Forex Trading Tutorial For Beginners
Word forex has been derived from foreign exchange. Forex market was established in 1971. Its an online international market where different currencies of the world are being bought and sold. It is one of the largest markets of the world. As per a recent estimate daily volume of this market is more than 4 trillion dollars. This market remains open 24 hours. This is due to difference of time zone in different continents of the world. When European markets close, American markets open and before closure of American markets Australian & Asian markets start their business. European markets open for next day when Asian markets close. So you may remain in touch with forex market five days a week. You just need a computer and internet connection for starting trading. Forex markets of the world remain close on Saturday and Sunday.
1-There is hell of difference between gambling and forex trading. Forex trading is a legitimate business where your analysis matters more than your luck.
2-Research, analytical approach, patience and study are the keys for success in forex trading.
3-Never enter in forex trading without getting enough experience. First make your demo account as it will help you in learning the art of risk management. It will be great educational experience for beginners and students. Either you open a live account or not you must open free demo account to get yourself familiarize with the dynamics of global currency market.
4- Select a broker carefully. You should chose a broker as per your trading style and mindset. Compare the facilities offered by different brokers and read forex broker reviews before taking any decision.
5-Don’t go against the current trend unless you are 100% sure about your opinion or you have any tip or classified news.
6-Usually it is recommended that you should not sell when the trend is up and should not buy when the trend is down.
7-An emotional person cannot become a successful forex trader as it’s the game which is played with brain not with heart.
8-Always remain in winning state of mind at the time of trading. Forex trading is a business where profit and loss both are possible. Learn from your mistakes.
9-Many people will try to sell you some trade secrets and tricks. There is no guarantee of success in your all trades so never become fool and always rely on your research and study rather than on any guarantee of profit.
10-You can not become a forex genius overnight so continue to polish your skills.
11-Never use gambling techniques in forex trading. Move forward with patience, consistency and research.
12-Small account holders can not face the fluctuations in the market that’s why it is recommended that you should open an account with minimum 500$.
Learn Forex Trading – 25 Super Tips For Beginners
13-Keep your 30 to 40% capital out of the market for injecting it in case of any unexpected loss.
14-Never be greedy so after achieving your daily, weekly or monthly targets, stop trading.
15-Be ready to face any loss, take it a part of game. Always try to take calculated risks.
16-Always follow the technical and fundamental indicators.markets.
17-Always remain in touch with news. Watch business channels, read business newspapers and read articles on weekly and daily trends on authentic forex websites.
18-Always set a limit for your profit and loss and strictly follow your plan.
19-Beginners should start trading with small sums, and low leverage.
20-Increase the size of your account with your profit only.
21-Senior traders recommend that beginners should focus on a single currency pair. Try to start with your local currency. After getting some experience about the functioning of the market expand gradually.
22-Rely on your common sense and inner indicators too.
23-Improve your decision power avoid haste, nervousness and greed.
24-Learn the art of money and risk management. Spend your spare time on analysis and research about market trends.
25-Never give up and visit us and our facebook page daily.
Learn Online Stock Trading – 25 Super Tips
Learn Basics of Investing – 20 Super Tips
How To Become Rich By Learning Financial Management
Unique Business Ideas &Tips with Zero Investment
Top 10 Part Time Jobs & Businesses For Students With Zero Investment
I am a professional content writer and have experience of 10 years. I also launched first ever English monthly magazine of human rights in Pakistan. Majority of content on this website is written by me.