Forex for Newbies- The Forex beginners guide
You have probably heard that Forex Trading can be quite profitable but you have to be careful though. Because Forex trading is considered high risk trading. This is in a way to be expected because with Forex, the more risk you are willing to take, the more money you can lose.
If you want to learn Forex Trading or need tips. Keep reading, because in this article i will guide you to the basics and even hook you up with some no deposit bonus sites so you can try it out, without losing money. Because yes many Forex Brokers offer a demo mode.
Referrals
Al the links in this article are referral free. I don't want to earn on referrals but if you like this article an upvote is always appreciated ;)
What is Forex?
Forex (Foreign Exchange), FX or currency trading it's all the same and Forex is very self-explanatory once you get past the technical parts of things, but it really is quite simple to start trading. First, you'll need to find a broker. Most brokers will let you start with as little as 10 dollars, and if you remember leverage, you can get that up to as much as 500$.
Broker selection
Before you decide which broker you will choose, here are some things you may want to consider about the broker:
- What's his minimum deposit? Some offer high leverage and high deposit minimums, while some offer low deposit minimums and low leverage. You will want to figure this out, as it can determine how much you invest into Forex.
- What's the leverage? Some brokers offer much lower leverage than others, and if you like having high leverage, you may want to scout around.
- What's the minimum size you can trade? This is important as some will offer very high minimums, where others offer low minimums.
- What's the catch? Some brokers show lots of bonuses, but look around in the terms and conditions for some things that might drive you away.
- What methods does the broker allow? Some brokers only allow safe trading, while some allow all kinds. You will need to ask this, as your methods may not be what they want.
- Look for a regulated broker! Look for ones that are well-known, have a good reputation, and allow the things you want to do.
This may be difficult, but it's better to find a good broker than a bad one, isn't it?
Your Forex Journey
Some of you may want to open a starter trading account to see how you do before you start trading real money, as it can help you get the hang of things. It's usually good to do this, as you can familiarize yourself with all of the things that happen in the area. You can also use starter accounts to see what methods work and don't work, and this can be extremely helpful, as all regions are different. This is also great if you develop a new method yourself; it's sometimes risky to test a method with real money, so using a starter account can help you determine the effectiveness of your method, and whether or not you want to use it. You can also test more well-known methods on here, and the odds of losing. Chances are, you'll find that the more common methods are more reliable than the lesser-known methods, but starter acounts are great for even methods you find on the most obscure of websites! Starter accounts are one of the most valuable resource in the trading world, besides exchanges, for they provide ways to test anything! Use this to your advantage.
Some exchanges will be different than others! Some will offer less charts and information than others, so you will want to look for an exchange with a good reputation and good rates. If you are completely new to trading, you should first have opened a starter account to familiarize yourself with all the charts, but the most common charts are the candlestick, line, bar, and the less commonly known point-and-figure. Once know all of the charts and how to read them, you can start trading! The process of trading is very straightforward- place a sell order to sell, place a buy order to buy. Once you do all of that, you're well on your way to learning Forex! Skill comes with experience, and you will learn many more methods and tips along your journey.
My personal favorite brokers are:
Plus 500
ZuluTrade
iForex
Brokerlist
But to give you an actual choice I also have a list of the larger and trusted brokers around.
FXTM (ForexTime)
ADS Prime
Advanced Markets
Alpari
Amenda
Find the complete list here: https://www.100forexbrokers.com/stp-ecn-brokers
If you like this post then an upvote and follow is very much appreciated.
I read that France will be shortly introducing a ban on the advertising and promotion of foreign exchange trading for the general public, on the grounds that it was too high risk, and too much like a casino to be considered an investment. Though I think their mane objection was to CDS and Binary Options.
Yeah binary abd CFD's are already banned in Belgium. From what i read the EU is closely watching this Cyprus based Forex traders.
Yeah It really Risky, 95% of forex traders Lose Money
Thanks for the interesting lecturer.
Forex is a new thing for me. What platform is the best one for me?
It really is important to spend some time on educational materials if you want to get into the foreign exchange market. Just finished this article about paper trading and now I have some more strategies to use. When you gather enough knowledge, you definitely can make much better decisions and I think that even an experienced trader shoul spend time on self-education.
Yes, thank you for the info! I think that I should create an account.
Hello there. Yes, the information is very useful for beginners. I remember that when I was a beginner, it was hard for me to start trading. And if I came across this article, I would be happy. But you should try to create a binary demo account no deposit in order to become successful in trading. Go ahead!