As a beginner, you can kick start your Forex trading (also known as foreign currency exchange or fx trading) by following the these guidelines.
3 tips to start off as a beginner to currency trading.
Tip 1: Choose a trusted trading broker who can provide you with a reliable trading platform.
It is not easy to choose a good Forex broker. Normally I choose a trading broker which is well established and also allows maximum leverage, such as Forex.Com, MIG or Interbank Fx. I prefer Forex.com because you can enjoy minimum capital entries for the live account for as low as USD250. Forex.com provides a lot of different trading platforms and tools such as Forex Trader, Wireless Trading or MetaTrader 4. Personally, I prefer to use Metatrader 4, because it is user friendly and has a stable connection.
Tip 2: Open your Forex demo account to start your currency trading.
Demo account allows the user to use “play money” to practice trading with live data. This is very important to a beginner to Forex trading so that they can practice trading without losing real money. As a beginner in online foreign currency trading, you can start a demo account with leverage 1:200. Leverage is a percentage amount of money that you can borrow from the Forex broker. Invest Now in Trading Deposit demo amount should be similar to the future live account amount. For example, we are encourage you to use as low as USD250 to start your demo trading.
After you have downloaded the MetaTrader 4 platform into your computer, you can go to “File” and click on “Open an Account”. You can key in your relevant information to open up the account. Remember you need to enter a valid email address so that your account will be approved. You can get your login id and password immediately after you have created your demo account.
Tip 3: Get your basic Forex knowledge.
It is not easy for a beginner to know how to trade. You can go online and research on currency foreign exchange by searching on Google or reading some books or ebooks on fx trading and get some knowledge regarding fundamental analysis and technical analysis. There are many articles and blogs on this.
However, ultimately, a good Forex trading course can help to accelerate your learning curve, and an experienced coach would be able to advice you and lead you towards Forex trading mastery.
Register for your free forex trading online malaysia class worth $48, which reveals the Financial Science to successful Forex trading.
Fenny Chen is Forex expert in Forex trading online. She have 1.5 year foreign exchange currency trading experience. She make extra passive income constantly using Forex trading every month. She passionate about Forex trading and trades Forex during her free time while she is a full time programmer.