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Thread: How Does One Begin Forex Trading?

  1. #1
    forexportfolios
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    Default How Does One Begin Forex Trading?


    How Does One Begin Forex Trading ?




    Forex trading involves transacting in the world's largest and most liquid financial market. In forex market you buy and sell currencies with the hope of making profits. Like any other market you make money whenever you buy low and sell high.

    Forex traders buy currency expecting its value to rise. If you profit from your forex transactions you get back your initial investment plus the profit amount. Trading of any sort being speculative in nature, may translate into losses too. In case of losses you lose part or whole of your invested amount

    In forex market currencies are traded in pairs. A forex transaction involves buying one currency and selling another at the same time. The most commonly traded currency pairs in the forex market are U S Dollar/Great Britain Pound, U S Dollar/Japanese Yen, U S Dollar/Swiss Francs, and Great Britain Pound /U S Dollar.

    To learn forex trading there are a number of options available for you to choose from. You can enroll for forex classroom training or for online forex trading courses. You can also hire forex brokers and analysts to guide you initially. Before you start trading in real accounts in a live environment, you must practice forex trading in dummy accounts.

    It would also be worthwhile for you to use automated forex trading robots. These robots are programmed to make trading decisions and trade on your behalf whenever an opportunity to trade arises. Irrespective of your physical presence the robot will carry out your transactions through and through.

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  2. #2
    sabrinathomas
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    A new trader must start with forex education. Forex Education is very important; every trader must take this education before starting forex trading. Forex traders must be disciplined traders then they can make some money from forex market. A disciplined trader can be a successful trader, and only a successful trader makes money.

  3. #3
    kevinjones
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    One should have a thorough knowledge of forex before jumping into trading. And in my opinion forex trading is a very lucrative way to make money from home or from work. Everyone who is making a living on forex started with a demo account and learned through practice. Think about it, find a broker that appears most friendly, open a demo and act today.

  4. #4
    goldie.kyles
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    Begin with a Broker Selection. This is one of the most critical mistakes I made. I didn't review any of the brokers that I was considering, and ended up paying a lot for that mistake. The problem is something like "I don't want to risk a lot of money initially, so the mini account looks good." The problem with the mini account is that I don't think it hooks up very well with the big players, therefore your broker often takes the opposite side of your trades. The analogy that comes to mind is like the baby pool, at your local country club. Yes, it is a pool and you can get wet in it, but it is not connected to the big pool and you are not going to do many laps in the baby pool. How many times did I watch the price go after my stop, hit it and then reverse significantly, the other direction. It gets very discouraging when you pick a winning trade, and lose anyway.

  5. #5
    shirley.williams
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    Getting started in trading currency can be an extremely daunting task for someone with no experience in the forex market. There are many pitfalls out there that can trip up even the most seasoned trader, and it can be easy to become confused and discouraged by the many nuances of currency trading.

  6. #6
    goldie.kyles
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    open up a demo account first. An account type that is offered by most brokerages, the demo account has a pretend balance that allows the beginning investor to play around with different ideas and get a general feel for currency trading before taking the plunge with real money. This is a great way to practice trading and learn how to properly research a currency pair before taking a position. As demo accounts usually last for a month, you’ll have plenty of time to gain experience while also learning how the software works so that you can make informed decisions and lightning-fast trades when the time comes. It is important to not rush through this phase of the learning process, to fully maximize this valuable tool that has been made available.

  7. #7
    sabrinathomas
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    The first and most important decision you will have to make is choosing the right brokerage firm. After you choose a good brokerage, the next thing you should do is open up a demo account first. Once you have graduated to using a real account with actual money, it is imperative that you start small and not try to break the bank out of the starting gate. Placing calculated trades using the minimum possible amount of currency can be seen as an extension of the learning process that occurred during the demo account phase. Since your own money is being used this time, different emotions will be involved in the trading process, so this is the point at which you can learn how to correctly deal with these emotions before they can affect your trading success.

  8. #8
    Junior Member Fxofficer's Avatar
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    I'm newbie and i heard that automated forex trading system can help young trader to start profitable trading without huge knowledge base! Is it right?

  9. #9
    sabrinathomas
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    No this is not 100% , I won’t suggest you automated trading system in initially. After getting some knowledge and experience in forex trading you can trade with automated forex trading system. A new trader should not start with Forex robot, he must trade manually first.

  10. #10
    Junior Member GationLi's Avatar
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    Quote Originally Posted by sabrinathomas View Post
    No this is not 100% , I won’t suggest you automated trading system in initially. After getting some knowledge and experience in forex trading you can trade with automated forex trading system. A new trader should not start with Forex robot, he must trade manually first.
    this point of view is also correct, but I would better say, that newbie can combine manual and automated trading to make learning maximum fast!

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