Beginner Guide on Pocket Trader
How to trade using the Pocket trader app
1. Sign up Demo Account in 1 minute
Register a Demo Account by using your email address. You could enjoy FREE USD 10,000 virtual funds to try out our platform in a risk-free environment, practise trading strategies, and connect to the broader trading community on Pocket Trader to start your trading journey.
2. Discover Hot Financial News
Pocket Trader lets you stay informed on the latest economic news surrounding different currency pairs, commodities, and indices while engaging with an active community of experienced traders who can help you refine trading ideas.
3. Open trade To place a new order, you have the option of placing a buy/ sell order either through a market order, sell/buy limit, or buy /sell stop.
📌 Market Order
- A market order is an order to buy or sell at the best available price.
- For example, the bid price for CAD/CHF is currently at 0.73092, and the ask price is at 0.73132.
- If you wanted to buy CAD/CHF at the market price, it would be sold to you at the price of 0.72499. You would click place order, and it would instantly execute a buy order at that exact price.
You also have the option of setting a stop loss which is highly advisable to avoid career-ending losses once the market goes against your expectations. You can also set take profit to close a profitable position once the market reaches a specific price. As the name suggests, it allows the trader to set a predefined level to lock in any profits.
📌 Limit Order
A limit order is an order placed to either buy below the market or sell above the market at a certain price.
This is an order to buy or sell once the market reaches the "limit price".
- You place a "Buy Limit" order to buy at or below a specified price.
- You place a "Sell Limit" order to sell at a specified price or better.
Once the market reaches the "limit price" the order is triggered and executed at the "limit price" (or better). For example, if you want to sell XAU/USD(Gold) is currently trading at 1656.52. You want to enter the market if the price reaches 1640.00.
You can either sit in front of your monitor and wait for it to hit 1640.00 (of which there is no need). Since once the price reaches the 1640.00 mark, it will automatically execute a sell order at the best available price.
It is worth noting you can place a sell limit:
1. Goods till cancelled - In this case, the trade will remain active until the target price is reached for the trade to be executed, regardless of the time frame and when the trader explicitly cancels the trade.
2. Goods till date- In this case, the trade will remain active until the target price is reached for the trade to be executed, and that's if and only if it's within the specified date and time unless it's already been fulfilled or cancelled.
4. Portfolio
This is another important feature of the application, as, on this page, every trade you enter will be displayed on your trading account. This page gives you a clear picture of the statistics of your trading journey. All your trades, including your profits and losses, will be displayed on your trading account.
A regular evaluation of your trading portfolio will increase your risk preferences because you will be cautious about how much money you can afford to risk before placing any trade.
5. Upgrading to a Live Account
After familiarizing yourself with a demo trading account, you can now upgrade to a Live account in 5 easy steps to make profits in real money.
Fill in your Personal Details, Economic Profile & Upload your Identification Documents. Our team promises to make your account goes Live at the soonest! 🚀
Download our app to try all our features right now 📱
🔸 Android: Download here 🔸 iOS: Download here
We promise to keep improving our products and services for the best user experience. More features are coming real soon! Stay Tuned 🙌🏻
