AllPips is a leading forex broker that has empowered traders globally. With tight spreads, deep liquidity, diverse account types, and robust platforms, AllPips offers an ideal starting point for beginner and experienced traders alike to kickstart their online forex trading journey.
This comprehensive guide will outline everything needed to set up an account, fund deposits, take your first trades, and continue advancing your trading skills on the AllPips platform. By following these step-by-step instructions, you’ll be well on your way to successful online forex trading.
Signing Up
The first step is to visit www.AllPips.com and select the ‘Open Account’ button. You’ll be directed to a registration form requesting basic contact details to verify your identity including full name, address, date of birth, and email.
AllPips is licensed by top-tier regulators like the UK’s FCA, Cyprus’ CySEC, and Australia’s ASIC, ensuring peace of mind. All client funds are securely held in segregated accounts at tier-one banks.
Once registered, you’ll receive a verification email requesting further documents – a photo ID and proof of address like a utility bill. Verify your identity to access the full platform and trading functionality once approved.
Choosing an Account
AllPips offers FX accounts tailored for traders of all sizes. The Standard account suits beginners, offering leverage up to 1:30. Higher leverage tiered accounts include Silver up to 1:200 and Gold up to 1:500 for experienced traders.
Each account type comes pre-loaded with educational courses to strengthen trading knowledge over time as skills progress. Take advantage of these learning materials before jumping into live markets.
An Islamic account is also available adhering to Sharia law parameters. Cent and Micro accounts involve $/€ amounts allowing practice with cents instead of full lots.
Making Deposits
To fund your new AllPips trading account, you’ll need to deposit the minimum funds. Several deposit options are provided for convenience including credit/debit cards, bank wire, eWallets, and online payment wallets like PayPal.
Keep in mind processing times may apply, especially for transfers direct from your bank. Once funds clear, they’ll be instantly credited to your account balance and available for trading.
For clients outside the EU, standard accounts accept funding from global payment services including China’s Alipay or India’s Paytm. All deposits are in US Dollars to avoid forex conversion fees.
Platforms & Tools
AllPips provides access to top-tier proprietary trading platforms for comfortable familiarity. Desktop platforms include MT4 and cTrader, while apps on mobile devices stay synced for seamless on-the-go trading.
Each platform features built-in charting, technical indicators, drawing tools, automated trading, and risk management functionality. Robust trading platforms coupled with deep liquidity ensure fills at the price seen.
Educational content arms you to establish strategies and understand markets intelligently. Forex fundamentals like economic calendars and market news are available directly on platforms.
AllPips provides free Demo accounts to paper trade before going live. This helps sharpen skills risk-free, verify strategies statistically, and gain confidence before trading with real capital.
Taking Your First Trade
Now that platforms are set up, accounts funded, and strategies verified on Demo – you’re ready for your inaugural live trade! To place an order:
1. Choose a currency pair like EUR/USD and a timeframe like H1.
2. Analyze charts for attractive entry points based on your strategy.
3. Determine trade size (standard lots or micro lots).
4. Select BUY or SELL and input quantity.
5. Set a stop loss and take a profit target if desired.
6. Click the green Place Order button to enter the trade.
From there, closely monitor your position for market movements. Trail stops, hedge, or close as the strategy dictates. Leverage ample tools to refine skills through experience.
Adapting to Changing Markets
Forex environments evolve continuously. As new economic factors influence trends over time, refinement is key to long-term online forex trading success.
AllPips offers regular webinars and product updates to keep clients apprised of dynamic markets. Consider enrolling in their signature Forex Academy for structured learning tracks advancing all aspects of your trading.
Analyze past trades regularly, note strengths/weaknesses, and modify strategies adaptively on Demo. Stay current with financial news, geopolitical climates, and central bank policy driving currencies. Maintaining flexibility will strengthen your edge.
With practice, you’ll fine-tune techniques until ready for live accounts. As skills grow, upgrade account types safely leveraging higher risk capital allocations. Most importantly, manage risk through prudent position sizing and disciplined trading rules.
Beginner Strategies
When first starting, it’s best to keep strategies simple. Some options for beginners on AllPips include:
- Trade the daily range: Look for areas of support and resistance and aim to enter as the market nears these levels. Target 20-30 pips in your favor.
- Moving average crossover: Buy when the short-term average crosses above the long-term average, and vice versa for short positions.
- Breakout trading: Watch for patterns like flags, pennants, and rectangles then enter in the direction of the breakout.
Paper trade these strategies extensively on the demo platform before risking real funds. Focus on low time frames like the M15 or H1 initially.
Risk Management
Effective risk management is key to surviving drawdowns as a beginner. On AllPips, always utilize stop losses and limit trade size to 1-2% of your account per trade.
You can also institute rules like cutting losses immediately if stopped out, taking partial profits, and hedging positions with opposite trades to lock in profits.
Trailing stops that move in your favor as positions are in the black can help lock in gains while riding trends. Overall, the preservation of capital should take priority over chasing profits when starting.
Conclusion | Online Forex Trading
Allpips provides everything needed to get started with online forex trading, including robust platforms, educational content, demo accounts, and tight spreads. With careful money and risk management applied to simple strategies tested on demo, traders can avoid major drawdowns that doom many beginners.
Taking the steps outlined in this guide including selecting an appropriate AllPips account, funding deposits, and familiarizing with tools will put you in a great position to progress at a safe, steady pace. Prioritizing ongoing learning as markets evolve will help strengthen your understanding and trading outcomes over the long run.
