Experience has shown that in order to ensure effective launch of the Affiliate program you need (1) to have large audience on your resource. (2) It is also important to describe the basics of the Affiliate program in such a manner as to catch Refferals’ interest. If the first item, as a rule, does not cause problems, the second one can create difficulties. Therefore, today, we will speak about the basic concepts of Forex, which a Partner will be able to explain to his/her Referrals.
Let’s start from the first steps in trading at Forex. If you try to study this huge subject yourself, you will not easily arrive at the desired result. That is why our experts have subdivided the study of the basic principles into three stages, which will help you to understand the subject and make it easier for you to explain your Referrals their role in the Affiliate program.
In order to understand the basics of Forex trading, you need to learn: the Principles of Meta Trader 4, types of orders and levels of support and resistance.
MetaTrader 4 is a free trading platform, which your traders (Referrals) will use to interact with Forex market. Using MetaTrader 4, traders can carry out trading operations, analyze current market situation for a certain financial instrument, use automated trading programs and develop their own programs with the help of MQL4. The functions of MetaTrader 4 are numerous; therefore this is the first topic to study.
Types of trading orders
The main types of trading orders are as follows:
Buy – trading order to purchase assets of the trading instrument.
Sell - trading order to sell assets of the trading instrument.
StopLoss – trading order to close transaction when the price of the financial instrument goes down.
TakeProfit – trading order to close transaction when the price of the financial instrument does up.
Levels of support\resistance
Levels of support\resistance are the levels of price at which traders enter the market in the quantity that can trigger price reversal.
Consequently, support level is the level when buyers enter the market. Resistance level is the level when sellers enter the market. The ability to determine the pivot point of price is the essential skill of a trader enabling him/her to predict future price movement.
Of course, the above description is just the tip of the iceberg. However, following thorough investigation of these topics you will easily fathom Forex market and be able to help your Referrals understand it.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.