How to Begin Trading Forex - Steps To Setting Up For Beginner Traders
For beginner traders wanting to learn how to trade the forex market which is a complex market, the question is how to begin forex trading? - The best way 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, learn and train by reading online learn forex trading tutorials available on internet websites, although we would highly recommend just sticking to the one and the only top, best, recommended Forex tutorial website - this website, but feel free to go elsewhere and waste time on those other sites.
How to Open a Demo Practice Account
This tutorial website covers all Forex training lessons - the quickest method of how to start forex trading is to follow these steps:
- Find a free online guide for beginner traders tutorial - this tutorial website
- Find one of the best online brokers
- Download the free trading platform software
- Open a free practice demo account - A demo account is meant for practice forex trading, with this practice trading account you can begin practicing without depositing 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 Account, come back to this website and on the homepage follow the steps to begin studying the forex trading lessons.
After following the above tutorial guides, you will be ready to start.
Learning these trading concepts will take at least a few days to a few weeks or even more, some concepts can be very confusing for beginner traders at first, but here we have simplified them for you, but we will not going to lie to you, some of the concepts at first will be confusing. For example, you will get to know about buy stop orders, buy limit orders, sell stop orders, sell limit orders, entry limit order, entry stop orders, Some heads are already spinning, especially for the novice traders, wait until you open the platform software and you'll freeze for 10 minutes staring at your screen trying to figure out what is what. But do not worry in the next ten minutes this guide training guide will teach you the whole currency platform in simple to learn lessons & you will know how to operate the trading platform software with the ease that you operate Microsoft Word: MT4 Guide
The software that is used for currency exchange transactions is called MT4 platform or just MetaTrader 4
The screen-shot described below shows the user inter-face of this trading platform.
Forex Software Platform for Online Trading & Placing Orders
After this you are setup, you can then go to the top navigation menu on this website and access the tutorial lessons explaining the terms used in the global exchange market and other basic forex trading concepts and trading strategies.
Forex Software Platforms:
What is a trading platform? - This is the software used to connect to the exchange market by connecting traders to the broker so that they can place their trade transactions through the internet (online).
Online FX Trading Brokers:
Traders must place trade 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 account 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 the learn basics tutorials at the top navigation menu of this tutorial website, you will learn about these charts and how to analyze these forex charts to generate buy & sell signals.
Learn Basics - Forex Charts and Technical Analysis
It is best to begin Forex trading with a demo practice account first, then after you start making profits on the demo forex account you can then open a live forex account and deposit any amount you want, but before you do that make sure you read and understand these three topics, money management, leverage & margin, forex trading plan. Beginner Traders ask the question how much money to start Forex with? The answer is the more money you have in your real account the better the risk management, because you will not be undercapitalized.
How Much Money to Begin Trading Forex?
Do not begin 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 & begin trading forex when you have $10,000 dollars which is the minimum trading amount recommended to invest with.
- If you want to begin 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 Demo Trading Accounts
However, for beginner traders there is a demo account provided for practice and this way beginner traders can start without any investment & practice risk free on the forex demo trading practice account until they learn the basics & the various techniques used in trading the currency market. It is recommended for beginner traders to follow this method where first they start by practice trading without depositing real money as they take the time to learn what's required to trade profitably.
Follow these steps:Learn to practice trade with a free demo for 30 days then open a live trading account
Technical Analysis and Forex Key Concepts Training:
Know all about technical analysis concepts and how to combine technical technical indicators to form a complete trading system that you can use to generate signals with. Read all the guides to make sure you've all the knowledge required.
Finally, be ready to learn and do a lot of work - learn each and every topic explained on this tutorial website & practice these concepts on a free demo forex practice trading account.
Our tutorials go beyond what most traders know when it comes to explaining what Forex is and how the online exchange market works and our guides provide you as a beginner with as many tools as possible. We go into in-depth analysis of currencies.
The data on this web site answers the question, how does Forex work? and has more information than what you will find on any other online training tutorial website or book, the screenshots and image examples make the explanations much more easy to explain to beginner traders such that we have compressed years of experience on a single website. Be ready to learn from these tutorial guides until you know how to trade in the Forex Market.
