Working in the Forex market is currently gaining more and more popularity. This type of activity can serve as both the main and additional type of earnings. Thanks to the development of information and computer technologies, you can trade on Forex without leaving your home, which makes it possible to work even for people who cannot move independently.
It is necessary
- - demo account;
- - broker.
Instructions
Step 1
Buy or download online tutorials to help you become familiar with Forex trading techniques and techniques. These tutorials (and there are many already written) will introduce you to fundamental and technical analysis. Fundamental analysis is an analysis of the macroeconomic statistics of various countries. Based on the data of fundamental analysis, it is necessary to make a subsequent decision on the advisability of trading. Technical analysis is an analysis of the very chart of a trading instrument, which assumes that fundamental data does not affect the behavior of players or is already taken into account by them. Technical analysis includes: a set of various technical indicators, Eliot wave theory, Japanese candlestick analysis, etc. When analyzing the market situation, it is recommended to use all types and tools in a comprehensive manner.
Step 2
Open a demo account to practice the acquired knowledge and skills. Currently, almost all Forex trading brokers provide the opportunity to open training demo accounts. Such accounts do not differ in any way from real trading accounts, and allow you to hone your skills without risking your own funds. You can easily deposit the amount that you plan to invest in this type of activity on a demo account and try to see if you can trade successfully or not.
Step 3
Develop your own strategy. Strategy implies the development of a clear plan of market behavior in a given situation. In any case, you must adhere to the developed rules, otherwise, you cannot avoid a fiasco. Determine for yourself a set of indicators with which you will trade, test the signals given by the indicator on a demo account, then see in what percentage of cases these signals turned out to be false. Decide on the levels of stop orders: in what cases and at what levels you will place stop orders. It may take you a lot of time to develop a strategy, but it is still better than losing your accumulated funds.
Step 4
Select a broker with whom you would like to work, having previously specified all the trading parameters that he offers. Then open a live trading account.
