How to start trading Forex
Deciding to try your hand at Forex, you need a certain amount of money, although you can first try on a demo account. Then you need to choose a dealer and what strategy to start trading on Forex. Many clients are attracted by the way to make money on Forex. Before you engage in trade, you need to familiarize yourself with the risks that accompany the work of a trader.
Step-by-step instruction to start work in the Forex market
Register on the Forex broker website.
Download and install terminal trader.
Open a demo account.
Learn the basic techniques of trading in the Forex market.
Open a live account.
Put money on him.
Forex trading making money.
You will be given a virtual amount on a demo account and you can try to trade Forex as if it were real money. As a result, you can learn all the major operations in the forex market. Although you will not earn money on a demo account, profits and losses will be virtual.
So the most important point: trading on Forex for beginners can have a psychologically interesting impact. And the enemy of your success in work can be a regular emotional game, without which they do not pass the auction. Decisions must be made in cold blood and with exact calculation. In working on Forex, you must adhere to the established strategy. Moreover, there are many good Forex strategies for beginners that will help you quickly earn your first money in the foreign exchange market.
It is not recommended to consider success only earning money. If a trader thinks only about money during a transaction, then trading on Forex may fail.
Finding out how to start trading on Forex, and getting the first results. If the first results are negative, some novice traders no longer adequately perceive the situation, which can lead to the adoption of the wrong decision. Whenever possible, the trader’s emotions should be monitored during operation. Priority should be given to the quality of the transaction.
If a trader has figured out how to start trading Forex, he should not invest all his savings in the work. Loss of the deposit should not affect the financial condition of the trader. Experts recommend investing in Forex an amount equal to 1/3 of the total own budget.
The amount of leverage should be 50-200. But if the deposit is small, then it is better to use a leverage of 50 during the game. Beginners should avoid large leverage.
For yourself, you also need to allocate the amount of money you can risk, even if the position suddenly fails. It is recommended that this amount be 2-3% of the amount of money on the deposit. Before concluding a transaction, it is advisable to know the commissions that the broker takes for himself in order to also take into account the data, even if small amounts, in his expenses.