5 Steps – How To Begin Forex Trading On The Online Account
Forex stands for Foreign Exchange Market (FX). It is the largest market for currency trading – that covers the whole world. A lot of information about Forex trading is available today. Analytics, news, trading strategies, trading signals, auto-trading systems and much, much more. This information is very complicated so novices usually get frustrated because of information overload.
And usually the most asked questions are: What to start from? Whom to listen to? Is it really so complicated to day-trade FOREX online? I’m not going to answer all of these questions right now – not in this short article. I want to summarize the knowledge and write some useful tips for novices to help them understand the whole thing and finally get ahead in this online Forex trading business.
So what exactly should you do as an aspired forex starter? Here is an exact plan for you:
1. Set a deadline – five or seven days (free days I mean). During these days try to absorb as much information about Forex Trading as possible. Use Google and your imagination to search. You can start from “forex”, “currency trading”, “forex trading” etc. After this period stop consuming information. At all. Just sit down and try to summarize it. The pen and the piece of paper will be truly useful for this.
2. Choose your first forex online broker. Don’t make things too complex and complicated – you just need to get started. Don’t start with huge online forex trading deposits, I recommend to start your forex trading from mini-forex online account or even forex demo account if you don’t have a few hundred dollars to open mini.
3. Pick your primary online forex trading currency pair and stick to it for at least three-four weeks. Get used to this currency. I recommend eur/usd, gbp/usd, aud/usd and cad/usd but that’s not of vital importance, pick the forex currency pair what you like the most.
4. Choose your online forex trading strategy – and use it for three-four weeks no matter what happens on the forex market. Then decide, if this forex trading system is worth using or not. This step looks very complicated for the majority of forex starters, but it isn’t really so hard to choose online forex trading strategy. I’ll cover this topic in more detail later. For now – just choose what’s simple and free. Believe me, you don’t have to re-invent the wheel.
5. Manage the online forex trading risks. Use forex stop-loss orders to control your potential loss. Don’t risk more than 10% of your deposit in one deal if your deposit is less that $10 000 (and it should be less – remember what I said earlier about mini-forex).
If you make these steps, you will finally move ahead in your online forex trading, so I recommend you to begin right now. Remember – your success depends on your knowledge, skills and ability to make the right decisions at the right time. I hope you will!
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