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Forex trading for beginners

    Shiimaa Mohamed
    By Shiimaa Mohamed

    Categories: Forex


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    Forex trading for beginners

    The currency market is very exciting, it is the largest commercial market and the most liquid in the world, bringing the turnover to the trillions of dollars on a daily basis.

    But what you should know if you are a beginner in currency trading is that Forex is a type of high-risk trade, and profits are rewarding and satisfactory when the trader is familiar with how to trade currencies correctly and effectively.

    Forex Trading Basics for Beginners

    The Forex market operates 24 hours a day, 5 days a week except holidays, and any company or person or country can participate in it, and make a reasonable profit if the learning of the ABCs seriously:

    1- Find a broker you can trust

    Remember that you will entrust real money to your broker, so make sure the money you deposit for trading is safe. Finding a reliable brokerage firm is crucial. The broker you choose may be your most important choice in the world of Forex, and of course it can have a big impact on the success of your deals.

    Make sure that your broker is an organized, legal, and reputable forex broker. The best brokerage firms are subject to the rules of Forex and are licensed by the financial authority of the country where their offices are located. As well as ensuring that its servers are stable to a large extent. You will need a broker with a large number of employees to provide support to customers and to conclude transactions .. In addition to providing all the necessary tools of programs, techniques and analysis that facilitate the customer to take decisions.

    Do not forget that these brokerage firms are found to serve customers, and it is helpful for you to look at the market, as with any other purchase you make. These companies are very competitive on many characteristics, and through a little research you can get much more than you realize.

     2- Find the right trading platform

    Open a demo account or an imaginary trading account in order to monitor your broker program. This way you can know if the program function is right for you and you can try it using fake money and not your own money.

    There are a number of key considerations that need to be taken into consideration when selecting the right trading platform for you. Because it is the program that will spend most of the trading and analysis. Choose a mediator with an easy to understand platform and features in terms of ease and simplicity of use, as well as fast execution of orders to buy and buy targets and stop loss in the trading platform. It also includes charts, technical analysis tools, live news and market data.

    One of the most important fundamentals in currency trading for beginners, a, you practice a bit with your broker by opening a demo account or a virtual trading account. This way, you can see if the program functionality works fine with you. You can test it using default money, not your money.

    Demo accounts are an excellent way to trade for beginners and learn the basics of Forex trading without risking your investment. The demo account is very useful to you, it is a useful tool to introduce the platform and its characteristics. You will also be able to test some different trading strategies to find the most appropriate way for you.

     3- Search and study and learn

    Always make sure that your deals are based on a solid basis of research and avoid the wrong practices that lie in making deals randomly. Price movements are not as random as some think! Forex is a technical market and therefore make technical analysis your favorite Forex friend.

    Any trader can learn technical analysis. It does not take a university degree in economics to analyze charts. These charts are formed by fluctuations in prices, trading volumes and the strength of supply and demand for time. If this sounds so easy, we cannot say anything about it. Success in applying this skill requires serious study, taking the time to learn and an open mind.

    Forex trading is constantly growing and the reason is known. It is the world's largest and most profitable market. It is the most likely market for loss as well. So do not rush and take your time to get answers to all your questions, check your broker based on the criteria most appropriate to your needs. Search and study and learn.