What You Will Learn?
- How to exchange currencies
- How to set up a Forex account
- The common terminology
- How to pick a trading strategy
If you are new to the world of Forex and wish to understand how it works, then this course is for you. Here you will learn about the Forex markets, the terminology, how to set up an account and prepare for your first trade.
Forex Trading for Beginners - A Step-By-Step Guide
In this course you will learn:
- The basics of Forex terminology. For example, swaps, currency quotes and spreads
- How to set up trades using stop-losses and limit orders
- How to set up a demo account
- Steps needed to create a trading plan and manage money
What is Forex Trading?
When you exchange currency with another currency in at least two opposing sequences to profit, you are commencing Forex trading.
The term "opposing sequences" refers to the act of possessing a currency, which you use to buy another currency. Then you wait for this currency to gain in value relative to the first currency and re-exchange the second currency for the first one. At the end of this process, you end up with more of the currency you have started with.
When trading online, this process is performed via specific technology - trading platforms - and is highly automated, which means it occurs extremely fast.
How to Trade Forex
This course on Forex trading for beginners is meant to help you take the first steps so you could launch your online trading career. One cannot just wake up one morning and start trading online. To be successful in currency trading, you must have a plan, an entry strategy, a trading strategy, huge loss impact recovery strategy, reinvestment and withdrawal strategy, and obviously - an exit strategy.
That means it is essential to learn how to trade and find out which strategies suit you personally and financially.
So what do you, as a beginner, have to know?
- Currencies listed in the spot Forex market are floating - their values are determined by market forces.
- These values change continuously.
- The market is open five days a week.
- Currencies which are fixed to a single value or within a tight range of values by the government (such as the Chinese Yuan (CNY)) are not suitable for spot Forex trading.
- The currencies are priced, listed and traded in pairs since the thing traded in spot Forex is the change in the value of one currency relative to the value of another currency.
- One cannot access the Forex market directly, only through a broker. The broker provides the platform and a fair and balanced field for the participants of the market. As well as the market tools the traders will use.
Understanding Before Trading
This Forex trading for beginners course will help you avoid all the usual mistakes that beginners make.
The demand for currencies fall and rise due to a multitude of factors. The relationship between these factors is complicated and cannot be understood intuitively - it can only be understood through study. A beginner should not start trading until she or he understand these complexities and can use them to her or his advantage.
This is what this course is for.
- This course is for beginners, so all you need is the drive to learn