Jan 25

If you are completely new to Forex trading, but you are interested in trying it, and you are now looking for a quick step by step guide on how to get started, look no further! In this guide I have collected 5 steps that you should complete in order to start your forex trading career:

Learn first, trade second

Before you even visit a forex trading website, you should definitely learn the basics of trading. This, of course, does not necessarily mean a three year course at a business school, but you should at the very least read up on a few basic guides on how forex trading is done, and how the market actually works. You can find several guides at this website, Cambio Divisas, which I found a couple of months ago that helped me a lot in my trading career!

Open up a demo account

Before you start trading for real money, it’s highly advised that you open up a demo account with your forex broker. A demo account feature is available at most respected forex brokers on the internet today, and you really shouldn’t have a problem finding one if you look around a bit. A demo account simply means that you get an account that uses “fake money” that you can trade with for the purpose of practicing. This is a good way of easing oneself into the forex market. However, I would not advise you stay to long on the demo account, as you won’t be able to make any real money, and you will probably get bored pretty quickly. A few days to learn the basics is what I would advise!

Choose a good broker

These days, it’s easy to find a good forex broker, and for several reasons. First of all, in just a few years time there are hundreds of new forex brokers that have popped up on the internet, so you’re not short of choice! Secondly, with services like forextrading.pm, you can easily get a good overview on what the different sites offer. These trading centrals have review section where a whole bunch of forex brokers have been investigated to see if they are good or not!

Don’t overtrade

In the beginning, I think it’s important that you don’t go out too hard. Instead, start off easy, trading with small amounts of money, and slowly work your way up to more substantial amounts. One of the keys to success in forex trading is without doubt not to get emotionally invested in your trades, and the more money you have on the line, the more likely you are to succumb to your emotions!

Have fun!

Let’s face it, there’s no point in trading forex if you don’t have fun doing it. If you find yourself bored you should get another hobby. It’s much harder to learn new things that you aren’t really interested in, so chances are much greater that you will lose money on forex trading if you are not having a good time doing it!

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