how to trade the australian dollar
- Open an account to get started or practice on a demo account
- Choose your forex trading platform
- Open, monitor and close positions on AUD pairs
Forex trading requires an account with a forex provider such as IG. The AUD pair can be found on IG’s platform under the ‘Major’ and ‘Australia’ pair tabs. Many traders also look to major forex pairs such as GBP/USD and USD/JPY for potential opportunities based on economic events such as inflation releases and interest rate decisions. Economic events can increase the volatility of forex pairs, and during such times risks can be higher, so potential gains and losses can be greater.
You can use resources such as IG’s Trading Academy to help you develop your forex trading strategy. Once you have your strategy in place, you can follow the steps above to open an account and start trading forex.
Profit or loss is calculated based on the size of the entire position. Leverage magnifies both profits and losses. It is important to manage your risk carefully as your losses may exceed your deposit amount. Before you start trading leveraged products, make sure you understand the risks and benefits involved in trading leveraged products. Trade with funds you can afford to lose.