How to get started with forex trading

Most people start with foreign exchange trading and forex trading, learn by trial in the foreign exchange market. The theory should come afterwards, we believe.

Knowledge is the key to successful forex trading.

Traditionally, it is advisable to plow through several textbooks before investing in the currency market. These suggestions are in fact terrible advice and not appropriate.

So how can you learn FX and currency trading at breakneck speed?

Don't waste time reading books on FX theory, start by doing some small trades and learn by doing!

The best way to learn trading at, we believe, is to start with a few small trades in the market. Even if you are completely new to trading: Experiment with trading and observe your progress and failures as you go. This is without doubt the best and quickest way to learn FX trading.

Which online brokers are the best?

We do not recommend a particular broker, as there are many preferences which must also be used.

Use copy trading if you are new to trading and want a simple solution without advanced functionality.

Learn currency trading the easy way

Find an online broker where you can try your hand at the foreign exchange market with virtual money (play money, " Monopoly money "). You get that way a sense of how things work. What you learn in 1 hour of practical exercises here, would have taken much longer to learn if you were going to read you this knowledge.

Eventually you can move from using virtual money to trade with real money. In the beginning one should indeed be careful, do not invest their savings immediately. Small amount that you can afford to lose work fine at first. By going over to trade with real money, you will learn more about your psychological responses by trading. It risking your own money, is something completely different than playing with virtual money. This is a psychological experience, it is difficult to read into a book.

"Learn by doing", which is such a great name. It is our educational philosophy, and if you choose this direction, you will probably discover things that textbooks can not show you as well: Trading is extremely exciting, entertaining, not to mention a fantastic good opportunity to make money. You'll also learn quickly about the risks in the market.

Forget the cryptic theory books, starting with the practical things first:

  1. Find a broker.
  2. Open a demo account and start trading with virtual play money, you risk nothing, but will have the opportunity to learn about the foreign exchange market in practice.
  3. Eventually, go over to trade with real money. Shopping never for more money than you can afford to lose.

Later, when you begin to understand the big picture, you can dilute with a little theoretical knowledge along the way, but in the beginning it keeps you experiment with trading with online broker.

Forex brokers

To buy currencyies, shares, commodities etc. you must connect to a power broker. The Gojra you by opening a web broker account (easy) and put money into this.

The large spøsmålet is the online broker to choose.

It is easy to fall into the trap. Many online brokers are deficient in functionality, or too expensive, or unstable, or there is something else that is not as it should be. So beware, it 's not all online brokers are nothing to brag about.

Here is an example of how your broker can RUIN a trade, so you lose money:

Start by leveraging 50:1 in USDEUR, and after only 5 minutes achieves a 25% unrealized profit. You get ready to sell, but what you should realize gains locks trading platform itself. You must enter a sales order again, and do not get sold until 40 seconds later. During this time your leveraged position fell to -5 %. Instead of retrieving gains have now been at a loss.

Most online brokers have subtle conditions that make the irresponsible that the software locks up. Do you use a desktop program may after all be a fault exists in the user's computer, and not related to your broker's servers, this is difficult to prove.

As you can see from the example, the stability is extremely important. Things tend to go wrong when you least need it. Therefore, it pays to choose a broker that is good for more than just customer service and affordable solutions. It helps the little that your broker is cheap if you can not operate the way you want in the market.

You certainly understand why it is important to choose a professional hanldesløsning now. Professionalism from the broker's side can be the difference between failure or success in your trades. So make sure you choose a good broker.

PS: Don't spend time reading FX books and trading strategies, if you want a quick start and if you want to learn forex trading fast. It is simply naive to waste time on theory in the beginning, as practical foundation is what is needed to be able to easily understand the theory in the first place.

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