1 / 5

Forex Trading - Familiarise Yourself with the Basics first..

Here are some of forex trading matters you should be familiar with.A platform is simply a program that lets you buy and sell currencies on your computer. It connects you to the market.

shannonbrown
Download Presentation

Forex Trading - Familiarise Yourself with the Basics first..

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Forex Trading – Familiarise Yourself With The Basics First... Before you even start buying your first pair of currencies, here are some of forex trading matters you should be familiar with. You probably heard from one your well-off officemates that "FX" has become a staple source of extra income for him and it's as easy as loading an account with money and activating a software. But here's the truth: you can either jump in on the bandwagon and end up with burned pockets OR you can familiarise yourself with these basics first and probably make good gains on your first few weeks trading currencies.

  2. Like any other business, the forex trading market is where things of value of exchanged. In this market, where trillions of dollars are moved every day, the "commodities" are pairs of currencies. The simplest ways to trade is by connecting to the "online market." To do this, you must have and be familiar with what is called a forex trading platform. A platform is simply a program that lets you buy and sell currencies on your computer. It connects you to the market. There are a handful of choices but for beginners, the MetaTrader 4 is a good option. First of all, it is free for download. Second, it is endorsed and used by a lot of successful forex brokers.

  3. What are brokers you ask? These are individuals or companies that are primarily meant to offer traders a forex trading platform so they can participate in the FX trade. You can search for their websites online and download a platform from them for free. These brokers can also manage accounts for other traders. They take a commission from the profits though. However, if you don't want to be pre-occupied with trading, you can simply tap them to manage your account.

  4. Apart from brokers and platforms like the MetaTrader 4, you must also be familiar with your trading account. This is basically where the money you use for buying and selling currencies is stored. You'll need a forex tradingaccount to starting buying and selling currencies in any market you wish to participate in. How will you have one? It's another role played by forex brokers. You can open an account with them by depositing the minimum account required. The amount varies from one broker to another, but a few hundred dollars is a good average.

  5. These are basically the few concepts that you must be familiar with if you want to make money in forex trading. You must get a platform and a trading account. The broker will connect you to the market or handle your account. From there, all will depend on your trading skills.

More Related