The contract specification refers to various parameters and outlines the terms associated with trading the USDNOK on MT4 & MT5. It essentially dictates the trading conditions and helps you to understand the nuances between the markets you are trading in and how trades on the platform will be executed.

It includes information such as trading times, number of units traded per lot, minimum lot size, swaps and more. You can see the contract specification available inside the trading platforms.

Step 1. Register your account

It only takes a few minutes, and once you have gone through the process, you will be able to download the MT4 & MT5 trading platforms from the secure client area.

Register your account with TIOmarkets. (Trading is risky)

Step 2. Create a demo or live account

Create your demo or live account and choose the MT4 or MT5 trading platform when setting it up. The log in credentials to your trading account will be sent to you by email. Keep these safe.

Step 3. Download the MT4 or MT5 trading platform

Inside your secure client area, navigate to the download center and download the trading platform to your computer or smartphone.

Step 4. Fund your account

Now navigate to the deposit page, choose your deposit method and your desired amount. You can start trading with TIOmarkets from just $20 but you will have a better experience if you start with more.

Step 5. Transfer your funds to the MT4 or MT5 trading platform

You are nearly done! Once you have made a successful deposit, you now have to transfer your funds from your TIOmarkets wallet to the MT4 or MT5 trading platform. Go to manage funds and transfer the funds from your TIOmarkets wallet to the trading account you created in the previous steps.

Step 1. Find USDNOK in the market watch window

Then right-click on the symbol and either select the chart window or the new order option from the menu that appears. The former will allow you to view the chart before placing your trade. While the latter will open the order window so you can execute your trade on USDNOK.

Step 2. Choose your trade direction

You need to decide whether USDNOK is likely to rise or fall and what your risk tolerance is. You can potentially benefit from both rising and falling prices when you trade USDNOK. This offers both opportunities and risks.

Step 3. Set your trade parameters

Make sure the symbol at the top of the order window is for USDNOK. Then select the type of order you want to place.

• Market execution: Opens the trade immediately at the current price.
• Pending order: Schedules the trade to execute when the price reaches predefined levels.
• Volume: Specify the lot size of your trade.
• Stop loss: Set a price level to automatically close the trade to minimize losses.
• Take profit: Set a price level to automatically close the trade to secure profits.

Step 4. Execute and place your trade

Click buy or sell depending on your market analysis and your trade will then appear in the trade tab, in the terminal or toolbox window at the bottom of the trading platform. After your trade has been placed, you can monitor how it is performing, make some modifications and close it at any time.