Forex trading has become a popular means of earning money online, and with the advent of online trading platforms, it has become easier than ever to trade forex. One such platform is Oanda, which offers a range of trading tools and features, including the ability to trade commodities.
Commodities are physical goods that can be traded, such as oil, gold, and agricultural products. Trading commodities can be a profitable venture, as their prices are often influenced by global events and economic conditions. Here is a step-by-step guide on how to add commodities to forex Oanda:
Step 1: Open an account with Oanda
To start trading on Oanda, you first need to open an account. This can be done by visiting the Oanda website and clicking on the “Open an Account” button. You will be asked to provide some personal information and create a password for your account. Once your account is created, you can log in and start trading.
Step 2: Fund your account
Before you can start trading commodities, you need to fund your account. Oanda offers a range of deposit options, including credit card, bank transfer, and PayPal. Once your account is funded, you can start trading.
Step 3: Choose your trading platform
Oanda offers several trading platforms, including its proprietary platform, the Oanda Web Trader, and the popular MetaTrader 4 platform. Choose the platform that best suits your needs and preferences.
Step 4: Add commodities to your watchlist
Once you have logged in to your trading platform, you need to add commodities to your watchlist. This can be done by clicking on the “Add Instrument” button and selecting the commodity you want to trade. Oanda offers a range of commodities, including gold, silver, oil, natural gas, and agricultural products such as wheat and soybeans.
Step 5: Analyze the market
Before you start trading, it is important to analyze the market and understand the factors that can affect the price of the commodity you want to trade. This can be done by reading news and analysis on Oanda’s platform, as well as by using technical analysis tools such as charts and indicators.
Step 6: Place your trade
Once you have analyzed the market and decided on your trading strategy, you can place your trade. This can be done by selecting the commodity you want to trade from your watchlist and clicking on the “Buy” or “Sell” button. You will be asked to enter the amount you want to trade, as well as your stop loss and take profit levels.
Step 7: Monitor your trade
Once your trade is open, it is important to monitor it closely. This can be done by checking your trading platform regularly and adjusting your stop loss and take profit levels if necessary. It is also important to keep an eye on market news and events that could affect the price of the commodity you are trading.
In conclusion, adding commodities to forex Oanda is a simple process that can be done in just a few steps. By following the steps outlined above and conducting thorough market analysis, you can trade commodities successfully and potentially earn profits. However, it is important to remember that trading involves risks, and you should only invest what you can afford to lose.
