Forex For Beginners

What is Forex? Forex is an international currency market, where everyone, even a beginner can make money on the difference in exchange rates. For details, see here.

This word stands for FOReign EXchange. Forex Financial market is intended for purchase and sale of currencies at market rates.

So, how do you make money on the forex market? The information below is presented in the “question – answer” format, I chose the questions that are most often asked by novice traders.

Where to trade? What broker would you recommend?

The question asked most often. Unfortunately, there is so much fraud among forex brokers. So, choosing a reliable broker is very important. Personally, I have basic trading accounts opened on Roboforex. The Company is reliable (providing services since 2009), with a good reputation. There are no problems with withdrawals, they work correctly.

When choosing a broker it is important to properly treat the following criteria:

1. Reputation and quality of work (order execution, slippage)
2. The terms of trade (the lower the cost, the more you earn)
3. Support (it is important that they answer your any question that you have, especially at the initial stage)
4. Software (ability to use the application on your phone)
5. Security (important, putting and withdrawing money, identity verification procedure)

I would advise to begin with a sum, not less than $100, or you may simply be out of funds on your account after a small loss, unable to trade further.

What should I start with?

With the basics. Watch introductory course Forex for Beginners, many questions will disappear. If you do not understand some term, you can always find its meaning in a glossary.

To work it is enough to have a computer and the Internet connection to be able to work from home.

But, you should decide if you pass the Forex training course or grasp all the subtleties of trading on your own. Still, I would advise passing the course. It’s free.

I want to trade. To hack loot!

First, do not rush. Forex trading for beginners is very difficult. The market won’t run away from you. At first, you need to decide what you want: to trade on your own or to give money to manage.

Do not forget that there is a higher risk due to lack of knowledge, practice and improper money management. Forex is complicated for those, who don’t spend a certain amount of time to learn. Before you look for quick and easy money, you must improve your understanding of the market.

Let’s say, I want to invest. What’s next?

There is a wonderful PAMM-accounts service. You can read about it here.

Ranking of PAMM Account Managers is available at http://www.alpari.com/en/investor/pamm4/pamm_account/rating/

PAMM-account is an account management system that allows earning both trader and investor. Investors entrust their funds to manage to experienced and successful traders, investing in PAMM-accounts. Traders use the capital of investors and make profitable trades, increasing investors’ capital and receiving management fees.

You do not need to trade on Forex on your own – you constantly control your manager and at any time you can withdraw your funds.

I want to trade on my own. What should I do?

Experience shows that learning how to trade on Forex so that the trade brings about 5-10% per month is not too difficult. It is difficult to stay self-disciplined, not to let your emotions influence your decisions and to follow the rules.

First of all, download and install the Metatrader 4 terminal.

Again, there is a choice: trade manually or with experts advisors (programs that trade for you automatically).

Whatever you choose: automatic or manual trade, be sure to learn about Money Management!!! It is very important!!!

If you want to use advisors, I recommend checking the EA section.

What about manual trading?

The most important thing in manual trading is to act according to your system. Especially for manual trading is the Forex Trading Strategies section, which is constantly updated.

Independent operations on the Forex market provide much more possibilities. The higher the trader skills, who prefer to manually trade on Forex, the larger the amount of money he can manage, respectively, the more he will be able to earn. In most cases, a rough prediction of the price movement is a simple task, there are simple price models, working with efficiency up to 90%. It is possible to find these patterns and learn how to use them.

What are some good books about trading that I can read?

There are plenty of books from well-known authors, who will teach you to use technical methods to predict price movements in the markets and successful financial operations. Books are a basic tool for technical analysis of financial instruments. Literature is specialized for both beginners and experienced professionals in the exchange and OTC markets.

see. Recommended books

Something else?

See the section For beginners and For Traders, – there you will find many useful instructions and tools on various aspects of Forex for beginners.

A few tips for beginners:

• Manage Your Risk – Never risk too much capital on one trade,
• Don’t trade a lot,
• Always use a stop loss,
• Restrain your emotions,
• Do not read much, read useful info,
• Follow a Forex Trading Strategy,

Stay cool and calm.

Making the first step is simple!

What are you waiting for? Register a demo account and try your hand without risking anything.

Income, which only depends on your abilities.

Dive into an exciting and interesting world of finance! And, remember: the knowledge that you gain will save you money in the future. So, do not forget about learning.

Take care, Michael

ForexTraderPortal.com