Learning how to trade with Nicholson Financial Service is a quick and straightforward process that can be completed within minutes. To start trading forex and CFDs, you need to open a trading account.
The first step is to register and create an account by following the provided link. Once you have completed this step, you can make your initial deposit by logging in and selecting from various payment options.
The next stage is accessing the trading platform, which takes only a few minutes to install if you have a high-speed internet connection. When you click on the "Download" button, a setup window will appear.
Choose the currency/instrument that you want to buy and sell. Currencies are commonly quoted in pairs, such as GBP/USD or USD/JPY. The reason for quoting in pairs is that in every forex market transaction, you simultaneously buy one currency and sell another.
To understand a forex quote, such as EUR/USD = 1.13158, you need to know that EUR is the base currency, while USD is the quote currency. The currency listed first on the left side of the slash ("/") is the base currency, and the second currency on the right is the counter or quote currency.
The next step is to decide whether you want to buy or sell. If you want to buy, you will be acquiring the base currency and selling the quote currency, which is known as "going long" or taking a "long position." On the other hand, if you want to sell, you will be taking a "short position" or "going short."
All forex quotes have two prices: the bid and the ask. The bid price represents the selling price of the currency, while the ask price represents the buying price. The difference between the two is referred to as the spread.