On the platform, choose an instrument like EUR/USD. Click Buy or Sell, set your lot size and a stop-loss, and confirm. To close, find the position in the open positions panel and click Close. We strongly recommend trying this on a demo account first.
Steps to open a position
1. Log in to nomo on web, the app, or MT5.
2. Search for an instrument in the Markets list. Start with a major Forex pair (EUR/USD, GBP/USD) — they have the tightest spreads and most predictable behaviour.
3. Click on the instrument. The chart and order ticket open.
4. On the order ticket, choose Buy (you expect the price to rise) or Sell (you expect it to fall).
5. Set the lot size. Start with the smallest position size your account and risk management strategy allow. One standard lot equals 100,000 units, and fractional lot sizes (for example, 0.01 lots) are also available.
6. Set a stop-loss. This is the price at which the position will close automatically if the market moves against you. Without one, you have no controlled downside.
7. Set a take-profit (optional). The price at which the position will close automatically in your favour.
8. Click Confirm. The position appears in your Open Positions panel.
Steps to close a position
1. Open the Positions or Open Positions panel.
2. Find the position you want to close.
3. Click Close.
4. Confirm. The position closes at the current market price and the realised P&L is added to your account balance.
Important notes
Always set a stop-loss. "I'll watch it" is the most common reason new traders blow up their accounts.
Lot size determines your exposure. A 1-pip move on 1 standard lot of EUR/USD is roughly $10. On a micro-lot, it's about $0.10. Start small.
Spreads widen during volatile market periods (news releases, market open/close). Your entry price may be slightly worse than the displayed price during these times.
Holding a position past 20:59 UTC (rollover) incurs a swap charge. Some are positive, most are negative.
Troubleshooting
My order was rejected.
Common causes: insufficient margin (you need free funds equal to the margin requirement), market closed (some instruments don't trade 24/7), or lot size below the minimum. The error message names the specific cause. If you need help, send the trade attempt details (instrument, time, lot size, error message, and a screenshot) to our support via chat or to [email protected] from your registered email.
The price filled at a different level than I expected.
This is slippage and is most common during fast-moving markets. To avoid it, use a Limit order (executes only at your price or better) instead of a Market order.