Successful Forex trading
goes hand in hand with a clear strategy. If you are just getting started in this area, it’s worth sticking to the next algorithm:
It’s worth using specialized resources to look for an intermediary: learn ratings, feedback, the company’s trading history, etc. Every small thing is important here.
•Registration on the intermediary’s site.
Registration for creating a personal account takes a few minutes. Sometimes a player should confirm the identity or verify the bank card.
•Depositing funds to a trading account.
The deposit size depends on a specific intermediary. You can also use a demo account, which some companies provide. This account teaches you currency trading in real conditions but with virtual cash.
•Installation of trading software.
Software for Forex is very diverse. Sometimes beginners fall back upon the help of special advisor software allowing them to automate the process fully or partially.
Moreover, a beginner in currency trading should get to know the key concepts and definitions of Forex. It’s better to have a seasoned mentor next to you.How to choose a reliable broker?
The big question for a beginner is the selection of a reliable broker. When choosing, turn attention to a certificate. This is a mandatory condition for trading. You can learn more about the license on the company’s official site.
In addition, the next criteria should be considered:
That’s one of the key indicators of reliability. By choosing a broker company with limited experience, you are risking losing your money. It’s best if the company’s age is at least 5 years. Remember this rule!
Read the feedback of real clients, make sure that the company had no five-star scandals, problems with money withdrawal, etc. You can find the required information on the Internet.
This information is on the company’s site. Consider which bank and payment systems the broker works with, how convenient it will be to deposit and withdraw your income.
Think which financial instruments you'll work with, and whether the selected broker has the desired options. The more instruments are offered, the better.
A good intermediary should provide high-quality feedback to its clients. Support may be both informational and technical.
Broker selection is the most important and responsible stage. This should be a reliable partner perfect for long-term relations.Trading platform selection
After selecting a Forex broker, you need to decide on a trading platform. Today there is a lot of platforms meeting the requirements and preferences of any trader. These could be online resources, various apps for PC and other devices.
When it comes to currency trading in Forex, special trading platforms are used. That’s software, which allows you to maintain communication with the broker, give directions for the purchase and sale of currency pairs. You can install it on one or several devices. MetaTrader 4 and MetaTrader 5 are among popular apps.
It is important to realize that any software needs testing. This way only you can select the best option for you.Market analysis
It won’t do to trade in Forex driven by the only intuition without a strategy. In this case, the risk if losing funds is high. Market analysis is specially created to reduce the risks. The following analysis areas can be named:
These are various diagrams, charts allowing deciding on current deals. Using them, you can assess and study the price history, find regularities, study potential risks.
The basis of this area is studying public information, for example, publications of expert mass media, etc.
The full and high-quality analysis allows you to significantly reduce risks and get the top profit avoiding breaking even or loss.Strategy selection
It’s of paramount importance to figure out the strategy. Your success and future earnings depend on it.
Strategies can be divided into:
They differ with quite high risks, but a good income too if successful. As a rule, experienced players ready to sustain a loss, if they fail, use these strategies. This approach is not recommended for beginners.
They consider all possible risks and their reduction to a minimum level. Conservative trading fits not only beginners but professionals too.
Regardless of experience and skills, it may be hard to choose the right strategy on the first try. To reduce risks, you can try different strategies on special demo accounts. That’s an optimal decision for a beginner.Step-by-step guide for beginners