How to start forex trading and become a good forex trader
It is easy to start Forex trading; the complication appears when you want to trade with profit. A lot of people mistakenly consider Forex to be a kind of gambling, where everything depends on the luck. But this is not true. Forex is a currency market which is working on the laws of supply and demand. Understanding of these laws, learning the key vocabulary and the trading process is minimum required to do Forex trading.
Ready – learning of the theoretical basis
Even if you hated your school you would have to get some theoretical knowledge in Forex trading. Blind execution of deals is the worst possible solution you can make.
In order to make education easier for you, we have collected traders’ professional vocabulary at the page Definitions. There you will find the main definitions and concepts of Forex trading. Many of them are disclosed in more details in the section Forex articles. If you have some specific questions, you can always contact our support team via live-chat or email firstname.lastname@example.org
Steady – trading on demo account
To get experience in trading and not to take risks using own funds, you have a chance to open a practice account. Demo and real accounts have the same trading terms and quotations flow. The difference between practice accounts and live trading accounts is in the fact that while working on practice you trade virtual money. Respectively, there is no risk of losing money due to the unfavourable market movement. To learn more about how to use and how to open this type of account, please visit the page.
Trading on FOREX is like playing sports. Constant training is required in order not to get out of shape and be able to continue at the same rate. You are better to trade every day, analyze news, which can influence the market’s movements, develop your own strategies, and improve the ones that you already have. It’s vital not to stand in the same place and just wait for a trend, but to analyze and study all the opportunities and situations.
Go – moving to the real trading account
Only when you feel that you have trained enough – you are using trading platform automatically, trading with profit and familiar to the market situation – switch to live trading account.
Be ready that losses are possible as well as profit. Profitable trading on practice account does not guarantee success on the real one. It caused by the fact that trading with own money differs greatly from “playing” on virtual funds. The psychological aspect is totally different.
Usually, you decide for yourself how much money you need to start forex trading. We advise beginning with a small deposit at the very beginning in order to cope with your emotions. Nobody can execute solely profitable trades. Learn to take losses calmly and analyze mistakes.
To make money with Forex you should combine knowledge, practical skills of trading and analysis and full emotional control. Demo accounts are a perfect training tool, owing to which everyone can learn how to become forex trader without risk but without real profit as well. Therefore, not stay on a demo account for too long, move to the next stage of trading and earning on the Forex market.