Forex Trading is a growingly popular investing medium nowadays. Many young and start-up investors go straight into the Forex markets and make a lot of money by day trading or making smart decisions with good brokers. But for every successful trader there are 9 that fail and we believe this is because people rush into trading and don’t learn the forex trading strategies basics before actually starting to invest their well earned money.
We decided to put together a small guide on how to get started in Forex trading. You can see
Forex Trading Guide For Beginners
This is just a quick checklist to the forex strategies you should use when getting started. Please do additional research before getting into trading properly as you can’t start by simply reading 1 article. You are not going to become an elite Forex trader like that!
- Have A Budget – At the end of the day you can still lose a lot of money on the forex markets, so have a budget you are will to invest and that IF you did lose it all, it wouldn’t be the end of the world and in fact you would be okay and still survive!
- Follow the Experts – Sign up to as many forex trading forums as you can and start following the people that actually make a lot of money! But beware not to follow people that are all talk and actually don’t make profitable trades, they just promote a product or talk a good talk!
- Write + Track – Write and track all the trades you make. Even if they are almost painful to do at times, just open a quick word or excel doc and make a note of things you have done right and wrong, how much you traded, how strong you felt about a particular trade (scale from 1-10 is fine) and this will help you slowly evolve as a trader.
Finding the Right Forex Broker
- Good Sign Up Offers – As the Forex market is extremely competitive 1 new user can mean thousands in returns for the company or platform the individual decides to trade on. This means that the forex brokers can offer big incentives, usually in the form of deposit bonuses to people who sign up with them. Make sure you sign up with someone that has a good sign-up offer and doesn’t try to simply make it out like they are doing you a favour, when in fact it is seriously the other way round. When you see how much the brokers make on the PIP spread you will realise that you are SERIOUSLY doing them a favour!
- Established and Authoritative – These are 2 words you should look for, usually in the form of reviews and how long the company has been established for. A Forex broker set up 2 weeks ago can look the same as one with 100,000 members. This is why you should always read the reviews, like the etoro review on elite forex trading.
- Great Support – Again it is likely that you will have some sort of technical issue if you are looking to trade for a long time. This is inevitable but what shouldn’t be inevitable is how the customer support deals with your query. Make sure the company has great reviews and make sure the interface is for you as well. Not all forex platforms look the same, make sure you find one you like the look of and then stick with them. This is a game of long term profits, not making a quick buck.
We hope you enjoyed reading our introduction to Forex and took some good pointers out of it. Make sure you contact us if you have any questions and we will be more than happy to set you up.
Regards, stay safe.