The Benefits of Automated Trading Systems in CFD Trading with IronFX
Trading Contract for Difference (CFD) can be a profitable way of investing in various assets such as stocks, commodities, and indices. But for newbies, understanding the principles of CFD trading can be daunting. Plus, choosing a platform to start trading can be overwhelming, considering there are hundreds of online brokers out there. One of the reputable brokers to start CFD trading is IronFX. In this guide, we will explain everything you need to know about ironfx cfd trading as a beginner.
Account Opening
Opening an account with IronFX is straightforward and only takes several minutes. To open an account, you need to provide some personal information, such as name, email address, phone number, country, and citizenship. Once your account is verified, you have access to the IronFX trading platforms, including MT4, MT5, and WebTrader.
Types of Accounts
IronFX offers several account types to cater to different trader levels and preferences. The account types include:
Premium Account: This account is designed for intermediate traders who want to trade larger volumes.
Trading Platform
IronFX provides multiple trading platforms to choose from, including MT4, MT5, and WebTrader. The MT4 is one of the most popular trading platforms globally, and it provides a user-friendly interface, multiple charting tools, and automated trading assistance. The MT5 is suitable for advanced traders who want to access more advanced charting tools and more significant market depth. The WebTrader is a browser-based trading platform that doesn’t require any software installation.
Risk Management
Therefore, traders must have a solid risk management strategy to protect their capital from unexpected losses. IronFX offers several risk management tools such as:
Stop Loss and Take Profit Orders: These orders close a position automatically at a predetermined price level to limit losses and lock in profits.
Negative Balance Protection: This feature ensures that a trader’s account balance never goes below zero, protecting traders against unlimited losses.
Margin Call: This feature warns traders when their account equity reaches a specific level to prevent positions from being automatically closed due to insufficient margin.
Conclusion:
In conclusion, IronFX is a trusted broker that offers a range of CFD trading products and services suitable for both novice and experienced traders. As a beginner, you can start with a micro account and gradually move up to more advanced account types as you gain more experience. Be sure to have a solid risk management strategy in place and familiarize yourself with the various trading platforms and tools IronFX offers to maximize your profits and minimize your losses. Good luck!