Quality Forex Trading Advice For Beginners
As long as you are of legal age to have an account with a Broker, you can bet on the markets. Yes, I used the word bet - from my perspective trading is making bets on which way the market will go.
Just like gambling, Forex can be addictive and can lead to ruin. It's important to understand this when you get into the business. Also, just like the gambling world there are numerous sharks looking to take your money. In gambling they're called bookies, in Forex they're called Brokers. Having said that, there is a big difference between a bookie and a reputable Forex broker. After doing a lot of research on this topic, I have found that out of about 100 Forex brokers - less than 10% of them were what I would consider to be honest. If you do some research on internet forums you will find thousands of examples of people that have been outright scammed from the brokers.
My first advice is not usually what you will find in most articles or trading forums. Make sure that you get a broker who you can trust, this will take some research on your part. I recommend to choose one of the largest brokers which has a lot of positive feedback in multiple internet forums. A lot of the reviews you find online these days are fake so it really pays to spend time researching.
The next piece of advice is to only trade on a demo account until you are profitable and then once you are profitable trade on a micro account for the first 3 months. A micro account let's you trade for 10 cents a point instead of 1$+ per point. This will save you losing your money in the beginning. One of the greatest advantages of trading Forex as opposed to stocks or futures is that you can start for very little money. It is possible to open your first live account with only $100.
Possibly the best advice that I can give you is to find someone who is a professional trader and learn from them. Be absolutely sure that your mentor earns his/her living by trading and then soak up everything they can teach you. Beware that the internet is full of courses by people who say that they are successful and are in reality frauds.
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