Forex market is in boom. A lot of people want to make good money in it but have no idea of how to trade forex. Some people may think that trading forex is easy. What they need to do is just investing some money into an account and then trading forex. As a matter of fact, forex trading is not so easy. Or else everyone can make a lot of money from forex market. Then, how to trade forex step by step? Forex beginners may find some clue from what I will state below:
Forex trading step No.1: do research on forex market
Before starting business, people always make research on the prospects of market in order to decide the possibility of making profit. In order to trade forex successfully, traders should first make research on the market perspective by various ways. If it is a promising market to trade forex, traders can move to the next step.
Forex trading step No.2: get educated in comprehensive forex knowledge
Once decided that the market has a bright future, forex traders should take some time to learn comprehensive forex knowledge. They should master forex fundamental knowledge like what forex is, forex terms, factors influence forex market, forex strategies, forex tips and so on. Forex traders had better learn as much as possible in order to handle future forex trading smoothly.
Forex trading step No.3: get a computer and speedy internet connection
Once fully prepared for forex trading, traders should first get a computer connected to speedy internet. A speedy internet connection enables traders to handle forex trading as quickly as possible, decreasing the possibility of losing valuable opportunities in forex trading.
Forex trading step No.4: choose a reliable forex broker and platform
Although there are many forex brokers and various platforms for forex traders to choose from, it is not easy to choose a reliable one. Going to forex forum, blogs etc. makes it easier to find the best broker and platform. IKON is regarded as a reliable forex broker who provides reliable platforms to a large number of forex traders.
Forex trading step No.5: open a demo account
Many forex beginners might be skeptical about demo account at first. But it really is a good way to practice forex trading if they try them. A forex demo account provides real time trading price and charts, extensive market analysis and market news. In total, a demo account offers all what a live account have. However, the difference is that traders do not need to trade with their real money if they use a demo account, thus they do not need to worry about losing their own money for lack of experience in forex trading. On the contrary, if they make a big fortune with a demo account, accordingly, they cannot withdraw and spend them.
Forex trading step No.6: make a proper forex trading plan
Making a forex trading plan is essential to traders before they trade for real. Without a proper forex trading plan is as a person walking without direction. Forex trading plan guides traders to the right direction when they are at a loss. Forex trading plan includes trading method, money management plan, loss control plan and emotion control plan etc. A forex plan may differ from one to another because of the difference in personal characteristics and amount of money etc. Forex traders should make a plan suitable to themselves.
Forex trading step No.7: trade forex for real
Once forex traders made a forex trading plan, they can experience live trading with a live account. There are some tips for forex beginners when they first start to trade for real. First, beginners had better not invest too much for fear of losing. They should increase investment after making sure that they can handle forex trading properly. Moreover, it is safer not to use too much leverage in forex trading for beginners because once they lose, they will lose a lot.
Forex trading step No.8: ceaseless education
When seeing the 8th step, forex beginners may get confused because I have already mentioned about forex education in the first step. But what I want to say is: if forex traders want to earn profit as much as possible, they should not stop their forex education. Perhaps one day, they are capable of being a forex expert for ceaseless education.
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