Forex stands for ‘Foreign Exchange’ and forex trading is where you trade different currency pairings against each other e.g. EUR/USD. We trade forex via a method called CFD trading. A contract for difference (CFD) is a financial instrument that allows traders to invest into an asset class without actually owning the asset. The CFD is a contract between two parties (you placing the trade and the broker).
We have made sure that no step has been missed out in making sure that when you become a member of IYL, the member’s portal takes you from an absolute beginner to a knowledgeable forex trader. If you just follow our trade idea’s and watch our basic training video’s you can start trading profitably almost immediately! Most of our clients have never traded before so please do not worry, everything you need is in our member’s portal.
We have made sure that every process necessary in becoming a forex trader from scratch has been included on our member’s portal. Just select the free trial option, create a trading account and see for yourself!
The ASSET / currency pairing name e.g. EUR/USD. The position we are taking, either a ‘buy’ position (predicting that the market price is going to rise) or a ‘sell’ position (predicting that the market price is going to fall). A RANGE (between these two rates you should place a trade based on the trading idea) e.g. 114.260-114.290. A TAKE PROFIT (A rate which we believe will yield a good profit on the trade) e.g. 114.500. You do not have to follow this guidance and you can take profit at any point you wish, it is your trade. A STOP LOSS (A rate which we believe is reasonable to take a loss on the trade), it is very important that you put a stop loss in place as soon as you open a position to limit your risk and losses e.g. 114.030.
Expert trade ideas will be posted Monday-Friday, on your members portal. You will receive an email notification notification when a new trading idea is posted.
Between 1-6 trade ideas are posted by our expert traders a day, depending on the market conditions. There are no guarantees of how many will be sent.
Trade ideas are mainly based on currency pairings, however in the near future IYL will be expanding out into providing help training for the provision of other finanical assets.
So far this year, on average between 70-80% of our trade ideas have hit their take profit target, you can check out the success of recent trades on our recent trade’s page. However, it’s important to note that each individual’s success depends on how many trades they place out of those posted and also how much they are trading with on each trade.
Once you have selected the free trial option, you must make sure you click on one of the brokers directly through following the steps on our site. These links direct you to the sign up page of your chosen broker. You then have to follow the process with the broker. Once you have deposited the at least minimum deposit and verified your account, we will be informed of this and your trial will be activated. You must trade at least 5 lots on the account within your first week of setting up the account to keep the free trial activated for the remaining period. If you create an account not through our site’s link, we will not be able to track your registration so no trial will be activated, your trial will also not be activated if you have not deposited the required minimum deposit.
We suggest that this is done as soon as possible as you need to verify to withdraw your money from the account, so to save having to do it later, we recommend that you finalise and verify your account as soon as you can. The broker may also cancel your account if you do not verify within a couple of days after creating the account.
Sometimes this maybe because you are typing in the wrong details or you are selecting the wrong server. If you still have problems logging in after one of these problems being apparent, please contact your broker directly as we cannot assist you much from this point. They have 24/7 live chats and very responsive email systems; they are always here to help.
This is because your free margin level is not large enough to allow you to place more money per pip. Every trade has a required margin level; this means that you need to have a certain amount in your account in order for the broker to let you place an assured amount per trade e.g. you may only be able to trade 0.10 per pip when you have an account balance of £100-£200 as your account balance is not big enough to provide a sufficient margin level for the attempted trade.
If this is the case, we shall adjust it immediately when the problem appears. Please refrain from trading without setting a take profit or stop loss in order to trade with sufficient risk management.
We will aim to post 1 market analysis video a everyday Monday – Friday, starting off with our CEO’s analysis of the markets on a weekly basis.
This concept of trading confuses many individuals as they may think they are only putting £1 in, however this is how much you are main / losing every time the market moves a pip e.g. 1.23455-1.23456, if you bought the currency, you would have made £1. To be able to pace this trade you need to have a large enough margin. For example, the required margin for £1 a pip is often £1000. Although you are not going to lose £1000 if you put a stop loss in place of less than 1000 pips, this is what the broker requires you to have as a margin to place the trade. On a 1% margin level a position of $1,000,000 requires a deposit of $10,000.
In MT4’s order execution window you can choose to set a maximum deviation pip-range for your orders. When the maximum deviation box is left unchecked your order will only be executed if it is available at the exact price you requested, if not the order will be rejected. Maximum deviation allows you to specify a pip-range that is acceptable to you in the event that your order cannot be filled at the requested price. In other words, checking the maximum deviation box and setting it to two pips indicates that you are willing to accept a price that deviates 2 pips above or below the requested price. Most traders leave the box blank.
We trade CFD’s. When trading CFD’s you do not have to pay any income tax or stamp duty. However you may be subject to capital gains tax, but this can be offset by any losses made. If you use our services to spread bet then you are exempt from all of these above taxes.
IF YOU HAVE ANY FURTHER QUESTIONS NOT COVERED IN OUR TRAINING TUTORIALS OR FAQ’S, CONTACT US VIA THE CONTACT US PAGE