How to Start a Forex Trading as a Beginner? Fast Track

How to start forex trading as a beginner? First, when you learn the basic you will found out below you should think of starting from a demo account, demo account is an account you can open for free with free credit, but be rest assured that you need to add the free credit exactly with the money you will afford in real life.

How to Start a Forex Trading as a Beginner?

Let’s say if you can afford $200 as a start capital in real life please open a demo account with free demo credit of $200, why I mention this earlier is it can affect your trading later.

if you open a demo account with say $1000 and you cannot afford $1000 in real life it will affect you when you start in real life with $200.

Well this topic is often asked or asked by so many new traders, in this article I will make it short and simple, the first thing you need to know is what is Forex?

Read more article: Foreign Exchange Market Today

What is forex?

Yes, forex is simply foreign exchange some people called it FX while others called it forex, well forex or foreign exchange is the exchanging of one currency to another to make profits! The currency is pair together to form a single currency pair.

What is Forex?
What is Forex?

Currency pair is a combination of two different recognized country currency, well to start trading Forex you need to put the basics in place! The basic is simply knowing what is forex.

And how to apply to take profit and stop loss, know when to enter a trade and not! With all of these in place, you will be successful.

How to Start a Forex Trading as a Beginner? Fast Track

What is currency pair?

Currency pair is a combination of two different country currency to form one single currency pair, to trade forex we need the currency pair.

In forex trading, we are trading one currency pair but directly doing two actions if you open a buy order or buy position on EURUSD what happened is you are buying euro and selling USD.

And if you open a sell order or sell position on EURUSD that means you are selling euro and buying USD, now you see how important is currency pair in forex trading.

Read more article: Foreign Exchange Market Definition

What is base and quote currency pair?

The base and quote currency let me clear this straight the base currency is the main currency and is always in front and the currency next to it is the quote currency.

In the case of EURUSD now EUR is the base main currency while USD is the quote currency, well let say EURUSD is 1.67009 what this means is 1 EUR is equal to 1.67009 USD! You see!

Yes, that is it the USD is the quote currency, and any action you do only affect the base main currency, not the quote currency, if you buy or sell, it affects one currency and the base currency only.

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How to Start a Forex Trading as a Beginner? Fast Track

Which is the best currency pairs to trade?

To be honest with you in joebenz.com we let you know the truth, all currency is good to trade but we have some currency pair that is better to trade in some certain conditions, well as a good trader you need to study each currency pair and when they perform better.

Well let me reveal to you a secret of when currency pair perform, most of the currency pair perform better on the opening of it or their session! Now EURUSD, GBPUSD perform better on the opening of London

session, then USDJPY, EURUSD perform better on the opening of US session, USDJPY, AUDUSD perform better on the opening of Tokyo session, well take your time to study when currency pair perform better for your trading style.

To trade forex effectively you need to also study the pair’s you will be trading, be rest assured you will not be trading all the currency pair and as a trader there must be one or two particular currency pair you will love to be trading with, well just take your time, And I hope you will found out.

Read more article: Things to know about Forex market

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How to Start a Forex Trading as a Beginner? Fast Track

How to trade forex with $100

A lot of newbies will want to know if it is possible to trade forex with $100, well in this part of the article I will answer that! Yes, it is very possible! But wait let me make it very clear for you first you will have to create or register an account with a broker that can accept that!

Then you will also have to make sure that the broker has a low spread and also no or low commission, then make sure you only use 1% of the $100 to trade forex with it.

Read more article: How to use VPS for Forex Trading

Which means you will be trading with only 0.01 lot size each trade that is $1 per each trade you will execute, and be rest assure you cannot open more than one position, with all of that in place yes you can trade forex with $100.

Is it true that forex trading is risky?

That hasn’t said we at joebenz.com let you know the truth and basic of all you need to know about forex, in this part of the article forex trading is very risky, yes you heard me right very risky!

If you don’t know how to properly manage your account you can as well destroyed yes let me use the word destroyed to a stage of you not having any funds left in your trading account!

Forex trading is not good for any newbie starting with no knowledge at all, at least! Well if your question is how risky or riskier is Forex trading the answer to your question is yes forex is very risky. And be very careful when starting forex trading as a beginner.

Read more article: Tips on Forex Trading for Beginners

How to Start a Forex Trading as a Beginner? Fast Track

Forex trading in Nigeria

Most beginners from Nigeria do ask we can we really trade forex and also make it right in Nigeria? The answer to this question is very much yes!

Forex trading is legal all over the world and is not gambling, for your information even the banks and big institution do trade forex, well you can make money trading forex from Nigeria and is very much legal.

Read more article: How to Make Profit on Forex Trading

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Is forex trading profitable?

To be lucrative in the forex market, I believe it is not difficult, but you must have the discipline to trade forex correctly.

Have you ever considered how expert forex traders achieve such high levels of success? It isn’t only because they have an excellent forex trading system or a winning forex approach.

Let me share a forex trading secret with you: professional traders are the ones that lose the least, not the ones who make the most! They do this by correctly answering these million-dollar questions.

1. What is the present state of the foreign exchange market? Before you accept any forex trading signals, you must first determine if the market is trending or choppy.

To analyze the market, you may utilize indexes such as the Asia/Pacific, Europe, and Dow Jones Industrial Average.

The majority of the time, market fluctuations are dependent on how the present economy is operating, and traders will make decisions based on this information.

2. Do you have a high level of mental alertness or do you have a high level of stress? Before you even begin to look at the charts in forex trading, it is critical that you have a calm and clear head.

Do not trade while you are tired or anxious since you are more likely to make errors and jeopardize your forex money.

Even if you use one of the greatest forex trading systems, you won’t be able to focus properly if you don’t have the appropriate mentality.

3. Do you have a stop loss or a goal for when you want to get out of a trade? Trading without a stop loss is one of the most common blunders made by forex traders.

Even though I have repeatedly said that every position must include a stop loss, many of my members continue to trade without one. Is it possible that you’re one of them?

Do you realize that if you don’t use a stop loss, you might quickly lose your whole trading account? People who do not set a stop are at a disadvantage since they do not want to lose.

And, as I already said, forex trading will undoubtedly result in losses. That is how professional traders go about their business.

It’s about how you deal with your losses, not how you attempt to prevent them. Unless you’re swing trading, never use a large stop loss. Nonetheless, a range of 50 to 80 pips will serve as a fair guide.

4. Do you know when it’s appropriate to initiate a trade? After you’ve figured out when to stop your losses, it’s critical to start a trade with proper timing, particularly if you’re trading intraday.

If you don’t have a strong forex strategy, you might hunt for online trading software that can supply you with precise forex signals.

Oscillators like Stochastic and RSI are the key forex indicators for my trading method, thus I use them a lot.

If you have a tight stop loss, timing is crucial because you want to catch the trade early yet at a time when you have a better chance of winning. I understand that this is a difficult task for a noviceFind Article, but practice makes perfect!

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Best Forex trading Strategies

When you talk of best forex trading strategies it is of course very possible to have, I have seen lots of them over the years, making money trading forex is 1000% possible many people or beginners traders never believe that it is possible to make money trading the financial market.

In this article I have a good place that I can assure you to have a good forex trading strategies that can totally change the way you trade forex for good, let me share this wonderful source with Click Here Now and see.

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Best forex trading Indicators

In the world of financial market finding the best forex trading indicator that can win you money is extremely difficult, I have seen people or better still traders battling with how to win their trade daily, still there are hundreds if not thousands of indicators that can do just that for you ASAP.

But finding such indicators especially free can be so fraustrating and difficult, in this part of this article you will discover some good indicators that can win you money every single day you trade, the whole thing will be win win situation and guest what! It is 100% for free.

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What are the best currency pairs to trade?

Traders may trade with far more leverage and lower margin requirements than they do in equities markets. However, before diving fully into the fast-paced world of forex, you’ll need to understand the most often traded currency pairings.

Here are six of the most widely traded currency pairings in forex.

  1. Euro/Dollar
  2. Trading the “Gopher” in USD/JPY
  3. Trading the “Cabl” in GBP/USD
  4. Trading the “Aussie” (AUD/USD)
  5. Trading the “Loonie” in USD/CAD
  6. Trading the Yuan (USD/CNY)

What are the currency pairs to trade in each session?

The fact that the foreign exchange market is open 24 hours a day is one of its most appealing qualities. Investors from all around the world may trade during regular business hours after work.

Or even in the middle of the night, thanks to around-the-clock trading. When it comes to forex trading, though, not all times of the day are made equal.

Although the most liquid of asset classes, forex, always has a market, there are times when price movement is continuously turbulent and others when it is quiet.

Furthermore, owing to the overall demography of those market participants who are online at the time, various currency pairings display differing activity at different times of the trading day.

In this post, we’ll go through three main trading sessions, look at what sort of market activity to anticipate during those times, and illustrate how to use that information to a trading strategy.

The 24-hour forex trading session may be divided into three trading sessions that are easier to handle. Rather of attempting to trade the markets 24 hours a day, traders frequently concentrate on one of the three trading times.

The Asian, European, and North American sessions, often known as Tokyo, London, and New York, are the busiest times of the year.

There are instances when sessions overlap, such as when peak activity in Europe and North America occurs within the same four-hour period.

When forex trading sessions overlap, volatility might increase.

Understanding the Forex Market 24 Hours a Day

Many institutional and individual traders benefit from a 24-hour forex market since it ensures liquidity and the ability to trade at any time of day or night.

Although currencies may be exchanged at any time, a single trader can only keep track of a position for so long.

Because most traders are unable to monitor the market 24 hours a day, there will be occasions when chances are missed, or worse, when a spike in volatility causes a move against an existing position while the trader is not there.

As a result, a trader must be aware of periods when the market is volatile and determine when it is ideal to reduce risk depending on their trading style.

The market is traditionally divided into three peak activity periods: Asian, European, and North American sessions, commonly known as Tokyo, London, and New York sessions.

Because the three cities represent the key financial hubs for each of the regions, their names are interchangeable.

When these three powerhouses do business, the markets are the most busy, as most banks and enterprises in the relevant areas perform their day-to-day transactions, and there is also a higher concentration of speculators online.

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Session of Asian Forex (Tokyo)

The Asian markets are naturally the first to see movement when liquidity is restored to the currency (or FX) market at the start of the week.

The Tokyo capital markets, which operate from midnight to 6 a.m., unofficially reflect activity from this area of the globe. Greenwich Mean Time (GMT) is a time zone in the United (GMT).

However, many other significant nations, such as China, Australia, New Zealand, and Russia, are present throughout this time.

Given how dispersed these markets are, it’s understandable that the Asian session’s start and conclusion times be extended beyond the regular Tokyo hours.

Asian hours are often thought to be between 11 p.m. and 8 a.m. GMT, allowing for activity in these various markets.

SessionMajor MarketHours GMT
Assian SessionTokyo11:00Pm to 8:00Am
Sydney10:00Pm to 5:00Am
Europe SessionLondon 7:00Am to 4:00Pm
American SessionNew YorkNoon to 8:00Pm

Can forex trading make me rich?

Is it possible to get wealthy via FX trading? Although our first answer to that question would be a resounding “No,” we need modify it.

If you’re a hedge fund with huge funds or a very good currency trader, forex trading may make you wealthy.

However, rather from being an easy route to riches, forex trading may be a rocky road to massive losses and possible penury for the typical retail trader.

But first, let’s take a look at the numbers. According to a Bloomberg story from November 2014, two of the largest forex providers at the time, Gain Capital Holdings Inc. and FXCM Inc., sent reports to their customers.

FXCM Inc. (FXCM) and GCAP Inc. In the previous year, 68 percent of investors lost money trading currencies.

While this may be construed to suggest that around one out of every three traders does not lose money while trading currencies, this is not the same as becoming wealthy via forex trading.

Takeaways Points

In quest of quick returns, many retail traders flock to the forex market.

According to statistics, the majority of ambitious forex traders fail, and some even lose a lot of money.

Leverage is a double-edged sword, since it may result in both large gains and large losses.

Counterparty risks, platform failures, and abrupt bursts of volatility are all obstacles for aspiring forex traders.

Unlike stocks and futures, which are traded on exchanges, forex pairs are traded over-the-counter without the need of a central clearing house.

It’s worth noting that the Bloomberg figures were published only two months before an unanticipated earthquake in the currency markets brought the hazards of FX trading to light.

On Jan. 15, 2015, the Swiss National Bank lifted the three-year-old ceiling on the Swiss franc versus the euro of 1.20. As a consequence, the Swiss franc rose by as much as 41% versus the euro on that particular day.

Innumerable forex traders, from tiny individual investors to huge institutions, have suffered losses in the hundreds of millions of dollars as a result of Switzerland’s central bank’s surprising decision.

Retail trading losses wiped out the capital of at least three brokerages, making them insolvent, and pushed FXCM, the biggest retail forex brokerage in the United States at the time, to the brink of bankruptcy.

If you understand all of the fundamentals of forex trading, you can make a lot of money. I’ve seen a lot of individuals make a lot of money trading forex over the years.

What to know before starting forex?

In this part of the article let me tell you few things you need to know before starting forex trading as a complete beginner, I will map out few important points you need to note down, let’s get started:

  • You most not be greedy
  • Be OK with your little profits
  • Always ask questions
  • Trade with others
  • Deal with your emotions
  • Avoid trading psychology
  • Be grateful always
  • Don’t avenge the market after lose

Things to have before starting forex?

Finally before we end this article let’s see things you need to have before starting forex trading as a beginner, many beginners traders don’t have what am about to show you in mind before starting, let’s get started:

  • You need a good computer, Laptop or Desktop
  • You need a powerful internet connection
  • You need basic forex trading knowledge

I do hope you find this article very helpful and please make sure you share this article with other, like friends and families thank you.

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Conclusion and set your goals

Yes try and set your goals! Setting your goal is part of trading Forex, and also success starts from there! Well, lots of traders have no trading goal, or goals but to be successful you need a goal or goals, what is setting a goal in forex? This is the question I will like you to ask!

Well, the set goal is you knowing the best time to exit a trade, know fully well when to say yes am ok with these profits, and kick greediness out of the way for good! Set your goals is the key to success and it starts with you! Setting your goals is as good as setting your profit target.

And knowing your profit target is as good as your success at hand even before it happens! No one that doesn’t like success right? Well, I pray that success will follow you and be your guide in Jesus name amen.

I just hope this article changes the way you trade forex and also bring success to you! If you want to get more value from me about forex on a video, strategies and indicators subscribe to my YouTube channel Joseph Benson Click Here if you have any comments you can as well drop them in the comment section below thank you so much, hope to see your next article bye-bye, with much love from Joseph Benson

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