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Getting started in Forex from scratch

Mar 18 • Forex Trading Articles • 785 Views • Comments Off on Getting started in Forex from scratch

It is difficult to start something new. It is difficult to take and start running in the morning, change your job, image, move to live in another country, and so on. However, difficulties arise not because “everything is new” is complex and impossible but simply because we have decided that it is. Trading on the Forex market can be attributed to one such new business.

If you decide to try your hand at Forex and do not know where to start, you should read this article, protecting 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 on the Internet. You can find blogs that contain a lot of useful information.

First, you need to understand the essence of trading and find answers to the simplest questions so that they do not torment you in the future.

Look at the forums, chat with their members. This will be a good option for getting basic knowledge. But be careful – sometimes forums are delayed, and things remain unfinished.

How to start trading Forex?

Once you decided to start trading on the foreign exchange market, the first and perhaps serious question is a broker’s choice. Forex broker is a financial company that provides you with access to the foreign exchange market and provides the necessary technical and informational support. However, at the same time, you should not lose your vigilance since this area is no exception, and there are scammers here too. To avoid fraudsters, you should contact large companies with the necessary documents to carry out their activities and have a good reputation.

Of course, it will be difficult for a novice trader to make the right choice, and therefore the following recommendations should be followed:

  • Pay attention to the term of the broker and his reputation.
  • Find out if regulatory authorities regulate the broker.
  • What tariffs the broker offers – fixed or floating.
  • Is there round-the-clock technical and informational support?

The main mistake of any beginner is trying to “reinvent the wheel”. A beginner thinks that he is the smartest, that his knowledge is abundant, and he is the most advanced in making money in the Forex market. But this is certainly not the case. If you want to get a stable income from trading operations, it is more advisable to first not develop your strategies and tactics for earning. Many people have already done this before you, and it would be wise to use their best practices.+

You should try trading on a demo account with virtual money. Although this process will not benefit your trading skills, thanks to the demo account, you can understand that the market is not as predictable as it is told about in training in dealing centers. And you need to thoroughly familiarize yourself with the terminal. After choosing a strategy, open a demo account and start testing the strategy. The best thing is not to deviate from it and not give in to emotions. Remember, in the foreign exchange market, emotions are the first enemy. Test your strategy for at least a month. This is quite enough for you to get used to it, delve into its nuances, check how it works, and understand what the level of earnings can be using this system.

New to Forex trading? Don’t miss these beginner guides from FXCC.

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