Getting Started

Getting Started

Learn FOREX Trading easily with IconicFX:

Step 1:

About Financial Markets Traditionally speaking markets can be classified into various types and differs according to the type of industry in which they deal. This section of IconicFX will provide you an insight about the basics of financial markets in relation to FOREX trading world. Get to know more about their features and behavior from IconicFX here. The word 'Market' is a very wide term and consists of various categories of structural functioning depending upon the environments in which they deal. But the major category that is of concern to us is the FOREX market that is a small part of the huge financial market. For easy understanding, IconicFX has limited its explanations to FOREX markets and their basic features that make it a unique one than rest of the other categories.

Because of its wide operational domain, crossing geographical territories, the FOREX market is labeled as one of the largest markets in the financial world. As the name implies FOREX or foreign exchange market is a place where currencies are traded against one another. Currencies are either bought or sold in respect to their exchange value. The difference in their move is regarded as profit. Usually the currencies that are traded in the market have a higher exchange rate and pertain to stable economies.

Frequently traded currencies include The United States Dollar (USD), Euro (EUR), Great Britain Pound (GBP), Swiss Franc (CHF), Canadian Dollar (CAD), Australian Dollar (AUD) and Japanese Yen (JPY). provides trade services in all the above currency pairs. Besides we also provide services in Singapore Dollar (SGD), Mexican Peso (MXN), Polish Zloty (PLN), Czech Koruna (CZK), Danish Krone (DKK), Swedish Krona (SEK) and Norwegian Krone (NOK). Trading more than 1.8 trillion dollars of trade activities per day, the market is highly liquid and flexible working 24-hours a day opening Tokyo at 0:00 GMT and closing at New York at 22:00 GMT.

IconicFX executes market orders 24-hours a day on all major currency pairs and precious metals. Basically the FOREX market can be divided into spot and futures trading. The spot market is a highly volatile market compared to its counterpart. The spot market is a not regulated or governed by any financial authority or board. All the activities are traded over-the-counter. Any trader can freely enter or leave the market any time without any obligation. Availability of huge number of buyers and sellers enables easy execution of trade at any instance. Orders can be placed via telephone or online software solutions.

Even order placements are accepted by offline solutions that are done via brokers and dealers. IconicFX accepts order placements both by online and offline methods through Net Trader 24-hours a day. In the same manner we also deal with future trade orders. Unlike the spot market the futures market is regulated by financial institutions and other regulatory authorities like NFA (National Futures Association) and CFTC (Commodity Futures Trading Commission). The futures market has stipulated working hours within which orders can be bought or sold. Largely dealing in agro-based commodities, the futures market holds a large list for trading like wheat, jute, soya, cattle, pork, cotton and much more. IconicFX deals in more than 50 commodities including currency futures.

Step 2:

IconicFX: IconicFX is a global entity offering online and offline trade and brokerage solutions to individuals and corporate investors for various financial instruments in FOREX market. Primarily involved in spot trading the product list of IconicFX covers dealing and execution services in all the major currency pairs including futures and precious metals. As a result of our extended FOREX services, we have now introduced 7 new spot currencies apart from the major ones to our list. All our clients can now trade in 14 currencies, 3 precious metals and more than 50 future items. We also maintain a minimum level of margin along with substantial spread rates on currency pairs.

Step 3:

Starting With IconicFX Trader Demo:

Before you can start your real FOREX trading venture you need to have a basic knowledge about the trading policies and practices that are followed in this stream. As trading in FOREX involves high risk rate, it is regarded as safe to trade with a demo trading station first that will provide an overview of the market. Once you get familiar with the ongoing market, then it becomes quite easy when you actually start to trade with the real version.

IconicFX provides an opportunity for interested investors to deal in virtual environments without losing any money on their accounts. The IconicFX Demo Trading account is a virtual account that resembles like the real trading account. The demo account operates more like a real account where you get to trade on currencies, precious metals and future products directly from your trading console. Live quotes of the currency pairs are displayed instantly and you can make your FOREX trades online without the help of any dealer or broker. Beyond the general trading features the system also gives access to other trading tools like live multi-product charts, up-to-the-minute market news, frequent order alerts, user-defined margin lock and live account statements. Before you can start trading with IconicFX Trader, you must first register a demo account with us. After completing your registration process a confirmation mail will guide you the further process.

To register your demo account Click here. Please enter your details in the demo account form and activate the account from the e-mail inbox.

Test your trade skills with IconicFX Trader:

Before you can really involve yourself in real-time trading please kindly take note of the following steps which may be helpful to you when you execute your trades. IconicFX has penned out some simple points for novice and middle level traders that are easy to understand and follow. In case you require special assistance in this regard, please contact our support team at

10 Keys before the Real Start

1. First, clearly understand your investment requirements keeping in mind your financial position and risk sustainability.

2. Closely watch what the current market holds for you and analyze the position.

3. Decide the most favorable currency that matches your investment and risk requirements. While choosing the pair do take into account regarding volatility of the currency, spread rate that is provided for the pair, percentage of storage in case of rollovers and margin requirements available in the present market situation.

4. After analysis place an order with a minimum number of lots. This helps you to easily identify the behavior and movement of the selected pair. Also follow order management techniques like stop, loss or OCO orders for efficient handling of positions.

5. While maintaining your open positions utilize the various types of market tools such as live charts and market news to judge the current and future move of the market. Application of leading technical theories improves your forecasts better. You can also verify other market commentaries provided from time to time.

6. Keeping track of movements may prove as a vital source for trend analysis.

7. In case of rollovers verify the rate of storage that is being charged upon your open positions.

8. Maintain a clear entry of all the orders that you enter or exit in your account. The record must contain the date, type of position (buy/sell), number of lots, type of order (whether market, stop, loss or OCO order), market price (stop/loss price if they are placed), floating profit/loss on the position and storage charge (if positions are rolled over).

9. Keep positions open as long as you feel that the movements are favorable to you. Do not keep on piling your profits after a certain point, as sometimes the market may take a reverse position. In case your position is not yielding then try to close it immediately, only if you see no further hopes of gaining from that position.

10. After successful execution of an order you will be able to understand the FOREX market in depth. Also attempt to place different types of orders and evaluate their individual performance.

IconicFX Trader software demo account balance equals a virtual value of $25000. The software also includes other essential market tools for analyzing the market. Access to demo account is available only for a limited period of 30 days.

Note: IconicFX has provided these simple tips for general guidance only. This does not prove as any investment guidance or trade practice. IconicFX is not liable for any activity undertaken based upon these tips directly or indirectly.

Step 4:

How to Open an Account:

Opening an account with IconicFX is very easy. Accounts can be opened either online or offline. In case you would like to create an online account go to 'OPEN AN ACCOUNT' menu and complete the registration process. Your request will be evaluated within two business days. Please fill all the necessary details in the application form. Make sure that the information you provide is valid. Otherwise it would be difficult for us to reach you.

Step 5:

Managing Orders with IconicFX:

Managing FOREX orders is one of the most complex tasks in online trading. But with proper order management strategies traders can handle them efficiently without running into losses. IconicFX provides various forms of order management facilities such as stop, limit and OCO orders that give flexibility to our clients to manage their orders. Based upon their risk sustainability clients can decide and set their order validity period.

How to manage your orders:

Various trade methodologies are now currently available to traders while handling huge number of lots. When placing orders you can follow any of these order management strategies that may enhance your trading position. The order management strategies that IconicFX provides include stop-loss orders, Limit orders, One Cancels the Other order (OCO), Good Till Friday (GTF) and Good Till Canceled (GTC) orders. For brief understanding about the order types, please go through the below topics.

Limit Orders:

The limit order is a type of order in which the trader specifies the exact price at which the order needs to be executed. This type of order is placed to lock on the profits earned on the positions. Here the trader specifies the buy or sell price even before the market touches the price limit. A buy limit is fixed below the current market price and the sell limit is placed above it. When the market hits the specified limit price, the order gets executed. IconicFX clients can initiate limit orders on the currency pair. Initially IconicFX Trader treats all limit orders as working orders until the limit price is reached. Upon hitting the specified limit price level the working orders become open orders. If you would like to know more about order placements refer our User's Guide section.

Stop-loss Orders:

Like wise the limit orders, the stop-loss order mechanism is exercised for controlling the loss on open positions. The stop orders executes when the specified price limit is reached in the market. A buy stop order is fixed above the current market price and the sell stop order is fixed below it. IconicFX Trader treats stop loss orders as working orders until the stop price is hit and instantly gets executed when the market hits the specified price.

OCO Orders:

The One Cancels the Other order type is a combination of stop loss and or limit orders. Unlike other order types, OCO orders are much flexible and enable clients to place two types of orders in the same ticket itself. In this type of order, you need to mention the limit and stop prices respectively. If either of the price you mentioned is hit by the market the other order gets automatically canceled. Assume that if the stop price is hit, then the limit price gets automatically canceled.

Since the above types of orders include unknown time frame, it is advisable to mention the validity of the order until which time it may remain active. This is done by implementation of Good Till Friday (GTF) or Good Till Canceled (GTC) order validity methods. GTF orders are valid until the end of the trading week, that's up to Friday. All GTF orders appear as working orders until the specified price limit is hit. However if the price is not hit within the closing hours of Friday, the order gets canceled and becomes inactive. But for GTC orders there is no specific time limit. The order remains active until the trader manually closes his position. Both the order type gets executed if the specified stop or limit prices are hit by the market.

Step 6:

Observing the Market:

In general movement of the market is observed on a regular basis, usually on a day-to-day basis by analysts and traders. As the market holds a large number of buyers and sellers, it is rather difficult to judge their supply and demand requirements. Depending upon their group requirements the market may move in a positive or a negative note. These trends along with the combination of other basic elements decide the future move of the markets. Analyzing these aspects with the help of leading research theories and other evaluation techniques provides a clear picture of the market.

Analyze the Market:

From time to time the market is constantly followed and monitored by economists, investors and research analysts. Usually these groups have organized data with which they compare the market frequently and forecast its future movements. All these data's pertain to various periods and economies. Apart from these general information special market reports published by analysts during that period is also used for clear understanding. Performance of market analysis can be broadly divided into two types - Fundamental and Technical Analysis. Traders often adopt any one or both to understand and evaluate the market. Below is a small summary of fundamental and technical analysis and their use in FOREX markets.

Fundamental Analysis:

Fundamental Analysis revolves around some common basic market elements and indicators that affect the economy in general. Activities such as political, economical and social factors are of major concern under fundamental analysis. As these factors basically have a direct impact on economic growth, they play a vital part in evaluating the status of the market. Other factors that are constantly monitored include interest rates, employment data, economic growth rates, inflation rate and consumer price index. Though these factors are of great importance in the evaluation process, there is however no specific principles or theories to decide the movements.

Technical Analysis:

Technical analysis concentrates on the movement of prices rather than the market as a whole. The movement of prices is calculated individually and their moves are determined instantly by applying some leading studies. IconicFX provides about 16 leading technical theories for easy evaluation. Since past statistical data are the main inputs in technical analysis experts rely on these calculations instead of general economic figures. This increases the chances of giving reliable and accurate forecasts. Another major highlight of technical analysis is that statistical data's are expressed in form of graphical charts. Charts display specific trend and patterns that are easy to identify. Usually these trends have repetitive pattern or path that they seem to adopt whenever they reach certain points. Following these trends and patterns will help to make value added decisions.

Step 7:

Technical Analysis Basics:

By equipping yourself with some basic knowledge about market theories and calculation, you can easily perform trend analysis and market forecast. Implementing these theories in real-time improves the level of estimation and understanding the trend features.

Step 8:

Using Sophisticated Analysis Tools:

There are so many theories associated with the financial markets. Just studying these theories alone won't help your evaluation process, but rather their practical implementation in real-time cases would really improve it. IconicFX Trader provides sophisticated analysis tools for instant evaluation. Check out some of the unique features that are available in our system.

IconicFX Trader provides all essential analysis tools for immediate evaluation of the market without hassles. The trading software integrates various modules like order execution, live news, multiple chart windows, leading economic studies, user-defined market inputs, individual margin settings, auto alerts, online account management, live customer support, frequent market updates and customizable features.

The Trading Station developed in-house by our professional team is a full-fledge trading station that aims to fulfill all the essential needs of an investor be it novice or a professional. The main highlight of IconicFX Trader is the chart package. Customizable according to user requirements the chart package contains some of the leading economic indicators. These indicators can be analyzed and evaluated using various theories. A total of 16 leading theories are available along with the real-time charts. Apart from the default analysis value, clients can also apply various frequency levels to better analyze the positions. Also clients can view the movement of charts in various patterns like Candlestick, Line, Area and in Bar formats. All these tools are available for free to both our real and demo clients.

Step 9:

Knowing the other side of the market:

Comprising of various economic elements, the FOREX market is known for its unique characteristics that make it one of the most noted market in the world. The market is deemed to reflect the status of a nation as it deals with trading of currencies. Various factors influence the movement of the ongoing market. Get to study about all the basic economic factors that play their part in deciding the future of a currency.

The economy is build by various factors that contribute to its growth and development. These factors form the core pillars of the economy. Based upon the status of these factors an economy is judged as a strong or a weak one. All these factors keep on changing as economy passes through various phases of development. Indeed they have a direct or indirect relationship in deciding the future of the economy. So what factors are looked up by analysts and investors? Factors in general mean man, material and money. Also known as factors of production, these 3 elements constitute to the entire work group. The supply and demand of these factors are essential for undisrupted economic activities and are affected by social, political and natural events. Since money is a major factor its movements and exchange rates are also affected by various elements.

As currencies reflect the economy as a whole, its movements are constantly monitored and adjusted to level the differences. Though there are various reasons for which currencies are exchanged, the major transfer of money results from foreign trade, travel and tourism and offshore investments. As a result only a small percentage of money is involved in trading in which a major section of the trading activities are executed by speculators, banks, corporate investors and money mangers. Though the trading sector is very less, the FOREX market exchanges over $1.8 trillion per day making it the largest and highly volatile market. The FOREX market involves buying and selling of currencies for yielding profit from their differences in value. Determining the value of a currency is done by evaluating various indicators such as interest rates, trade balance and offshore investments.

Determination of Supply and Demand Levels:

Value of a currency is determined based upon their demand and supply availability. This is where the role of government comes into picture. The Central bank of a nation is the sole authority to control the supply and demand of a currency. This is done by setting the interest rate as stated in the monetary policy and is instigated by the central bank of a nation from time to time. All regional banks are required to maintain a certain percentage of its total deposits with central bank. This percentage is known as interest rate. After considering the status of the economy, the central government increases or decreases the percentage of interest rate. When a nation increases its interest rate the value of the currency appreciates as investors try to sell the assets placed outside the country. However stocks of the particular nation tend to fall as the outside investor may need to pay more than what was previously available. Before fixing the interest rates, the government initially compares various economic reports that are presented in statistical form. Thus status of an economy is reported in the form of Consumer Price Index (CPI), Producer Price Index (PPI) and Gross Domestic Product (GDP). These reports are published periodically at the end of each month.

Step 10:

Rules of Trading:

Most often traders fail to take notice of activities or facts that may seem less important. But in the end that particular fact would have been the prime reason for occurrence of the event. During these situations it is always advisable to give importance to each and every detail in our process. IconicFX has presented out some general principles to follow while trading online. By following these simple steps you can improve your trading practices. Take the round to know more about some tips that we have provided under this section.

Follow the Trend:

There is a general tendency or pattern which a market adopts under various economies. Suppose if a particular currency moves in an upward direction then there are more chances of the currency taking a reverse tend within a few weeks, as it cannot move in the same direction more than a stipulated time period. If it continues to do, then it may lead to an unstable economy crushing the entire nation. So following the trend will provide you an overview of the future moves that the currency may take in its course.

Limit Loss and Enjoy Profits:

Following some of the order management strategies will help to limit the loss on any new or open positions. If you are not confident and clear about the direction of the market work on a safer side by placing stop-loss and limit orders. This drastically limits your risk on positions.

Managing your Orders:

Also keep track of your orders and manage them accordingly. Keep your positions as long as the market goes in the right path. However try to offset your positions in case you have earned a substantial amount on that position. Similarly take care while handling the loss on your open positions. Fix your loss sustainability on all position that you have undertaken. If the order does not show any signs of profit close the position. Do not keep on piling your losses. Closing early loss positions minimizes your trading loss and enhances your profit on other trades.

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