Oanda Forex is a well-known online trading platform that provides its users with access to the global financial markets. One of the most important features of Oanda Forex is the keyboard execution chart. This tool allows traders to make transactions quickly and efficiently, which is crucial in the fast-paced world of forex trading. In this article, we will explain how to use the keyboard execution chart to make transactions on Oanda Forex.
Step 1: Understanding the Keyboard Execution Chart
Before you can start making transactions using the keyboard execution chart, it’s important to understand how the chart works. The chart is a visual representation of the current market conditions and allows you to quickly execute trades without having to use your mouse.
The chart displays the current bid and ask prices for the currency pair you’re trading, as well as the spread between them. You can use the keyboard to enter your trade details, such as the amount you want to trade, the direction you want to trade in, and the stop loss and take profit levels.
Step 2: Logging into Oanda Forex
To use the keyboard execution chart, you need to log into Oanda Forex. Once you’ve logged in, you’ll be taken to the trading platform, where you can access the keyboard execution chart.
Step 3: Selecting the Currency Pair
The first step in making a transaction using the keyboard execution chart is to select the currency pair you want to trade. You can do this by clicking on the currency pair in the Market Watch window. Once you’ve selected the currency pair, the chart will be displayed.
Step 4: Entering the Trade Details
Once you’ve selected the currency pair, you can start entering your trade details using the keyboard. The chart has different sections that correspond to the different trade details you need to enter.
To enter the amount you want to trade, you can use the “AMOUNT” section of the chart. To enter the direction you want to trade in, you can use the “BUY” or “SELL” section, depending on whether you want to buy or sell the currency pair.
To set your stop loss and take profit levels, you can use the “STOP LOSS” and “TAKE PROFIT” sections of the chart. Once you’ve entered all the trade details, you can click the “EXECUTE” button to place your trade.
Step 5: Monitoring Your Trade
Once you’ve executed your trade, you can monitor it using the “TRADES” section of the chart. This section displays all your open trades and allows you to close them if necessary.
You can also monitor the performance of your trade using the “PROFIT/LOSS” section of the chart. This section displays the current profit or loss of your trade, as well as the percentage change.
In conclusion, the keyboard execution chart is a powerful tool that can help you make transactions quickly and efficiently on Oanda Forex. By understanding how the chart works and following the steps outlined in this article, you can start making trades with confidence and improve your chances of success in the forex market.