Forex for beginners

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How to begin

If you are a beginner interested in learning forex for the first time, these are quick pointers for you

I will try to cover as much detail in as little ink as I possibly can.

Basically forex is buying assets and waiting for price to increase so you can sell and take profit...also selling when you expect price to reduce. The lower it goes the more money you make for sell trades, and vise versa for buy trades

That is basically what forex is about. The hard part is knowing when price will go down or up, and different people try to analyse and predict what will happen based on different techniques. Mainly forex traders use economic news, indicators, and technical analysis. I personally use and advise technical analysis. Why? Price reacts the complete opposite way to news releases sometimes, or just doesn't react much. Also indicators fail terribly many times. There are sooo many indicators but none works well enough to make you money by itself; and even when combined with others, still not good enough. 

Technical analysis is basic science. Watch and learn. What follows whenever price does this or that?

That being said let's get right to it.


How to get started

Before I continue it is important that I stress this. DO NOT TRADE FOREX WITH REAL MONEY UNTIL YOU HAVE RUN A DEMO ACCOUNT FOR AT LEAST 3 MONTHS.

Okay

To get started all you need to do is install Metatrader 4 or Metatrader 5 app.

It automatically opens a demo account for you so you can test-run the app. You may however want to open an account with a brokerage company. Since you're not dealing in physical assets, in order to buy or sell you have to register with a broker. 

The Metatrader app allows access to all the brokers you will ever need. A quick Google search of "top forex brokers 2020" for example will help. 

Just pick one from the Metatrader list and open a demo account with them. Do not visit their websites until you are ready to trade real cash.

Since you have all that all that is left is to learn the terminologies and learn to trade. Goodluck.








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