How to trade on Forex?
Imagine that a country's national currency is an asset like stocks, commodities or precious metals. The whole secret is to buy the asset cheaper and then sell it more expensive. You can do the opposite, first sell more expensive and then buy cheaper.
No matter the currency is rising in price or getting cheaper, there is always an opportunity to make money on Forex.
The main thing is to recognize the market trend correctly and in time. Economic news analysis, as well as paid and free indicators and automatic trading systems and signals will help you in this.
Where to start Forex trading?
Choose a Forex broker
A lot depends on it: trading conditions, speed of orders execution, reliability of quotes flow, consulting support and convenience of conflict resolution.
Many of these factors can be checked while opening a demo account. By the way, this demo account with a virtual balance is an irreplaceable thing, definitely necessary for trading, especially for beginners.
Practice on a demo account
Even if you have an excellent grasp of the theory, it is worth trying different trading strategies on a virtual account before risking real money. It is very difficult to predict exchange rates based only on public information about what is happening in different countries. Therefore, to help players there are programs that analyze technical indicators of currency movements and help to build trading strategies.
Open a real account
Have you practiced on a demo account? Have you practiced the different strategies you learned during the training and chosen a few that suit you? Now you can open a real account. You determine the amount on the account yourself, but forex-dealers may have their own restrictions on the size of the minimum deposit. It's better to start with a deposit that you will not be afraid to lose.
It's not a fact that your strategy tested on a demo account will be as successful as on a real account. You will have to spend some more time and money to refine it and develop your style. You can use several strategies at once, so you can reduce your risks a bit.
3 simple steps to start trading with BNP:
- Create an account in the Trader's Room
- Fund your account
- Select instruments - currencies, cryptocurrencies, stocks, metals and make a transaction
- Create an account
