It's hard to start something new. It's hard to start running in the morning, change your job, image, move to another country and so on. Very often, however, difficulties arise not because "everything new" is complicated and overwhelming, but simply because we have decided that it is. One such new business can include trading on the Forex market.
If you have decided to try your hand at Forex and do not know where to start, you should read this article, which will protect you in such a risky and challenging business as trading.
It is advisable to start your first acquaintance with Forex by studying various free literature. It can be easily found in the vast expanses of the Internet. You can find blogs that contain a lot of useful information.
First of all, you need to understand the essence of trading and find answers to the simplest questions, so that in the future, they will not torture you.
Look through the forums, chat with their participants. It will be an excellent option to get initial knowledge. But at the same time, be careful - sometimes forums drag on, and cases remain unfinished.
How do I start trading on Forex?
Having decided to start trading on the foreign exchange market, the first and perhaps the most serious question is the choice of a broker. Forex broker is a financial company that provides you with access to the foreign exchange market and the necessary technical and informational support. However, it would be best if you did not lose vigilance, as this area is not an exception, and there are also fraudsters. To avoid fraudsters, you should contact large companies that have the necessary documents to carry out their activities and have a good reputation.
Of course, it will be difficult for a beginner trader to make the right choice, and therefore the following recommendations should be followed:
Please pay attention to the term of the broker and his reputation.
Find out whether the broker is regulated by controlling authorities.
What rates the broker offers - they are fixed or floating.
Whether there is 24-hour technical and informational support.
The main mistake of any beginner is an attempt to "invent a bike". A beginner thinks that he is the smartest, that his knowledge is enough and he is the most advanced in the field of earnings in the Forex market. But this, of course, is not true. If you want to get a stable income from trading operations, it is better not to think up your strategies and tactics of earning first. Already millions of people have done it before you, and it will be reasonable to use their experience.
It would be best if you undoubtedly tried to trade on a demo account with virtual money. Although this process will not bring much benefit to your trading skills, thanks to the demo account, you can understand that the market is not as predictable as it is told at the training in dealing centres. And it would be best if you got acquainted with the terminal thoroughly.
After selecting a strategy, open a demo account and start testing the method. It is best not to deviate from it and not to give in to emotions. Remember, on the foreign exchange market emotions are the first enemy. Test a strategy for at least a month. This is quite enough for you to get used to it, to get into its nuances, to check how it works and understand what can be the level of earnings, using this system.
And then it will be even easier. When you are sure that the strategy works and makes a profit, start working on it with your real Forex account and start earning real money.
Trading from scratch. How do I start earning on Forex?
The first way to make a profit on Forex from scratch is to trade with bonus funds, which can otherwise be called "non-deposit bonus", this opportunity is offered by almost all major brokers.
Although the bonus amount is small, it usually ranges from $5 to $20, and you can trade small volumes around 0.05 lots, but they will surely benefit you.
Once you have tested and put one strategy to work, you can start learning the next one. This will allow you to increase the amount of your working account and gain the experience you need in the Forex world. Only after you have gained enough experience and your account amount doubles, you can take a risk and start experimenting.
Please create your profitable strategy to simplify the task; you can take someone else's strategy and refine it for yourself. It is more appropriate to start testing it on a demo account. The testing period should be at least a month, but not more than three. During this period, you can find the pros and cons of the strategy, refine it and start using it for earning.