ABC of Forex.
Every beginner, coming to Forex, asks the same question - Where to start? This section of the site will be devoted to the answer, in which the entire trading process will be described from A to Z, starting from preparation and the basics of working in the trading terminal, ending with the most important points.
Is it worth becoming a trader?
Before trying your hand at Forex trading, it is advisable to understand the question – Is it worth becoming
a trader?
How attractive is this profession and isn’t it better to spend your energy on something simpler? Dealing centers most often reveal only the positive aspects of working on Forex, hiding the real essence of the issue.
Therefore, it is not a bad idea to understand what kind of troubles you will encounter when choosing the profession of a trader, and what will serve as an additional incentive in your work.
Now everything is in order.
Trading as a favorite job
Many people perceive their work only as a source of money and look forward to the end of the working day.
But a survey of several thousand respondents aged 70-80 years showed that the most that people of this age regret is that they spent their entire lives doing something they didn’t like.
It is the work you love that brings pleasure and allows you to achieve maximum success in your business.
Therefore, almost at first glance, you can tell whether a person will achieve something in his chosen specialty or remain on the lowest rung of the career ladder.
This rule also applies to trading; most people try to earn something on Forex only because they can earn a lot here.
Instructions for working on Forex for a beginner.
The Forex market is a great place where you can successfully realize your capabilities and potential.
Despite the fact that the currency activity itself is not so simple, most beginners mainly have problems in the first stages of becoming acquainted with this field of activity.
Yes, it is the first steps on the path to a new life that are the most difficult. After you do them, further success will depend only on you, on your perseverance, hard work and ability to learn.
By the way, our website has everything you need to successfully start your career as a trader, and you can trade either independently or with the help of special programs. So, let's start with the step-by-step instructions.
How to open a demo account on Forex or the stock exchange as quickly as possible
Many novice traders want to test their strength in stock trading without wasting time on various formalities.
And this is quite possible, you just need to open a new demo account using the MetaTrader trading platform, the link to which you will find below.
That is, to open a demo account you do not need to register with a brokerage company and upload personal documents; you just need to download the program and perform a couple of simple steps.
At the same time, an open account can be called universal, since with its help you can trade not only currencies, but also other popular assets such as securities, precious metals, commodities and cryptocurrencies.
Indicator for a novice trader
Despite the availability of modern Internet trading, stock trading continues to be a rather difficult task.
And most beginners who try to open their first trades using only their assumptions and intuition are quickly convinced of this.
After unsuccessful attempts, the understanding comes that in order to make a profit, you need to learn to predict the trend and you won’t be able to guess it. An excellent assistant in this matter are indicators from the trader’s trading platform.
True, it is quite difficult for a beginner to understand all the variety of graphical constructions that these indicators add to the chart, and it is even more difficult to make the right decision on opening a new transaction.
Profit on Forex, or what its size depends on.
The first question that comes up immediately after getting acquainted with the Forex exchange is how much can you earn here.
But this is the same as asking how much they earn by having their own business.
You can be the owner of a factory and make millions in profits, or you can have a stall at the market and barely make ends meet.
Forex is the same business, therefore the amount of profit here is also purely individual, it all depends on such components as the amount of capital and the trading strategy used.
Of course, there are some standard parameters through which the amount of earnings can be expressed; usually the percentage ratio of the deposit and profit is used.
What is online exchange trading?
If we compare modern trading and how this process was carried out thirty years ago, then
only the meaning of transactions remains common.
The technical side of the issue has changed beyond recognition - trading has become remote, round the clock, an electronic terminal has appeared, and many other innovations.
As for the practical side of the issue, there have also been significant changes - the amounts required to carry out transactions have decreased, and the amount of leverage has increased significantly.
And now let’s talk more specifically about what Internet trading is.
Forex trading example.
There are a lot of books that teach Forex trading, but most of them are devoted to bare theory, covering only the basic
points of technical or fundamental analysis.
You can only understand how transactions are carried out using a specific practical example. Of course, you cannot expect that after this you will not become a professional trader, but at least you will have a general understanding of trading in the foreign exchange market.
An example of Forex trading includes not only the general principles of selling (buying) currency, but also a description of the technical aspects of this process.
Now let's move on to the trading example itself.
Instructions for registering with a broker, using a specific example
Our website has already described in general terms how a client registers with a brokerage company.
But at the request of visitors, we decided to once again cover this topic, but using the example of a specific broker.
That is, create simple instructions with which you can go through all the stages in just a couple of minutes and avoid mistakes.
The well-known company Alpari will be an experimental broker, using the example of which we will consider this process.
This company has been providing its services to traders for more than 20 years and is one of the world's largest brokers, which is why it was chosen for clarity.
Account opening steps:
Basic rules of forex trading.
This article will discuss those points that every trader should know; these are general rules that must be followed.
Forex trading rules regulate the trading process and are established by dealing centers.
You can meet most of them when concluding an agreement with a dealing center, others you will encounter in practice, therefore, in order to reduce the number of unpleasant surprises, try to remember all the points below.
First steps or preparation for Forex trading.
The success of any business depends half on proper preparation and organization; preliminary steps make the work more comfortable, and therefore more
effective.
The trading process is no exception; before it begins, you should also complete several preparatory steps and organize your workspace.
First of all, you need to find out the following points - whether your computer meets the necessary parameters, choose a place and time of operation, and decide on the method of calculations.
Best Forex DC
There are a lot of tips and recommendations on how to choose the best Forex DC, but novice traders still make mistakes, either buying into big
bonuses or trusting flashy advertising.
The best Forex DC is a company that you can trust with your money, and it must fully comply with the requirements.
Unfortunately, it is difficult to get all the necessary information only from descriptions of trading conditions or trading on a demo account, so below I will simply give an example of several brokerage companies that I personally trust.
Opening a Forex account.
It would seem that it would be easier to register with a pre-selected brokerage company and open a suitable type of account.
But even here, novice traders have a lot of questions, without finding out which they can make mistakes.
Opening a Forex account involves performing certain steps, and it is important to follow their sequence; sometimes it is quite difficult to change something in a trader’s already configured terminal.
Download and install the trading terminal.
At this time, there is practically no debate among traders about which terminal is better; in fact, everyone gives their preference to MetaTrader 4.
The only alternative may be specialized terminals for automatic trading or working with binary options.
But if you are just starting to learn trading, you shouldn’t reinvent the wheel, but simply download the MetaTrader 4 terminal from your broker’s website.
Why from your broker’s website?
What can a trader's terminal do?
The trader's terminal is the best thing that has been invented to make the work of exchange trade workers easier; at the moment it is
a full-fledged software package in which transactions are carried out and technical analysis is carried out.
The first trading terminals appeared more than thirty years ago; they were the simplest devices equipped with just a couple of buttons, but even this improvement significantly influenced the efficiency of trading.
Now the trading platform can do a lot of things - display quotes of currency pairs on charts, open trades, conduct technical analysis, create scripts.
And now a short overview of the terminal's capabilities.
Basic settings of MetaTrader 4, customizable.
Like any program, the trader terminal requires additional configuration after installation; you can leave everything as is, but it is desirable to make the work more
comfortable, and therefore more productive.
The main settings that should be changed in MetaTrader 4 are the display of charts, the navigator, and the quote window.
Let's start changing the settings with the chart of the currency pair:
• One instead of 4 - close the extra windows, leaving the chart of only the required currency pair; if there is none, open its chart by simply dragging the currency pair with the mouse from the quotes window. If necessary, you can return the simultaneous display of several windows.
Basic trading strategies, their advantages and disadvantages that you should know about
Before starting trading on the stock exchange, a trader will have to go through several preparatory stages.
The main ones are choosing a broker, studying the trading platform and choosing a trading strategy.
The process of choosing a trading strategy raises the most questions, since it is quite difficult for a beginner to choose the appropriate option from hundreds presented on various sites.
To make the choice a little easier, you should first choose not the strategy itself, but at least the category to which it belongs.
Adding new scripts (indicators, experts, snails) to the metatrader trading platform
At the moment, the most popular and most widespread program for stock trading is the metatrader trading platform.
And one of the main advantages of the metatrader trading platform is that you can easily add new scripts to it.
That is, if you need to expand the functionality or want to engage in automatic trading, but the necessary program is not in the trading platform, then you can add a third-party script.
At the same time, there are several options for how to do this as quickly and simply as possible.
Binary options terminal
When considering different types of trading, you cannot miss trading binary options ; most beginners show better results here,
in contrast to classical trading on the stock exchange.
Binary options trading is a fairly simple trading option, but despite this it still requires the use of a special terminal.
The terminal for binary options significantly expands the possibilities as it offers various options for making transactions.
Binary options brokers present various platform options, which we will now review.
The most attractive Forex trading tools.
Choosing a Forex trading instrument is no less important than all other strategy parameters; sometimes the right asset can be the secret to successful trading.
However, you should not get hung up on standard instruments; you can also try exotic ones; who knows, you might be attracted to trading binary options or futures.
At the initial stage, you need to try all the available options, and then, having settled on the most suitable one, hone your skills.
An overview of what you can trade in the trader's terminal.
How to open a deal on Forex.
In the previous lessons in the “ ABC of Forex ” section, we covered almost all the preparatory aspects of trading, now it’s time to move on to starting trading.
Opening a Forex transaction is quite simple, especially if you already have a trader terminal installed and a demo account is registered.
It is best to study technical aspects on a demo account; its operation is no different from a real one, but you are completely insured against errors.
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