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.
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.
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.