Have you ever heard of Forex trading but weren’t sure how it works or how to get started? Well today is your lucky day! This article is about forex for beginners. Forex stands for foreign exchange which means you are exchanging one currency for another. In most cases the currency being traded is the Euro which you can exchange for US dollars, Australian Dollars, Canadian Dollars and Japanese Yen, just to name a few.
If you are thinking about getting into forex for the first time, then you’ll no doubt be feeling a little confused as to what you should actually do. One of the things you need to decide is which forex broker you are going to use — and therein lies much of the confusion. There are literally hundreds of different forex brokers out there and at times it can seem impossible to even know where to begin,
Forex (Foreign exchange market) can be a profitable venture for those willing to take the time to learn it. However, the market is vast and can seem overwhelming at times when learning from first principle. This article aims to outline the basics of forex in a simple and straightforward way for anyone who is new or about to begin trading forex.
The Forex Market
The Forex market is the biggest financial market on the planet and it has made many people wealthy. With a daily volume of about 5.1 trillion dollars, it is also the most liquid market on earth. For new traders just starting out, it can be a daunting task to start trading currencies. There are many things you need to consider and understand before you start trading in this market.
For example, you need to know how to properly read currency charts and understand what they mean. Once you have chosen a broker you can trust, you will also need to get a hang of technical and fundamental analysis. This article aims to give you a step by step guide to getting started with trading Forex online.
Forex is short for the foreign exchange market, which allows people and businesses to trade currencies with each other. It’s also one of the most liquid financial markets in the world, with a daily trading volume of $5 trillion USD.
Sadly, most beginners are unaware that forex trading is extremely risky. They dive in head first without any kind of forex training or education. Most people who try forex trading lose money within their first few weeks.
The forex market is huge and there are millions of traders all around the world who trade using various methods and strategies. If you want to compete with these players, you need to be well trained and experienced. Unfortunately, most beginners lack forex training and experience. They have no edge against professional traders who spend years developing their skills.
Having a small edge won’t make you rich overnight because it takes time to compound your wealth very gradually. However, if you stick with it long enough, a small edge can take away millions from the market after years of hard work.
Best Brokers For Beginners
Are you new to forex trading or just looking for a better broker? Traders Union has reviewed some of the best forex brokers and compiled our findings into these comprehensive forex broker reviews.
We know how hard it can be to find the best trading platform for your needs. That’s why we’ve done the hard work for you, by carefully testing and reviewing dozens of brokers in order to recommend only those that are fully licensed and regulated. The brokers we recommend have successfully passed our stringent testing process, which considers factors including:
- Customer service
- Trading platforms
- Minimum deposit amounts
- Spreads and commissions
- Leverage availability
- Account types on offer
- Deposit methods accepted (credit cards, wire transfers
Top 10 Best Broker For Beginners
The following list presents some of best choices Traders Union when it comes to offering educational resources and materials specifically designed to help beginner traders learn how to trade currencies like a pro in no time at all:
- Admiral Markets UK
- XM Broker
- IC Markets
Check out the Exness MT4 at Traders Union website.