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How to start forex trading?

This forum is for new and aspiring Forex traders. Trading can be very risky but can also bring great rewards. No one starts with continuous success but many continue with the success. It's a continuous learning, unlearning and learning again. Ask your questions, share your frustrations and also smiles of success. The objective is to have more and more smiles. Hoping to have the pros to frequent this playground to coach the new team here.
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Re: How to start forex trading?

Postby Charles Baksh » Tue Sep 29, 2015 8:55 am

The best way to start is of course with demo account, but if anyone feels bored or lazy than I have best alternative and that is Nova FX broker with their 200 USD free welcome bonus, it’s really class apart from the rest and helps big time whether it’s giving experience on how to go about trading or with chance to make profits easily, but one thing is clear that in any scenario there is no pressure on us, so that helps in working far better.
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Re: How to start forex trading?

Postby Joy Bahadur » Mon Oct 12, 2015 10:17 am

Since my first day of trading I am trying to increase my trading knowledge by learning. And, my foremost source to acquire exact trading skill is my trading broker MxTrade which at all times make sure best trading environment for gathering proper trading knowledge by providing all exclusive educational facilities. From here, I have gathered trader’s psychology and the behavior with essential terms and conditions. I also have acquired the most accurate successful trading tips with necessary conditions which I for all time use in my trading time for making profit with certainly. So, my trading life is very much knowledgeable.
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The Very basics of Forex

Postby pipabode » Tue Oct 13, 2015 9:30 am

Think the best way to start trading forex is to learn the basics:
Before you get ready to deposit your funds and start trading there are some important points you must understand, each of which are outlined below.

Forex Brokers: In order to start trading forex, you will need to trade with the help of a forex broker. There are many forex brokers out there today who allow you to open a forex trading account for as little as $5, brokers such as FreshForex allow as low as $10. But its always prudent to start with a reasonable amount if you want to earn more. The forex broker is the one who facilitates your buy and sell orders and also allows you to research into the markets (also known as technical or fundamental analysis) to help you make more informed decisions… and of course allows you deposit more funds or withdraw your profits when you want to.

Trading Platform:You need a trading platform from which you can place your trades, which are then sent to the broker for settlement. Also, a trading platform is essential for you to conduct your technical analysis and also to see the current market prices. Most retail brokers offer the MT4 (short for MetaTrader 4) trading platform, which is free of cost. You can also open a demo trading account and practice trading with virtual money to gain the experience required before trading with real money.

Forex Trading Hours:While you might have heard that the forex markets never sleeps, it actually does. Firstly, you won’t be able to trade on weekends (Saturday and Sundays). But for the rest of the week, the forex market operates 24 hours a day. This is due to the fact that forex trading is global. At any point in time, you will always find an overlap of a new market session while the previous market closes. What time of the day or which market session you trade plays a big role if you are an intra-day trader or a scalper. This is another vast topic, which we will cover at a later stage.

Now that you have a basic overview of the forex markets, here are some final pointers to remember before you start trading for yourself.

What is a pip?:Pip is a measure of change in a currency pair’s value and is the 5th decimal. For example, if EURUSD changes from 1.31428 to 1.31429, the change is denoted as 1Pip (1.31428 – 1.31429 = 0.00001). When you trade, the more pips you make, the more profit you have. Ex: Buying EURUSD at 1.31428 and selling (or closing your trade) at 1.31528 would give you 100Pips in profit. ( Read more about Forex PIP )

Reading quotes: Forex quotes are presented in a Bid and Ask price (both of which vary by a few pips and from one broker to another). The Bid price is the price at which you can buy and the Ask price is the price as which you can sell. So, a EURUSD quote would look like this 1.31428(Bid)/1.31420(Ask).

What is a Spread?: Spread is nothing but the difference between the Bid and Ask price. So in the above example, for 1.31428/1.31420, the spread would be 8 Pips.

What is a Leverage?: Leverage is the amount by which you can request your broker to magnify (or increase) your trade value. Leverage is often quoted in ratios such as 1:50, which means that when trading on a 1:50 leverage, your $100 is magnified to $50000. Leverage is a big topic in itself and it is recommended to read this article to learn more. Leverage is important both in terms of making profits as well as managing risks and therefore, your trades.

What is a Lot?: A lot is a unit by which you place your trade. In financial terms, a lot is also referred to as a contract. There are preset lots (or contract sizes) that you can trade. For example a standard lot is nothing but 100,000 units (known as 1 lot).

Reading charts: The ability to understand and read the charts is very essential to trading. Depending on your approach, you can choose between a line, bar or candlestick charts and trade accordingly (for example trading based on candlestick patterns).

Placing Orders (How to buy and sell): In forex trading, it is possible to either buy or sell any currency pair. Most trading platforms, give you this option. You Buy when you think that price will go up and you sell when you think that price will fall. There is a common terminology used in forex trading, which is Buy Low, Sell High; which is an important point to remember.

Order Types: Besides buy and sell, another point to remember the types of orders. There are two basic order types: Market orders and pending orders. When you click on ‘Buy’ or ‘Sell’ you are basically buying (or selling) at the current market price. A limit order on the other hand tells the broker that you want to buy or sell only at a particular price.
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Re: The Very basics of Forex

Postby Ericson » Mon Oct 19, 2015 2:35 pm

pipabode wrote:Think the best way to start trading forex is to learn the basics:
Before you get ready to deposit your funds and start trading there are some important points you must understand, each of which are outlined below.

Forex Brokers: In order to start trading forex, you will need to trade with the help of a forex broker. There are many forex brokers out there today who allow you to open a forex trading account for as little as $5, brokers such as FreshForex allow as low as $10. But its always prudent to start with a reasonable amount if you want to earn more. The forex broker is the one who facilitates your buy and sell orders and also allows you to research into the markets (also known as technical or fundamental analysis) to help you make more informed decisions… and of course allows you deposit more funds or withdraw your profits when you want to.

Trading Platform:You need a trading platform from which you can place your trades, which are then sent to the broker for settlement. Also, a trading platform is essential for you to conduct your technical analysis and also to see the current market prices. Most retail brokers offer the MT4 (short for MetaTrader 4) trading platform, which is free of cost. You can also open a demo trading account and practice trading with virtual money to gain the experience required before trading with real money.

Forex Trading Hours:While you might have heard that the forex markets never sleeps, it actually does. Firstly, you won’t be able to trade on weekends (Saturday and Sundays). But for the rest of the week, the forex market operates 24 hours a day. This is due to the fact that http://forexbonuses.org/ trading is global. At any point in time, you will always find an overlap of a new market session while the previous market closes. What time of the day or which market session you trade plays a big role if you are an intra-day trader or a scalper. This is another vast topic, which we will cover at a later stage.

Now that you have a basic overview of the forex markets, here are some final pointers to remember before you start trading for yourself.

What is a pip?:Pip is a measure of change in a currency pair’s value and is the 5th decimal. For example, if EURUSD changes from 1.31428 to 1.31429, the change is denoted as 1Pip (1.31428 – 1.31429 = 0.00001). When you trade, the more pips you make, the more profit you have. Ex: Buying EURUSD at 1.31428 and selling (or closing your trade) at 1.31528 would give you 100Pips in profit. ( Read more about Forex PIP )

Reading quotes: Forex quotes are presented in a Bid and Ask price (both of which vary by a few pips and from one broker to another). The Bid price is the price at which you can buy and the Ask price is the price as which you can sell. So, a EURUSD quote would look like this 1.31428(Bid)/1.31420(Ask).

What is a Spread?: Spread is nothing but the difference between the Bid and Ask price. So in the above example, for 1.31428/1.31420, the spread would be 8 Pips.

What is a Leverage?: Leverage is the amount by which you can request your broker to magnify (or increase) your trade value. Leverage is often quoted in ratios such as 1:50, which means that when trading on a 1:50 leverage, your $100 is magnified to $50000. Leverage is a big topic in itself and it is recommended to read this article to learn more. Leverage is important both in terms of making profits as well as managing risks and therefore, your trades.

What is a Lot?: A lot is a unit by which you place your trade. In financial terms, a lot is also referred to as a contract. There are preset lots (or contract sizes) that you can trade. For example a standard lot is nothing but 100,000 units (known as 1 lot).

Reading charts: The ability to understand and read the charts is very essential to trading. Depending on your approach, you can choose between a line, bar or candlestick charts and trade accordingly (for example trading based on candlestick patterns).

Placing Orders (How to buy and sell): In forex trading, it is possible to either buy or sell any currency pair. Most trading platforms, give you this option. You Buy when you think that price will go up and you sell when you think that price will fall. There is a common terminology used in forex trading, which is Buy Low, Sell High; which is an important point to remember.

Order Types: Besides buy and sell, another point to remember the types of orders. There are two basic order types: Market orders and pending orders. When you click on ‘Buy’ or ‘Sell’ you are basically buying (or selling) at the current market price. A limit order on the other hand tells the broker that you want to buy or sell only at a particular price.


Long reading, but is worth it! Thanks.
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Re: How to start forex trading?

Postby Boshka » Sun Oct 25, 2015 8:02 am

If you trade for the first time, you'd better start with a broker which offers no deposit bonus, which allows you to trade not with your own money, but with broker's. So, you won't loose anything. I know one reliable broker called Fresh Forex and now they're offering $1000 no deposit bonus. Hope this information will help you.
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Re: How to start forex trading?

Postby Jack100 » Fri Oct 30, 2015 1:42 am

I think learning Forex is the first step to start forex trading. If you will have knowldge and skills then it will be easy for you to make good concept of Forex and it will help you a lot to make money in Forex.
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Re: How to start forex trading?

Postby Sininfinity » Sat Oct 31, 2015 5:03 am

It is fishy that someone gives huge amount at no cost unless they are not giving real money. Those who give real money as bonus will be small otherwise it will not be sustainable. Just my opinion.
FXOptimax.com - Spread from 0 pips, Promotions
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Re: How to start forex trading?

Postby Husam » Fri Jan 15, 2016 12:40 pm

I don’t any outstanding strategy to start my trading. I always open my trades after doing market analysis, that’s the most traditional way of trading that I believe. On the other hand, I use most of the popular trading strategy Price Action in my live trading. TradingBanks broker provides me fair market movement’s service so, I can do my analysis properly.
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Re: How to start forex trading?

Postby Rocky Ahsan » Sun Jan 17, 2016 2:35 pm

As you are a new Forex trader that’s way, you need to start your trading through demo practicing. In addition, if you wanna be a successful trader in your real then you should practice your demo account very sincerely. For learning Forex trading, I only used demo trading service of MTI Markets trading broker.

Because, this broker provides excellent facilities on educational program. So, I learned Forex trading principles through their free education programs. So according to me, novice traders should select which brokers have good educational facility.
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Re: How to start forex trading?

Postby Tower » Mon Jan 18, 2016 5:06 am

For starting forex trading, you have to learn properly about it. In order to do this you need to start with a demo account and then practice one strategy. Follow its rules, make yourself a master of it and then trade on live using it.
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