Trading Forex is extremely risky. Due to the leverage, even with little money, you can make great profits, as well as lose big amount of money. Forex is the largest financial market in the world with daily turnover of 4 Trillion US dollars.
While starting Forex trading, you should realize that the retail investor will not make a move the market. Below are several issues you should consider before getting engaged to Forex market.
- Apply a reliable Forex broker. You had better find a broker, who will not act against your trades. Currently many Forex brokers are considered market makers, thus they take the opposite face of your trade.
- Understand how to trade currency and its fluctuations. Generally, currencies are traded in pairs, so you should choose a single pair and learn how to trade. Most people prefer to trade EURUSD, the most commonly traded currency pair.
- Find a charting package that will let you see the current price flows and make technical analysis.
- Decide which Forex Trading platform fits your needs.
- Learn the system that will give you an indication of entering and exiting trades. Following the markets’ price actions is the major method that experienced traders are using.
- Use a demo account, instead of real money. Once you feel the self-confidence about your trades, go live and trade with money you can afford to lose. In addition, learn to hide your emotions while losing or earning money.
- Sign up for a financial education course and start to learn Forex basics. Just be aware of the source you are taking the information.
Infin Markets offers great conditions for those, who want to learn how to trade currency and start Forex trading. Minimum trading volume for NetTradeX trading platform is quite small, so you can start your trade with only a few dollars.