Forex (stands for foreign exchange market) is a global decentralised market where currencies are traded, including all aspects of buying, selling and exchanging currencies.
Meanwhile, Forex is a source of solid income for those who know how to earn on the difference in exchange rates. Those who just entering the forex market may wonder how to start, where to find trusted forex resources and portals to start trading and further become a successful trader.
Forex is not a get-rich-quick scheme. You have to learn and master your skills and this takes some time and effort. Forex requires good training. All successful traders have gone through the learning stages. So, if you aspire to become a Forex trader and get some useful tips – keep reading.
Where to start learning Forex?
Getting started trading in the Forex market, devote your time to studying the market and the basics of trading. Today there is a bulk of educational resources related to Forex trading available for free.
Just google to look for trusted forex trading websites. Determine the most acceptable resources for you, with the help of which you can begin to study the material, or deepen your knowledge.
Top Forex resources for a trader
1. Investopedia – is the leading resource both for beginners and professionals. It provides an in-depth trading dictionary, articles on financial aspects, the latest market news and more.
2. BabyPips – well-known source for novices in Forex trading. It teaches you everything in a simple language, as well as acquaints with the basics of trading.
3. ForexFactory – is a community where traders discuss topics related to Forex, share ideas. Here you can find out what you are interested in.
You can learn the basics of Forex trading with the help of books, educational videos on YouTube and special webinars. It is important to find a source that explains the features of the market clearly.
Books form the knowledge base, but do not teach successful trades. Reading specialised literature is useful in combination with educational videos, webinars and practice on a demo account.
You can also join the forex traders community on the specialised forums, go through the plenty of threads and get trading tips from seasoned traders.
Practice with demo accounts
Once you have learned the basics, it’s time to practice on a demo before trading live. Working on demo accounts, you can gain practical experience and hone your trading skills absolutely free. Since this is a kind of simulator, your mistakes will not cost you a thing.
Most forex brokers provide practice accounts. You can easily register with forex broker and try trading. For example, Forex broker JustForex offers its clients demo accounts with trading conditions corresponding to the real ones.
Having acquired the necessary trading skills on demo accounts, you can switch to real trading. It is recommended to open a cent account and start trading with minimal costs. All operations on such accounts are conducted in cents, but the trading is real in contrast to demo. Herewith, the risks will be minimal, since the profits and losses are calculated in cents: $1 = ¢100.
For a novice trader who has learned the basics of trading and has applied them in practice will be easier to achieve profitable trades on real accounts.