How to start making money on Forex from scratch: training and practice
If you've realized that truly big money can only be made through investing and trading, then the question immediately arises: How to start making money on Forex?
Forex is currently the most accessible and profitable exchange, thanks to its maximum leverage—1:1000, even 1:2000—and the simply fantastic capabilities of its trading terminal.
Currently, using the trading platform, you can trade not only currency pairs but also a variety of other interesting assets, such as gold, copper, oil, company stocks, cryptocurrencies, and more.
Starting Forex trading from scratch consists of a few simple steps, which I'll describe below. However, starting to earn money will require a little more time and effort, but as the saying goes, "He who does nothing, has nothing.".
Everything is not as difficult as it may seem at the beginning, the main thing is to take the first step and not give up if something doesn’t work out right away.
Starting Forex trading from scratch
• Step one – choosing a broker – is a crucial step in finding a suitable and reliable brokerage company. This topic is covered in detail in the article " Choosing a Forex Broker ."
It's like choosing a household appliance: if you choose a well-known brand, you can be sure it will work properly, but if you fall for a lucrative offer from an unknown brokerage company, expect various surprises.
• Step two – registration and everything related to it, opening an account. However, you shouldn't use VIP accounts right away; it's better to start with demo or cent accounts. Without sufficient experience, there's a risk of quickly losing money.
In recent years, starting Forex trading from scratch has been associated with account verification. This is a crucial step, as profits cannot be withdrawn without confirming your registration details. Therefore, be careful what you enter when registering your personal account. Avoid providing false information.
Funding your account is a separate topic. The easiest way to do this is by credit card or phone. This is explained on the page " How to Fund a Forex Account ":
• Step three – install the trader's terminal. To do this, download the trading terminal from the broker's website and perform a standard installation. Full instructions for this program can be found at " How to work in MetaTrader 4. "
On this same page, you can download MetaTrader itself and then open a demo account without registering with a broker. This can be done if, for some reason, you don't want to register with a brokerage company yet. For example, if you're under 18.
• Step four – choosing a trading strategy. To start making money on Forex from scratch, you need a strategy. You can create one yourself or use the work of other traders (see " Strategies ").
It's worth noting that the initial strategy doesn't necessarily have to be overly complex. Starting to trade on the stock exchange requires using simple principles to generate profits, which are used to enter the Forex market.
How to start trading Forex from scratch with no experience is, unfortunately, far from the most difficult question. You'll have a host of other questions later, the answers to which you can find by downloading books from our website.
