Forex trading guide

Before start trading on the Forex, it is necessary to learn the basic things about trading. You have not only to catch them on, but also to be guided by them when making certain decisions. And if you follow this, then there is a high probability that the trade will be successful.

What you need to learn foremost

The biggest mistake that a novice trader can make is to break into the market throb-hearted but with an empty head. This is guaranteed will bring to the result of the loss of the entire deposit.

To start trading, you need to learn at least the basics first. And it should be done in this order:

technical and fundamental analysis;

methods of capital management;

trading psychology;

analysis of statistics and planning.

But you can’t work without all of these issues. For example, without knowing the psychology of trading, there will be no understanding of which way the market is going under certain circumstances. But the main thing is that there will be no self-control. A trader who does not control his own emotions and impulses is in no way different from a gambler who spends time in a casino.

Learning lessons from experienced traders

The Network presents a lot of information from people who have long and successfully engaged in trade. And the big mistake is not to study the information they publish. Frequently, the information they place there gives much more benefits than any economic textbooks.

Where can you find experienced traders? They're not hiding. They have public accounts in social services and messengers, from which it is possible to learn a lot of useful information.

The study and usage of tools

Automation of trading is something that a trader should definitely use. Buying and selling assets manually are not only inconvenient but also unprofitable. This is due to the fact that now, in the era of widespread automation, the state of the market can change in a fraction of a second. And to keep up with this, you must be able to properly apply special algorithms.

For example - indicators. The automated system monitors the situation on Forex and tells the trader what to do at the moment. Also, it can react automatically and quickly, and perform certain actions based on pre-defined rules.

Trading advisers. In general, on Forex it is possible to do nothing at all, except making a deposit. Automated systems called trading advisors can play the role of a trader. They are algorithms that are taught to react to situations the way experienced traders do. But still, you should not entirely rely on them. In Forex, there are often non-standard situations, for which you need a deep understanding of the work of the market. And automated systems in these cases use capital inefficiently.

Trading with test deposit

Even being equipped with the knowledge, having studied the experience of Forex Master and understanding how trading tools work, it is not recommended to start trading on a real deposit immediately. First of all, you need to hone your skills.

The test deposit with the broker is intended for this purpose. Using it, you can learn from your own experience of how the market works and test your own skills and knowledge in practice.

How long do you need to trade on a virtual deposit? It's all individual. There must be confidence. And it occurs when it is possible to increase the amount on the test account significantly. Usually, it takes about 2-3 weeks.

First real deposit

After achieving some success in trading on a test deposit, you can move on to real trading. But do not make the mistake that most newcomers do – don’t replenish the account for a significant amount.

$100 or a little more is the right amount to test your own skills in «combat» conditions. And then, when you will be able to increase the amount substantially, it will be possible to replenish the deposit. Everything should be done gradually. This will help to avoid significant cash losses at the beginning of the journey. And this period is the riskiest and difficult one.

The main thing is not to perceive Forex as something that allows you to make money quickly and easily. Trading is a craft. And the better the trader owns it, the more money it brings him. Mastering any craft takes time.