Why trade Forex?
Not only is Forex trading exciting but it’s extremely educational, in fact you’ll never stop learning. The first thing you’ll need to do when learning how to trade Forex is work out what style of trading would suit you best, see our previous blog outlining different styles of trading.
The next step is to find a reputable broker
Finding a good broker is extremely important! If you’re new to Forex trading you won’t realise how important it is to find a broker with tight spreads. This can sometimes mean the difference between profit and loss. We’ve done the hard work for you, you can find our preferred broker and read all about them here.
Test the platform
If you haven’t traded before we strongly recommend starting with a demo account to get used to the platform. The last thing you want do do is place a trade you didn’t mean to, lets get rid of those silly mistakes whilst you have no money at risk. Practise placing orders as that’s exactly what we do at ‘The Two Traders’, we never take the market price (see our 7 step trading course for the reason behind this). If you’re planning on starting to trade, the main thing you’ll need to learn is how to place ‘Buy’ and ‘Sell’ orders.
Invest in yourself
Too many new traders make the mistake of not investing in themselves. Why load up a trading account with £500 if you have no actual knowledge of trading? All that will happen is you’ll blow your account. Spend a little money to give yourself the best possible chance of succeeding, understanding risk management is a crucial part of trading. Check out our trading course.
Start Practising
Now you have a basic understanding of how to trade Forex and learnt how to place orders you’re ready to start practising and putting the technical analysis we provide into action. You’ll never be left on your own in our community. If there’s anything you don’t understand simply ask in the chatroom or send an email to [email protected].
