Before
starting Forex trading, beginners should have a look at the basic concepts of the exchange. It is also important to take a number of steps, which will help you later. So, a step-by-step algorithm for a beginner trader looks like this:
Choosing a reliable brokerNot only the quality and success of your trading but also the safety of your funds depend on the broker. When choosing a company pay attention not only to offered terms but also try to study the feedback of real clients.
Yet another vital point is the time of the company's existence. The best thing is when the age of a company is +5 years. The longer a company exists, the greater confidence in it.
It’s worth paying attention to what privileges the broker provides: access to training materials, lectures, videos, etc. It makes little sense to start trading in Forex without having a solid base.
Registering on the company’s siteWhen a broker is chosen, it’s necessary to pass the registration procedure. In most cases, all the companies have a similar procedure. It’s required to enter your personal data: indicate your email address, phone, and pass verification.
When filling in the registration form you need to enter updated and accurate information. Otherwise, you may have trouble when withdrawing your income.
Installing a trading terminalThis is the software without which it is impossible to start trading currencies. You need to
download and install it. It is best to do this on the official website of the broker. Trading terminals can be installed both on a computer and on mobile devices. Some brokers provide Internet services, which enable you not to avoid downloading the terminal, and work directly in the browser. However, many people point out that downloaded software work much faster.
Starting: launching the terminal and opening an accountWhen the software is installed, registration is required. This is a simple procedure that does not take much time. Next, the beginner needs to open an account. It is best to start trading with a demo version. This will help you avoid mistakes, save your deposit, and find your feet.
Selecting a currency pairAs was stated above, most often people start trading with the euro/dollar pair. Experienced traders can use rarer currencies, however, this comes with certain risks. When choosing a pair, it is important to take into account the political and economic situation within a country, as well as many other parameters. The ability to analyze the situation will be helpful here.
Selecting a strategyForex trading will not work without a strategy. It will allow you to avoid losses or constantly breaking even. It is best to find and study several strategies, choosing the one that fits you best. After that, you should completely immerse yourself in its study. Focus on the system and make a clear plan for further steps. Beginners are best to stick to proven plans, while experienced traders are quite capable of developing their own solutions.
Replenishing account with real moneyAfter training on a demo account, you can start real trading. To do this, you need to replenish the account for a specific amount. Each broker has its own deposit amount. You should not invest large amounts immediately at the initial stage, since the first experience of a beginner is often unsuccessful. The optimal deposit amount is $250-300.
Before you start real Forex trading, you need to gain theoretical knowledge, learn the basics of analysis. It is best if the beginner can find a good mentor who will point out the mistakes he makes. The success and profitability of trading depend on the quality of a trader's training, his skills and experience. If possible, do not give up the practice on a demo account.
How to open a transaction?