5 Tips You Must Know To Start FOREX Trading
What is FOREX trading? FOREX stands for Foreign Exchange. Basically selling and buying currency in the stock market. The difference between the stock market and the Foreign Exchange market is one you buy shares from companies in which you hold for the long term as for the FOREX market you buy and sell currencies. I am not going to get in-depth on this part, what I am going to talk about is to get your steps into becoming a FOREX trader. I will discuss in another post the styles of trading, the sessions, etc.
Now, you want to become a FOREX trader, let me show you the steps to get started in your trading journey.
Here are a few websites to check out to get your toes dipped into the world of FOREX trading. You’re obviously a beginner so babypips.com and forex.com are two great websites for you to check out and get an idea of what FOREX trading is. There’s a bunch of free information on those sites. There are even free courses and quizzes for you to take. I highly recommend visiting these sites before wanting to be a FOREX trader.
Find Yourself A Broker
In order to execute trades in the market, you need a broker. There are tons of brokers out there that offer the same stuff, but some require a high deposit while others do not have a high deposit.
Let me tell you about the broker that I use. I use ProsperityFX, I’ve been using them for about a month now and I haven’t come to any issues with them at all, which is great. They only require a small 10 deposit and their spreads are very low which is great as well. What is a spread, well a spread in the forex market is the difference between a forex broker’s sell rate and buy rate when exchanging or trading currencies? Spreads can be narrower or wider, depending on the currency involved, the time of day trade is initiated, and economic conditions.
Here is my referral link to get started with Prosperity FX
Create A TradingView Account
TradingView is crucial for your trades. TradingView is basically Facebook for traders. You use this website, also it has an app on the App Store on your cell phones. Anyways, you utilize Trading View to mark up your charts, for your analysis.
When I said Trading View is like Facebook, well its a community of traders from all over the world. What’s great about this site is you can publish your ideas and you can get feedback from others traders all over the world. You can also create a fan base in which if the other traders like and agree with your analysis well then they can follow you so when you publish new ideas they will see it.
Here is my referral link to get started on TradingView
Download Metatrader 4 or Metatrader 5
Metatrader ( 4 or 5 ) is an application where you execute your trades. If you want to experiment with trading without using real money yet, well, once you download it, it starts you off with a demo account with 100,000 fake dollars. Once you are ready to trade real money all you have to do is create a live account from your broker of choice and once you do that they will send you an email with your login information.
Find A Good Mentor
This is important. Without anyone to guide you in the right direction, it can be really hard to be successful. I am not saying it’s impossible, but it will take a lot of time before you make a profit without someone there to guide you. You do have to be careful when you find a mentor. There are a lot of people out there that do not care about your progress because all they care about is your money. You definitely got to research for good mentors.
Alright, now you know what you got to do to start trading in the FOREX market.