How to Start Forex Trading - Steps To Setting Up for Beginner Traders
For beginners wanting to learn how to trade the forex market which is a complex market, the question is how to start? - The best method to learn is to first put away your money open a practice trading account this way you can begin trading online without any deposit, meanwhile, train by reading online guides available on various sites available on internet, although we would highly recommend just sticking to the one & only top, best, recommended Forex tutorial website - this website, but feel free to go anywhere else and waste time on those other sites.
How to Open a Demo Practice Account
This website covers all Forex training lessons - the quickest method of how to start is to follow the following steps:
- Find a free online guide for beginners guide - this website
- Find one of the best online brokers
- Download the free platform software
- Open a free demo - A demo is meant for practice, with this practice you can begin practicing without depositing or investing money, on this account you trade the real forex market only that you will be transacting with virtual money.
- After registering for a free Demo, come back to this site and on the homepage follow the steps to begin studying the trading lessons.
After following the above steps, you are ready to start, begin with the free course as shown above.
Learning these tutorial concepts will take atleast a few days to a few weeks of more, some concepts can be very confusing for beginners at first, but here we have simplified them for you, but we aren't going to lie to you, some of these at first will be very confusing. For example, you'll get knowledge about buy stop, buy limit, sell stop, sell limit, entry limit order, entry stop orders, I can feel some heads spinning, especially for novices, wait until you open platform software and you'll freeze and stare at your screen for 10 minutes trying to figure out what is what. Don't worry within next ten minutes this training course will teach you the whole currency platform with two simple lessons and you will know the platform software and operate it with the ease that you operate Microsoft Word: MT4 Tutorial
The software that is used for currency exchange transactions is called MetaTrader 4 platform or just MT4
The screen-shot below shows user interface of this platform.
Forex Software Platform for Online Trading & Placing Orders
After this you are completely setup, navigate to the top navigation menu & access the lessons explaining the terms used in the global exchange market & other basic forex concepts & strategies.
Forex Software Platforms:
What is a platform? This is software used to connect to the exchange market by connecting traders to the broker so that they can place transactions through the internet (online).
Online Forex Trading Brokers:
Traders must place transactions through a broker: you cannot transact currencies without a broker. Brokers don't charge you anything to open an account, i.e. There is no setup fees. The broker only charges if you make currency transactions, if you don't transact you are not charged. The brokers make money by charging a few dollars for every transaction this is called the spread.
Currency Charts:
Currencies are analyzed through graphs which are commonly referred to as currency charts, in basics guide at top navigation menu of this web site, you'll learn these charts & how to interpret these charts to generate buy & sell signals.
Learn Basics - Forex Charts & Technical Analysis
It is best to begin Forex trading with a demo first, then after you start making profits on the demo you can then open a live account and deposit any amount you want, but before you do that make sure you read these three topics, money management, leverage & margin, forex trading plan. Beginner Traders ask the question how much money to begin Forex with? The answer is the more money you have in your real account the better the risk management, because you will not be under capitalized.
How Much Money to Begin FX Trading?
Do not start with $10 dollars, even if your broker tells you that you can begin with that amount, in fact do not begin trading with $100 as this is not enough to trade with. It is best to save and begin forex trading when you've $10,000 which is the minimum amount recommended to begin investing with.
- If you want to start with $10,000 dollars, open a micro account and only open micro lots
- If you want to begin with $100,000 dollars, open a standard account and open standard lots
There are 2 types of forex accounts that traders can open: micro and standard. For each recommended beginning trading capital is specified above.
How to Use Practice Forex Trading Accounts
However, for beginners there is a practice account provided for practice and this way beginners can start without any investment & practice risk free on the demo until they learn the basics and the various methods used in trading the currency market. It is recommended for beginners to follow this method where first they start by practicing without depositing real money as they take time to learn what is required to trade profitably.
Follow these steps:Learn to practice practice with a free demo for 30 days then open a live account
Technical Analysis and Forex Key Concepts Training:
Know all about technical analysis & how to combine indicators to form a complete system that you can use to profitably generate signals. Read all the tutorials to make sure you've all the required knowledge.
Finally, be ready to study & do a lot of hard work - study each & every topic here & practice these concepts on a free practice account.
We go beyond what most traders know when it comes to explaining what Forex is and how the online exchange market works and provide you with as many tools as possible. We go into in-depth analysis of currencies.
The information on this site answers the question, how does Forex work? and has more info than what you will ever find on any other online training website or book, screen shots, pictures & image examples make the explanations so easy such that we have compressed years of experience on a single web site. Be ready to study from these tutorials until you know how to make profits in Forex Market.
