How to trade forex for beginners
Basics of Forex
If you have already read the section “What is Forex?“, then you should know that the Forex market is and what it is. There are five essentials in the market for the exchange of currency, to the novice trader (and professional also) must take into account:
Fundamental analysis of Forex
Fundamental analysis is a process of market analysis that is done only using “real” events and macroeconomic data, which are related to the currency, used in trading. Fundamental analysis is not only used in Forex, also can be part of any planning and foresight. Fundamental analysis of Forex concepts include:
daily interest rates, meetings and decisions by central banks, all the macroeconomic news, world news industry, economic, policy and time. The analysis fundamental is the analysis more natural to the make the forecasts in the market Forex. In theory, it should work perfectly if only, but in practice it is used often on par with technical analysis.
Technical analysis of Forex
Technical analysis is a process of market analysis where it is hoped only numerals market – quotes, simple and complex indicators data, the volume of supply and demand, earlier data from the market, etc. The main idea of the technical analysis of Forex is a postulate of the dependence of the technical future market data referring to the previous technical data of the market.
As fundamental analysis, it is believed that technical analysis is self-sufficient and you can use it to Trade Forex successfully. In the practice, both methods of analysis are used at the same time.
Here are some recommended on technical analysis of Forex books:
Technical analysis of financial markets
Even if you mastered all the methods of market analysis and makes very accurate predictions for the future of Forex market behavior, you will not earn money without the proper money management strategy.
Management of money in Forex (as well as in others markets financial) is a joint complex of rules that you develops so is adapted to their style of trading and the amount of money that has assigned for trading. The management of money is very important to gain benefits in Forex; do not underestimate it.
Psychology of Forex trading
While learning about the analysis of the market and money management is obvious and necessary to be a trader, Forex success, it must also master their emotions to take care of the performance of trading and tenerllo under the control of the mind and the intuition.
Control of emotions in Forex trading is often a balance between greed and security. Almost all practices and psychological techniques can work for Forex traders and allow you to continue with their strategies of trading rather than spontaneous emotions. The problems with that the trader professional of Forex is that deal are:
Lack of discipline
Lack of confidence
Remain blind to other forecasts
This is a very professional book on psychology, written specifically for financial traders:
The discipline of the inverter
Each trader Forex as any other professional needs tools to carry out operations. One of these vital tools for the market, is a broker of Forex and specifically for Internet – Forex broker online – a company that will provide the market information in real time and take their orders to the Forex market. When you choose the right Forex broker you will need to find the following:
A professional company you can trust
To provide contributions in real time for you
To execute orders quickly and specifically
No copper commissions very high
Support methods to withdraw and deposit that you can use
I recommend these four brokers for Forex beginners; they are probably the best Forex brokers to start trading:
FXOpen – one of the most popular brokers and growing with the MetaTrader platform and favorable trading terms for all types of traders.trade forex
eToro – offers the MetaTrader platform but offers a single platform which is especially good for beginners; It also has a good support service for customers.
InstaForex – a broker that offers trading Forex MetaTrader 4 platform and does not require much money to emp