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8 Steps to Successful Forex Career

12:25 PM Aug 27, 2019
1936
For beginners

You decided to start a trading career but don’t know where to begin? At first, any kind of career can be quite overwhelming. But once you have a clear plan it becomes much easier to reach your goal. We’ve prepared a simple guide which will take you from a complete newbie to your first trade.

1. Know the lingo

Think of it as learning a new language. You don’t begin with grammar - you begin with vocabulary. It works the same with Forex. Once you can operate with the basic terminology you will be able to navigate in a huge flow of information that will pass through you in the nearest future. There are a few words that you will hear over and over again:
  • 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

No matter how good you are in trading you always risk losing your investments. If you want to protect your money, find out as much as possible about risk management. It would require a whole new article to tell you just about the basics but we can tell you where to begin:
  • 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

Now you can finally proceed to registration. At this step, you will open an account and receive a password to the Trader’s Cabinet. There you will be able to make money transactions and manage all your accounts. To register in FXCL follow these simple steps:
  1. Go to registration page
  2. Fill in a short form
  3. Confirm your email address
  4. Open your first account
  5. 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

Remember that you can’t place orders at random. First, you should learn how to analyze the market. There are three main types of analysis:
  1. Technical - predictions based on price movements
  2. Fundamental - world news analysis
  3. 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.

 

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