How to Trade Forex with Exness in the Philippines

Starting Out: Why a Demo Account Makes Sense

Honestly, jumping straight into live trading can be daunting. That’s why we encourage using our demo account first. It’s not just play money – you get $10,000 in virtual funds, but the market moves just like the real thing. This means you can practice without risking your hard-earned cash.

Opening a demo account is simple. Just log in, pick your base currency (USD is popular here in the Philippines), and you’re set. The demo mirrors real market spreads and speeds, so what you experience is what you’d get live.

Once you’re comfortable, you can switch to a live account, but don’t rush it. This trial phase helps you get familiar with everything—from charts to order types—without pressure.

What You Need to Know About Currency Pairs

At the core of forex trading are currency pairs. When you trade EUR/USD, you’re buying euros and selling US dollars at the same time. It might sound confusing, but it’s really just about predicting which currency will strengthen or weaken.

Most people start with major pairs like EUR/USD or GBP/USD because these have tighter spreads and more liquidity. Minor and exotic pairs are there too, but they come with wider spreads and more volatility, which can be tricky for beginners.

Knowing this helps you pick pairs that fit your comfort level and trading style.

Major, Minor, and Exotic Pairs

Here’s a quick breakdown:

• Major pairs: EUR/USD, GBP/USD, USD/JPY — tight spreads, high liquidity.
• Minor pairs: EUR/GBP, AUD/JPY — no USD involved, a bit wider spreads.
• Exotic pairs: USD/TRY, USD/ZAR — less liquid, more risk and bigger spreads.

Reading Charts and Making Sense of Indicators

Trading without charts is like driving blind. Our platform supports MT4 and MT5, where you can see price action clearly through different chart types. Candlestick charts are the most popular because they show you open, close, high, and low prices for each period.

Choosing the right timeframe also matters. For example, 1-hour and 4-hour charts give you a smoother view without too much noise, which works well for most traders here in the Philippines.

Key Chart Types and Timeframes

Indicators That Help, Not Confuse

• Moving Averages: Spot trends easily by smoothing price fluctuations.
• RSI: Shows if a pair is overbought or oversold, helping to time entries.
• MACD: Identifies momentum changes to catch trend reversals.

Use these tools to confirm your market view, but don’t rely on them blindly. Combine indicators with your understanding of price action for better results.

How to Place Your First Trade Step by Step

Now, let’s get to the heart of it: placing a trade. On MT4 or MT5, pick your currency pair in the Market Watch window. If you don’t see it, right-click and choose “Show All” to reveal all instruments.

Double-click the pair, and the order window pops up. Here you choose:

• Order Type: Market order (instant execution) or pending order (trigger at certain price).
• Volume: How many lots you want to trade (start small with micro lots).
• Stop Loss and Take Profit: Set these to manage risk automatically.

Once set, hit Buy or Sell and your trade is live.

Types of Orders Explained

Market orders execute immediately at current prices, perfect when you want to act fast.

Pending orders let you specify a price for automatic execution later. Here’s the breakdown:

• Buy Limit: Buy when price falls to your set level.
• Sell Limit: Sell when price rises to your level.
• Buy Stop: Buy when price rises above a set point.
• Sell Stop: Sell when price drops below a set point.

Using pending orders can help you stick to your plan without watching the screen all day.

Understanding Costs: Spreads, Swaps, and Fees

Trading isn’t free, and knowing the costs helps you manage your profits better. The spread is simply the difference between the buy and sell price. For example, if EUR/USD shows 1.0850/1.0852, the 2-pip gap is your spread cost.

Exness offers different account types that affect spreads and commissions. For example, the Standard account has variable spreads around 1 pip with no commission, while Pro and Zero accounts offer much tighter spreads but charge commissions.

Swaps are interest payments for holding positions overnight, which can be either a cost or a credit depending on the currencies involved.

Using Economic News to Your Advantage

Markets react strongly to news, and ignoring economic events can catch you off guard. Our platform’s economic calendar keeps you updated on important releases like central bank meetings, inflation data, and employment reports.

For instance, if the Bangko Sentral ng Pilipinas (BSP) announces a rate change, the Philippine Peso might move sharply. Watching these events helps you prepare or avoid trading when volatility spikes unexpectedly.

Key Economic Indicators to Watch

• Interest Rate Decisions – impact currency strength directly
• Employment Data (like US Non-Farm Payrolls) – major USD moves
• Inflation Reports – guide central bank policies
• GDP Growth – shows economic health

Smart Risk Management: Keeping Your Capital Safe

Trading is as much about protecting your money as it is about making profits. A rule that’s saved many traders is to risk no more than 1-2% of your account per trade. That way, even if a trade goes against you, your overall balance stays healthy.

Stop Loss orders are your best friend here. They close your trade automatically if the market moves too far against you. Take Profit orders lock in gains when targets are hit.

How to Calculate Position Size

Say you want to risk $20 on EUR/USD with a 50-pip stop loss. Each pip on a micro lot is about $0.10, so 50 pips means a $5 risk per micro lot. To risk $20, trade 4 micro lots.

Using this formula helps you stay in control no matter what market conditions throw at you.

Features on Our Platform That Make Trading Easier

We built Exness with tools that genuinely help you trade more efficiently:

• One-click trading: Execute orders instantly from your chart to catch fast moves.
• Trade copying: Mirror strategies from experienced traders to learn as you go.
• Mobile app: Manage trades anytime, anywhere with full functionality on your phone.
• Custom indicators and Expert Advisors: Automate parts of your strategy if you want to.

These features aren’t just fancy extras—they’re practical tools designed to support your trading journey.