Steps To Setting Up For Beginner Traders
For beginner traders wanting to learn how to trade the crude oil market which is a complex market, the question is how to start oil trading? - The best way to learn is to first put away your money open a demo trading account this way you can begin trading online without any deposit, meanwhile, learn and train by reading online learn oil trading tutorials available on internet websites, although we would highly recommend just sticking to the one and the only top, best, recommended Oil Trading guide web site - this website, but feel free to go elsewhere & waste time on those other websites.
How to Open a Demo Practice Account
This tutorial website covers all Oil Trading training lessons - the quickest method of how to start oil trading is to follow these steps:
- Find a free online tutorial for oil beginners guide - this tutorial web site
- Find one of the best online brokers
- Download the free oil trading platform software
- Open a free demo trading account - A demo account is meant for practice oil trading, with this practice practice account you can begin practicing without depositing money, on this oil account you trade the real oil market only that you'll be transacting with virtual money.
- After registering for a free Demo Account, come back to this website and on the homepage follow the steps to begin studying the oil trading lessons.
After following the above tutorials, you will be ready to start.
Learning these trading concepts will take at least a few days to a few weeks, some concepts can be very confusing for oil beginners at first, but here we have simplified them for you, but we will not going to lie to you, some of the concepts at first will be confusing. For example, you will get to know about buy stop order, buy limit order, sell stop order, sell limit order, entry limit oil order, entry stop oil orders, Some heads are already spinning, especially for the beginners, wait until you open the oil platform software & you will freeze for 10 minutes staring at your screen trying to figure out what is what. But don't worry in the next ten minutes this tutorial training guide will teach you the whole oil platform in simple to learn tutorials and you will know how to operate the platform software with the ease that you operate Microsoft Word: MetaTrader 4 Crude Oil Trading Platform Tutorial
The trading software that is used for oil transactions is called MT4 platform or just MT4
The screenshot explained below shows the user interface of this trading platform.
Oil Trading Software for Online Trading & Placing Orders
After this you are setup, you can then go to the top navigation menu on this website and access the tutorial lessons explaining the terms used in the global oil market & other basic oil concepts and trading strategies.
Oil Trading Software Platforms:
What is a oil trading platform? - This is the software used to connect to the oil market by connecting traders to the oil broker so that they can place their trade transactions through the internet (online).
Online Oil Trading Brokers:
Traders must place trade transactions through a broker: you cannot trade oil trading without a broker. Brokers do not charge you anything to open an account, i.e. there is no account setup fees. The oil broker only charges if you make oil trades, if you don't transact you're not charged. The brokers make money by charging a few dollars for every transaction this is called the spread.
Oil Trading Charts:
Oil Prices are analyzed through graphs which are commonly referred to as oil charts, in the learn basics tutorials at the top navigation menu of this tutorial website, you will learn about these charts and how to analyze these oil trading charts to generate buy & sell oil signals.
Learn Basics - Crude Oil Trading Charts & Technical Analysis
It is best to start oil trading with a demo practice account first, then after you start making profits on the demo oil trading account you can then open a live oil trading account and deposit any amount you want, but before you do that make sure you read and understand these three topics, oil money management, oil leverage and margin, oil trading plan. Beginner Traders request the question how much money to start Oil Trading with? The answer is the more money you have in your real account the better the risk management, because you'll not be undercapitalized.
How Much Money to Start Oil Trading?
Do not start with $10 dollars, even if your oil broker tells you that you can start with that amount, in fact don't begin trading with $100 as this is not enough to trade with. It is best to save and begin trading crude oil when you have $10,000 dollars which is the minimum trading amount recommended to invest with.
- If you want to begin with $10,000 dollars, open a micro oil account & only open micro lots
- If you want to begin with $100,000 dollars, open a standard oil account and open standard lots
There are 2 types of oil trading accounts that traders can open: micro & standard. For each the recommended starting capital is specified above.
How to Use Practice Oil Demo Trading Accounts
However, for oil beginner traders there is a demo oil account provided for practice and this way beginner traders can start without any investment and practice risk free on the oil demo practice account until they learn the basics and the various methods used in trading the crude oil market. It is recommended for oil beginners to follow this method where first they start by practice trading without depositing real money as they take time to learn what is required to trade profitably.
Follow these steps:Learn to demo practice trade with a free demo for 30 days then open a live trading account
Technical Analysis & Oil Trading Key Concepts Tutorials:
Know all about technical analysis concepts & how to combine indicators to form a complete oil trading system that you can use to generate signals with. Read all the tutorials to make sure you have all the knowledge required.
Finally, be ready to learn and do a lot of work - learn each and every topic explained on this tutorial website and practice these concepts on a free demo oil practice trading account.
Our tutorials go beyond what most traders know when it comes to explaining what Oil Trading is & how oil market works & our tutorials provide you as a beginner trader with as many tools as possible. We go into in-depth analysis of crude oil prices.
The information on this website answers the question, how does Oil Trading work? and has more information than what you will find on any other online training tutorial website or book, the screenshots and image examples make the explanations much more easy to explain to beginner traders such that we have compressed years of experience on a single website. Be ready to learn from these tutorial guides until you know how to trade in the Crude Oil Trading Market.
