First trade execution
As we mentioned in the introduction, trading is basically very simple. You will not need any specific skills to execute the trade itself. However, before each trade you should make sure you know why you are entering it, at what price and what position size you will choose. The size of the position will determine the size of your profit or loss.
It’s crucial to set a Stop Loss to prevent excessive losses and a Take Profit to secure your desired profit. Typically, for long-term profitability, your Take Profit should exceed your Stop Loss, ensuring that profits outweigh losses.
First Implementation of the Trade
In this example, we will show a simplified example where you can try entering an order based on which direction you think the price will move. When you want to speculate on a rising price, click on Buy, when you want to speculate on a falling price, click on Sell. Then watch what happens. You don’t need to set Stop Loss and Take Profit in this example, they are set automatically.
