Forex is one of the most popular options for starting work with an exchange for an individual with little capital. A difference in the price of the currency brings profit. So, the main task of a trader is to find the optimal moment to buy an asset as cheaply as possible and sell it at the most expensive.
If you have recently started working in Forex or are just planning to do so, pay attention to these tips.
- Select a broker. When choosing, pay attention not only to the availability of trading on Forex, but also to the period of the broker's existence, license, and trading conditions. Additional advantages are the ability to work with the popular MetaTrader 4 or 5 terminals and access to international exchanges. For example, Just2Trade broker meets these requirements.
- Open a trading account. The minimum deposit, leverage, spreads and a number of other parameters depend on the type of account. Usually, on the broker's website, you could find a comparison of accounts and their main features.
- Decide on the minimum starting amount for trading. It depends on the volatility of the selected currency pair.
- Install and configure the trading terminal. A safe and guaranteed working version is always available on the official website of the program. Also, some brokers offer their own solutions, including online platforms that run right in the browser.
- Select an asset. For the first time, it is better if it is the only one. This will make it easier to understand its behavior and the general principles of the exchange.
- Do not neglect theory. Trading on the stock exchange is not a chaotic purchase and sale of assets, but a well-thought-out strategy based on an analysis of the rate dynamics and forecasts. To better understand how this works, learn the basic concepts such as indicators, candlestick analysis, and more. Also, check out the different strategies – they use different technical analysis indicators. For example, the most popular are trading on the news; trading by the RSI indicator.
Start trading: open a trade, wait for market changes and close it.
