10: Understanding leverage and margin

Learning outcomes:

Understand how leverage and margin work with Forex trading
Recognise the risks associated with leverage and margin, and understand the actions you can take to manage these.

Start trading with GO Markets

In just minutes we can verify your identity and create your account so you can start trading.

Try Free Demo Open Account

First Steps in Forex – Module 1

First Steps in Forex – Module 1

Modules

Start trading with GO Markets

Australia

International

United Kingdom

Client support

New accounts

Sales