1. Know the lingo
- Bid price/Ask price
- Buy/Sell
- Base and quote currency
- Spread and leverage
- Pip and lot
Once you understand the basic lingo you can move to further learning: read a few books or find all the required information online.
2. Learn about risk management
- Before you make a deposit, define how much you can afford to lose
- Always control your losses
- Analyze your trading history to learn from your mistakes
3. Pick the right broker
A broker will become a mediator between you and the market. The size of your future profit/loss will greatly depend on the brokerage you choose. That’s why you need to make a thorough research before you decide.
Look for a company which has been in the industry for over a decade. Check its trading terms and always pay attention to hidden fees and commissions.
An example of a smart choice is the FXCL Markets Company. It has established itself as a great brokerage for novice traders thanks to its lucrative trading terms, zero transaction fees, and low-risk trading accounts. FXCL is a perfect place to start your trading career.
4. Choose account type
There is a whole variety of account types. Some are good for newbies, such as FXCL Beginner. Some will suit the preferences of professional traders, such as ECN accounts. Before you make a decision, carefully study all the trading terms. A suitable account type will help you to succeed.
5. Register in FXCL
- Go to registration page
- Fill in a short form
- Confirm your email address
- Open your first account
- Make a deposit
6. Install a trading platform
To get to the world market you need a trading platform - MetaTrader 4. This platform is easy to use and so you will get your hand in trading very fast.
Make sure to study all the benefits of the software. Correct use of indicators, Expert Advisors and other MT4 tools will play in your favor.
To start using the platform, download an installation file for desktop, iOS or Android. Use the login information sent to your email to enter your trading account.
7. Analyze the market
- Technical - predictions based on price movements
- Fundamental - world news analysis
- Sentiment - analysis based on the decisions of other participants of the market
You can either choose one type or use all three of them at once. Try your hand in market analysis on a demo account first. Only when you see that you start making correct forecasts switch to live trading.
8. Make your first trade
Now you are ready to open your first position. Launch MetaTrader 4, enter your trading account and apply the knowledge you’ve acquired to make your first successful trade.
Now you have everything to become a trader. Remember, there is no rush. Grow your knowledge first and then proceed to practice. This is the right way to success.