The world economy is constantly changing and sometimes does not understand: it adapts to the rhythm of life or the rhythm of life, under it. Trends such as trading through Internet technologies, electronic coins and other possible rates and companies are emerging.
Forex is a decentralized global currency trading market. It is the largest and most liquid market on the planet, and its average daily trading volume exceeds $ 5 trillion dollars! In terms of profitability, even all world stock exchanges cannot compare with it. Therefore, it is not surprising that many investors sooner or later begin to look closely at Forex. But often people come to the market who do not know anything about trading. The result is almost always predictable – drain one deposit after another (resetting the funds in the account), and in fact all that had to be done was to spend a few minutes to figure out how to start currency trading Forex correctly, avoiding many mistakes at once.
Who is a forex trader?
A trader (from English to trade – to trade) – a person who trades, a trader. The term is used for financial markets for those who trade in relevant instruments – currencies, securities, commodity assets, futures, etc. Accordingly, a currency trader or a forex trader is a person who trades currencies in the Forex market.
What are the traders in the foreign exchange market?
For forex traders there are several conditional methods of gradation.
According to the degree of professionalism traders can be divided into professionals and amateurs:
- A professional trader is a person who has received an appropriate education and works as a trader in banks, DC, investment funds or independently. In other words, a professional trader is a person for whom trading on the Forex market is the main means of earning, his profession.
- An amateur trader is a person for whom trading is not the main way of earning money, but is a way of earning additional money and increasing his funds.
Traders may vary according to the market analysis method
Traders using technical analysis
This group includes traders who use a variety of technical analysis tools for analyzing the foreign exchange market: graphical constructions, technical indicators, candlestick, wave, and other methods of analysis.
Traders using fundamental analysis
This group includes traders whose trade is based on fundamental indicators: macroeconomic statistics, monetary policy of the Central Bank, stock exchange and economic events, etc. This method of analysis requires adequate education, skills to work with large amounts of information, etc.
Traders using their analysis methods
Traders of this group perceive trading on Forex more as a gambling game process, using various methods of position opening and tracking based on probability theory, like the Martingale method.
This group of traders is small. It includes professionals with extensive experience that allows you to make trading decisions intuitively, just by looking at the price chart.
According to the trading method, currency traders are divided into the following groups:
- Scalper (pipsman) – a trader who opens a large number of short transactions with a minimum profit during the trading day.
- Intraday trader – a trader who opens positions during the trading day and, without fail, closes them at the end of the day.
- Short-term, medium-term and long-term trader – differ in the time of holding an open position: from one to several days, from several days to several weeks, from several weeks to several months, respectively.
Of course, such a division of traders into groups is rather arbitrary, since a trader can combine several methods of analysis, increasing the efficiency of their currency trading.
What is the best amount to start Forex trading?
From what amount you can start trading on Forex Beginners investors are primarily interested how to start forex trading. And here it is important to immediately clarify one misconception, the essence of which is that the lower the amount of the minimum deposit from a broker, the better. Many people dig up the Internet in search of a broker offering to start at $ 10 or $ 5, and sometimes even from one, and they are very happy when they find it.
Experienced traders advise not to trust the stories about how to start forex trading from scratch, but to open an account with $ 500 or higher. For example, having $ 3000 and risking no more than 2% of the total bill for each transaction, you can earn about $ 60 + per day. With deposits of $ 250-500, if you risk no more than 1% on each transaction, on average, you can earn 5-10 dollars a day. At this rate during the year, you can increase your income to several thousand dollars and start working seriously. As you can see in these examples, to start trading on Forex without investments will not work at all, but even with minimal costs you can make more or less good money.
Basic rules for novice traders
Search for a decent trader Dowmarkets. When you have decided on the amount to enter the market directly, you will need a good broker to get the quotes and start trading. It is necessary to find several options and analyze all the information related to the brokers found, paying particular attention to customer reviews and the availability of a license from serious regulatory bodies. After that, consistently perform the following actions:
- register with him;
- open an account;
- make a deposit;
- download the trading terminal;
- select asset (s), analyze, open a position and make a profit.
Choosing a strategy. Forex trading is impossible without systematization and formation of a clear strategy that uses known market patterns. Each strategy has its own characteristics and is suitable for a particular trading style. In this case, the following factors are taken into account: the interval on which the trade is conducted; currency pair; rules for entering and exiting the market.
Learn to avoid losses when trading Forex. Is an integral part of the trader’s profession. The ability to cope with their emotions is no less important than the ability to properly analyze the market situation and develop skills to work with indicators. Thoughtless risk and spontaneous decisions have no place in trade. This is the way to lose a deposit.
Learn to control your emotions, make a trading plan and do not step back. Feel free to ask more experienced colleagues. Of course, everything will not be smooth. There will be ups and downs, the joy of the profits and the chagrin of losses. Do not be discouraged, even the most successful currency traders once started trading and were green newcomers. Remember that the longest journey begins with a small step, and the road will be mastered by walking.
How to start trading Forex from scratch
Having not only an account in your account, but also a trading account, you can proceed to the right way how to start forex trading market. The next step of our instructions is a currency trading terminal. You need to download only on the broker’s site, but not from third-party resources: firstly, there may be a trojan, and secondly, it will still not work properly, since every company sets it up “for themselves”. Even if you already have a platform from Alpari, and you decide to register and trade in FinmaxFX, you will have to install a second terminal, even if it is a completely identical program. Suppose the terminal is already downloaded and installed, how to start trading Forex from scratch? For example, let’s take the most common platform – MetaTrader 4, or as it is often called MT4. We start the program, go to the “File” menu and select the “Connect to trading account” item, after which a form will appear to enter the number and password created earlier in the personal account of the account.
How to become a good trader
If you are new to currency trading, before starting work, we recommend that you take training in specialized courses. In the classroom you will get a basic knowledge of the Forex market, master the technique of making transactions in the trading terminal and learn how to independently predict exchange rates.
In the process of learning theory is combined with practice. All the knowledge gained by a novice trader, he worked out on a demo account under the guidance of experienced teachers.
Training courses for traders
Most of the company conducts training for traders both in their classrooms and remotely, through webinars. A diligent newcomer is guaranteed to receive the necessary basic knowledge for Forex trading, but all courses are paid, the amount of payment depends on the intensity of training and on the policy of the company.
A beginner interested in Forex trading can use educational materials that are full of Russian-speaking and not only Internet resources. Education, of course, will be free, but large volumes of educational articles will force the novice to spend much more time on training.
The best courses for trading with Dowmarkets
In order to succeed in any business you need a good guide, mentor. We present to your attention the most popular and effective courses for novice traders!
Margin information on trading at the company Dowmarkets is very large. Constantly developing new directions and strategies for teaching trading. Couples for students are conducted even remotely, which greatly facilitates the learning process. The corporate site provides access to any benefits and materials for training, the most useful information is available to those who pass the registration process on the corporate site.
Currently, there is an opportunity to go through distance learning and get this knowledge without leaving your computer. However, do not forget about the main thing: if trading takes place in your life is important, and you plan to start a serious activity on the stock exchange, free courses for trading, which are now so much in the public domain on the Internet and which brokers so often offer, will be absolutely for you are useless.
For beginners, the company Dowmarkets provides the most optimal for beginner traders is the currency exchange, which differ more calm and predictable market. Despite the fact that they do not promise rapid and huge profits to the bidder, in the process of learning you can get used to the role of trader and try yourself in a new direction.
Experienced traders are offered paid innovative courses that include specific price activities with operator purchases (sales) (smart money), fundamental materials that make markets move and effective “keys” that allow hacking the market code.
The company also provides the opportunity to become a VIP client; anyone can purchase an individual package of training materials. Join Dowmarkets to become successful today!
Сonclusions and offers
Trading in the financial market involves significant risk, including the possibility of complete loss of funds. Trading is not suitable for all investors and traders. Raising the shoulder increases the risk.
Surely there is no such person who, anyway, did not hear about the Forex market. Someone saw an advertisement about fabulous profits, which can be obtained practically without doing anything, someone tells scary stories that Forex is a divorce and a scam, and someone is sure that trading is available only to very rich people and the common man. There is nothing to go. And only traders know that Forex trading is hard work, the trader is a specialty, and sometimes the profession, the money earned on the foreign exchange market is not easy. But at the same time, everyone who wants to has a real opportunity to make their lives better. The choice between paid and free training gives the right to compare the level and quality of training in the desired profession.