Now there is a lot of information on making money on the Forex currency exchange. For some people, working on the stock exchange has become an opportunity to gain financial independence without even leaving home. Nevertheless, this type of business has many features that should be considered by all beginners.
It is necessary
- - a computer;
- - Internet access;
- - financial books / magazines;
- - start-up capital.
Instructions
Step 1
Determine the approximate amount that you can invest in Forex trading. It shouldn't be more than your monthly net income. It is formed only after deducting taxes, utility bills and other expenses. Why is it so important? The thing is that the foreign exchange market is a rather risky venture, so it is always important to insure yourself against losses. Many novice traders do not fulfill this first point, lose all their money and leave the trade forever. Don't repeat their mistakes.
Step 2
Open a demo account with a trusted online broker. This type of practice will help you use virtual money to acquire trading skills. You will learn to make decisions for yourself using your analysis or strategies. Play on this type of account for about 2-3 months, and only then start investing your cash in real transactions.
Step 3
Now open a live account with the same or a different online broker. Conduct a few small trades using your own money to test the effectiveness of the chosen strategy. Make adjustments to the game mode to avoid losing your initial funds. Use special Forex robots to process trades. They will do the job for you when you cannot actively monitor currency fluctuations. Robots can automatically execute trades based on the parameters you set.
