Forex for beginners: what does a newcomer need to know?

Exploring the possibility of earning on the Internet, sooner or later, the user finds information about the Forex market. It should be understood that the foreign exchange market has no offices and sales centers. Currency trading is carried out using the telephone and the terminal of a broker company connected to international money markets. Every second there is a huge number of transactions for the sale of some currencies and the purchase of others, there is a continuous movement of enormous money masses.

Inevitably, the question arises about the availability of the Forex market for novice users (a very detailed answer can be found in this article ). At present, currency games have become available even to those whose initial capital does not exceed 200-300 rubles. Professional traders recommend using a training demo account to achieve positive trading results and a more detailed study of market characteristics.

The opening of the Forex market begins on Monday at 3.00 (Moscow time), the trading ends on Friday at 12.00. World stock markets are oriented in local time and work around the clock.

Trade in finance is always accompanied by risks of losing investments. Transactions on the Forex market for beginners are by no means an exception; therefore, one cannot be included in the system of foreign exchange transactions without having extensive knowledge. It is impossible to play successfully, relying only on luck. To obtain and multiply profits in the foreign exchange market, continuous development of analytical skills and the ability to monitor market conditions are required. For this, a novice trader needs:

• Perform regular analysis of the economic performance of various countries whose currencies participate in tenders. We consider the level of inflation, GDP, unemployment, prices for gas, oil and other data;

• Have a complex of knowledge of the so-called primitive technical analysis;

• Understand the graphic presentation of information;

• Record statistics of your own currency transactions for independent work on errors;

• To be able to control one’s psycho-emotional state and be aware of the responsibility for money “released” to the market;

• Read the literature on successful strategies of well-known traders, while noting their mistakes and warning of the possibility of such situations.

Thus, the Forex market for beginner financial traders is a great place to get profit. There are no any commissions and only the difference between supply and demand is taken into account. Remember: a trader should always have an incentive to improve their knowledge.

Author: Eva sanches

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