Before thinking about going into forex trading, you first need to familiarize yourself with how the whole thing works. It's just like going into a battle; you need to know what you're getting into.
Forex trading wouldn't be complete and possible without a forex broker; so you really need to get one whether you like it or not. After finding a reliable one, you'll need to open a forex trading account. This may take you some days because of the processing period.
Once you have a forex trading account that has money, you can go on to the first step in the actual forex trading. The number one decision you'll have to make is the type of currency you desire to trade. One of the most traded currency pair is the EUR/USD. If you desire to get one that is less well-known, you can pick the EUR/GBP which is safer than the one mentioned first. After making that currency pair decision, you would need to open up a char and make a trading analysis; this will help you choose the kind of trade to use.
If you've made up your mind on the trade you'll make, you can now apply it. Different brokers have different platforms in their sites with regards to this. Some brokers allow you to right click right on the chart and make your trade, while others have buttons that say buy or sell. You can just easily figure this out since most are very user-friendly.
At the same time, you should put a limit order on the price of your trade and a stop loss also, since both would help you avoid losing a lot of money.
Now that you've entered your trade, you only have to submit your order to the market, and let the market do its magic. At this time, that you can already chill and wait or do something else and allow the programmed logic to handle your decisions.
Once the trade is finished, you can visit your forex trading journal and start you next foreign exchange trade.
Forex trading wouldn't be complete and possible without a forex broker; so you really need to get one whether you like it or not. After finding a reliable one, you'll need to open a forex trading account. This may take you some days because of the processing period.
Once you have a forex trading account that has money, you can go on to the first step in the actual forex trading. The number one decision you'll have to make is the type of currency you desire to trade. One of the most traded currency pair is the EUR/USD. If you desire to get one that is less well-known, you can pick the EUR/GBP which is safer than the one mentioned first. After making that currency pair decision, you would need to open up a char and make a trading analysis; this will help you choose the kind of trade to use.
If you've made up your mind on the trade you'll make, you can now apply it. Different brokers have different platforms in their sites with regards to this. Some brokers allow you to right click right on the chart and make your trade, while others have buttons that say buy or sell. You can just easily figure this out since most are very user-friendly.
At the same time, you should put a limit order on the price of your trade and a stop loss also, since both would help you avoid losing a lot of money.
Now that you've entered your trade, you only have to submit your order to the market, and let the market do its magic. At this time, that you can already chill and wait or do something else and allow the programmed logic to handle your decisions.
Once the trade is finished, you can visit your forex trading journal and start you next foreign exchange trade.
About the Author:
Finding true ECN brokers isn't very easy. For that, you have to know forex well yourself. There are very few brokers who can help you. One of them is IC Markets.
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