Currency Basics

Beginners Guide to Forex

 

 

If you’re not aware or you might have heard of people talking of making big chunks of money by trading currencies and other valuable items such as Gold and Bitcoin, then you’re at the right place.

What is forex? It is a short form of foreign exchange and involves trading of world’s currencies such as the USD (US Dollar), CAD (Canadian Dollar), GPB (British Pound), JPY (Japanese Yen), etc.

If you’re a new to Forex and wondering how to go about and start trading, here, you’ll find some steps to achieve that milestone.

Forex Education

For a quick start into Forex, you need first to learn all the basics in Forex trading. And how best can you achieve that? It’s through reading materials online on forex sites or downloading Forex training PDFs, or even watching YouTube tutorials. Learn about pips, spread, currencies trade pairs, and all the info required before trading on Forex.

You need to start with education to have at least some understanding of the trade market functioning mechanisms. If you’re a newbie, then Forex education is where to start. Novices skip this step and consider their intuition when trading, and the profits are for a short while especially when trading blindly.

There are several ways in which you can receive Forex education, and they include online classes, in-class, and paid and free services. After equipping yourself with that knowledge, it’s time to do it practically.

Choose a Broker

After getting the learning from forex education, you might have come across the word “broker.” Who or what is this broker? A broker is an intermediary between you (trader) and the exchange market. You need to choose a broker you can trust with your money, and they need to be a reliable as well as an honest company. Be careful when selecting a broker. Read reviews and check their ratings online before deciding on picking a particular broker. Make sure you have gone through the following parameters, which include reputation, license, trading terms, software to use, security and reliability.

Open a Demo Account

Being educated on Forex is not enough to start trading with real money, and you require practical experience. After you choose the broker, then open a demo account (free), and you can install their trading platform either a mobile app or a desktop program. Now you can start implementing that Forex education practically by using virtual money.

 

 

Open a Real Trading Account

If you think now you’re ready to start trading with real money, you need to go to the same platform you created a demo and open a real account. You need to go through the entire registration procedure which may require you to submit valid information for verification such as name, phone number, email, and location address. To back up your personal information you’ll need to upload a copy of your ID and proof of residence. Now you can upload funds to your real trade account and start trading.

Install the Trading Platform

Install the trading platform and start trading. The platform is what connects you (trader) with the market. But if you were already on a demo, I bet you already have the platform either on your mobile device or computer. The most popular trading platforms are MetaTrader4, ZuluTrade, and Ninja Trader Group.

 

 

Conclusion

If you’re the kind that loves making easy money and willing to take risks, then you should start trading on Forex. You can either make quick cash or lose it all in just a matter of minutes. And that’s a more reason as to why you need to learn and be equipped with the adequate knowledge to understand the exchange market.

 

Facebook Comments

comments

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

About Absolute Currency

At Absolute Currency our mission is to be the best currency news adn information providing a vast array of knowledge, market updates, and resources in the financial markets. Our goal is to be the ultimate one stop destination for anyone that has an interest in or questions regarding currency. We strive to maintain a truthful and unbiased compendium of knowledge, both in content, product reviews and information and more. No buy, sell, or hold recommendations. Past performance does not guarantee future results.
August 2018
M T W T F S S
« May    
 12345
6789101112
13141516171819
20212223242526
2728293031  

Copyright © 2017 Commerza. All Rights Reserved

This copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only.

MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this website or email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements. If you find reports or news to be in error, contact our support desk with the correct information and proof for us to correct any errors. This website is AS IS and we make no claims nor warranties.

Powered by Commerza.

To Top