Beginners Guide: How To Start Trading Forex

There are a ton of blog posts available online to educate you on how to start trading forex. They can teach you about the currency market, including what to do and what not to do.

You may learn how to trade in the foreign currency market by reading blogs post, and you can even come up with something practical that will win in the market.

But if you want to learn how to become a good trader who can always have a profitable trade setup regardless of market conditions and manage a substantial portfolio, you’ll need something more than reading different posts.

You’ll need a comprehensive guide.

We’ll share techniques utilized by expert forex traders to create portfolios that are appreciated by thousands of people in this blog post—this comprehensive, step-by-step tutorial. You’ll learn all you need to know about managing capital, growing it, trading it, and more.

Before I continue with this blog post on “how to start trading forex,” I recommend that you take what you read on Duestory.com to be educational and entertaining rather than financial advice.

How to start trading forex.

1. Opening a trial/demo account.

Do you want to know one of the most common mistakes made by traders?

Before trading with real money, you must first trade with fake money.

They have no journal to follow unless they trade with a demo account. As a result, they begin trading with real money using a faulty trader setup, which leads to a losing trade and a loss of cash.

If you don’t want to lose money trading foreign currencies, start with fake money and remember to keep a journal. This will help you identify the strategies that will work well for you while dealing with real money.

To get started, go to the Google Play Store and download Metatrader5, then sign up for a trial account and begin experimenting with the FX market.

2. Opening a real forex trading account.

You’ve mastered the FX market and successfully traded using phony money. Now it’s time to put them into practice.

My buddy, you performed an excellent job.

You must open an account with one of the most reputable forex brokers in your country.

The following are the most well-known and highly rated online Forex trading brokerages.

  1. Forex.com
  2. Ig.com
  3. Xtb.com
  4. Lcg.com

 

When deciding which forex brokers to sign up with, take into account their price, user interface, customer service, and other factors.

3. Choosing currency pairs for trading forex.

If you have true practice on a trial account, the currency pair for trading forex should not be unfamiliar to you.

Different currencies have risen in value in different sections of the market; some currencies will do well in London, Asia, and others will do well in other sections not mentioned here; thus, it is prudent to research different currencies and how they perform in various sections of the market.

4. Analyze the forex market.

In the market, there are two types of analysis that are well-known. There are two types of analysis: fundamental and technical.

Fundamental analysis

Fundamental analysis is a form of analysis that every trader should consider if they want to have a successful trader setup. Before trading a currency, you should be aware of the economic crisis, current events, and the major conditions of the country that owns the currency.

 Technical analysis.

To conduct forex technical analysis, you don’t need any prior knowledge in the subject because everything is provided by the broker in the form of a chart or by a third party such as Tradingview.

You can learn how to conduct the analysis on YouTube because if you don’t, you’ll be staring at the screen as the currency market falls and rises in front of you.

Candlesticks, moving averages, exponential moving averages, MACD, RSI, Fibonacci, and other technical indicators are among the most commonly used.

4. Keep on Practicing with the demo account.

The market cycle moves, so just because you’ve found a strategy that works for you doesn’t mean you shouldn’t keep looking for new ones. Keep a journal of those strategies, including the winning and losing trades, the timeframe you tested it on, and the upcoming event and session. This will help you become a better trader.

5. Advantages Of Forex Trading

Forex trading provides a number of benefits over other financial markets such as cryptocurrencies, stocks, and so on.

Daily volume trade in forex is huge because banks and other large entities put their money into the market to benefit.

You may trade in the market for up to 24 hours and have significant leverage compared to other financial markets.

Using forex leverage, you can quickly turn $100 into $1000.

Conclusion

We’re pleased you made it this far, and I hope you found the blog post useful in getting started with forex trading.

If you don’t want to be confused, you may join the forex Facebook group and subscribe to a few forex expert channels on YouTube (not all, just a few) if you don’t want to get confused because each expert has different methods and financial goals.

Above all, you should be reading the news on a regular basis to ensure that the market does not crash on you or the other way around.

Leave a Comment

Your email address will not be published. Required fields are marked *