So you are wondering how to start in forex trading? If you are a newbie in the world of forex, the feeling is like, you are swimming as a tiny fish in the huge ocean.
Listed below are the step by step guide on how to start in forex trading:
1. Find a legit broker
There are so many legitimate brokers available in the market, likewise, there are also many scammers trying to take advantage on your hunger for knowledge as a novice. However, be mindful of them, do not fall on their sweet talks that forex will give you enormous income. Besides, forex is a high risk activity, it takes tons of patience to learn. I have known one legitimate broker that I traded with them for years already. Gladly, I can say that no single amount of money transfer transaction has ever failed with them. If you are interested to know more about this broker, you may read it here https://clicks.pipaffiliates.com/c?c=340391&l=en&p=0
2. Open an account
You can not trade without opening an account. You must fill up a registration form with the broker of your choice. Opening an account is as easy as 1, 2, 3 and in less than 5 minutes, boom! you are registered right away. Ready to open an account? just click here https://clicks.pipaffiliates.com/c?c=340391&l=en&p=1
3. Upload requirements
Once you have opened an account with a broker, your identification must be validated. Each broker has their own requirements that you need to comply. The advantage with my broker is that they shall give you a $30 bonus after your account is validated. You can use the $30 trading bonus right away. Don’t you think it’s cool?
So what are the requirements?
3.1 Proof of identification
You may provide proof of identification from any of the following:
- National ID
- UMID
- Professional ID
- Driver’s license
- Passport
- Voter’s ID
Take a screen shot and upload, see to it that it’s a clear copy.
3.2 Proof of residency
While for the proof of residency, you can provide any of the following:
- Utility bill (electricity, water, cable, telephone, internet, etc.)
- Credit card bill
- Bank statement
Please take note that your billing address must be the same with the address you have indicated upon registration or opening of account.
4. Download trading platform
The trading platform is a tool for you to place an order of buy and sell in the market. This is also where you will conduct your market analysis. Fear not if this is your first time because your broker will guide you through or you can watch it on videos provided by them.
5. Attend webinars
Knowledge on how to trade in forex is very crucial, there are available free webinars provided by your broker, once in a while they will conduct a seminar on selected cities. For a first time trader like you, the information in the internet is so overwhelming that gets you more confused. Nevertheless, do not stop learning. In my 6 years of trading up to this very day I am still hungry on forex education, I never stop learning on new strategies and back-testing it at the same time.
You may enjoy an unrestricted and unlimited access to my broker’s education rooms, just click below and register/open an account.
6. Demo trading
Practice, practice, practice! You must try the demo trading first to get familiarize with the platform, as well as to know if the learning technique is effective. If not, you can tweak it here and there without losing any money from your pocket.
Do your demo trading consistently at the same hour everyday for at least 2 weeks. You must determine the hour of the day that you are most preferred to trade. If you are working full-time, it could be before or after your work.
7. Account funding
Now you are ready to fund your trading account. I have read online that if you don’t have a $10,000 trading capital, then do not trade at all. Well, I contradict on this because I have tried an amount of $1,000, $500, $100 and even a lower amount but still I can earn. Yes, you may earn but do not expect a big profit though.
Do not wait too long to fund your account, 2-3 weeks of regular practice on demo trading is enough to start the real thing. Just keep in mind, if you act on it immediately, your profit starts also.
8. Real trading
Congratulations! you have come to the final process on how to start on forex trading. Nothing can beat the actual trading on real account. On comparison with demo account, although the movement in the market is exactly the same, but in real account trading there is this feeling of big fear of losing your own money. Hence, be extra careful on your trading analysis. Also, be mindful that losing is part of trading, just like any other businesses, consider the losing trades as part of your cost and expenses. To sum it up, as long as your total trades generate consistent profit, then you are considered as a successful trader.
Final thoughts
If you stop trading the first time you experienced losses, then you will never become a profitable trader.
Unfortunately, my first year was a bad one but I pursued harder, saying to myself, “I will never stop until I’ll get you.” And true enough, I became consistently profitable in my trading.
To add more, forex trading gives me the time freedom to be with my family while earning at the same time. I don’t need to work from 8 to 10 hours a day anymore, trading for only 2 hours already provides a decent income for my family.
You can check all my posts about forex at my FB page https://www.facebook.com/granusfxdavao
I love to hear your thoughts about wanting to earn more, or do you think forex trading is what you are looking for? Leaving your comment below is very much appreciated. Thank you.
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Keep safe!