Many around us want to enter into trading business but don’t have a basic knowledge. Usually, they have different questions i.e. where to start, how to start, how much to invest, etc. This article will provide some basic information and guide to forex trading for beginners:
Forex Trading Platforms
There are many online trading platforms for currency trading. Some of them ask for a broker fee and provide suggestions and information. You can start with any one of these online sites:
There are a lot of other online sites that offer trading on various rates. Start small and gain experience with any of them.
Apps for Forex Trading
Similar platforms as discussed above, also provide mobile applications. Furthermore, some other apps for the trading of currencies are:
Forex Trading Learning
To learn currency trading it is better to join forex trading courses. There are many paid and unpaid learning platforms available online. You can also find YouTube channels that provide free courses. Some links are given below:
- Oxford Algorithmic Trading Programme
- Hantec Markets Learning Hub
- Forex Trading Course by MTG
- Rayners Trading Course for Beginners
Strategies for Forex Trading
Beginners usually expect unrealistic results and profits from currency trading. This makes them helpless and heartbroken in situations of loss. So first of all develop the ability to gain and lose, as it is the first requirement of trading. Secondly, start with small investments and try to learn techniques. Thirdly, never put all your money into one currency, so that you may not lose all if that currency dumps.
Also Read: Warren Buffet: How to Invest for Beginners?
Forex Trading vs Stock Trading
Stock trading is where people sell and buy shares of individual companies. Whereas forex trading involves the trade of currencies of two countries. Stock trading is beneficial when markets are rising but during downtimes, it is difficult to sell. On the other hand, currencies are much easier to sell in any condition.
Forex Trading Millionaires
Success stories are present in every business and similarly, many people earn a lot from the trade of currencies. The richest forex traders in the world are:
- George Soros: Worth 8 billion $
- Paul Tudor Jones: Worth 5 billion $
- Martin Schwartz: Worth 4.5 billion $
Currency Trading Investment
Now the question arises that whether to invest in currency trading or not. Although it is much more complex than trading stocks and mutual funds, still forex is best for a short time and small investments. Try to trade valuable currencies like dollars, euros, pounds, and yens.
How Much to Start Forex Trading?
Start small but not that small that you cannot even make a reasonable amount at the end of the day. So it is advisable to invest at least 2000$ in the beginning and do day trade. If you can the most reasonable amount to start is 5000$.
However, the minimum opening balance for the forex account is 100$. But for that much amount, you may not make enough as it is really difficult to remain patient and let your account grow with time.