You select the pair of currencies with which you wish to make a Forex deal. You
determine the volume (the amount of the deal). You deposit the "margin" (collateral needed to facilitate the deal. Usually - only a very small portion of the whole deal, say:1% or 1:100).
Before you finally activate the deal, you can still "freeze" it for a few seconds (only
available at selected brokers). That enables you to either change the terms, or accept it as is, or altogether regret the whole idea.
When your Forex deal is running, you can monitor its status and check scenarios online, whenever you wish. You may change some terms in the deal, or close it. Ultimately, you remain in control, only you can decide when the time is right to cash in your profit!
Some Forex brokers will even let you determine a "take-profit" rate, with which the deal will close automatically for you, when and if such rate occurs in the market. Meaning:
you do not have to stay near your computer waiting for the right moment, you can go to work, go shopping, or even got to the beach while the money is rolling in!
