New to Forex

[Fikile Makgoeng]

Hi Everyone, my name is Fikile from Botswana. I am new to forex trading and i have no idea of what is happening. can someone please guide me until i start my first trade. thank you

 

[Polakandil]

Maybe some the following tips help your trading journey

• Create a demo account. In a demo account, traders can simulate trading in real market conditions. You can open a demo ECN FXOpen to start learning.
• Get to know the trading platform. Trading platforms are used to carry out transactions in the forex market, there are various trading platforms, the popular ones are Metatrader 4, Metatrader 5, cTrader, Ninjatrader, Ticktrader FXOpen.
• Understand the right time for forex trading. You must be able to carefully set the appropriate and appropriate time for you when trading forex. Regarding the time element, there are basically 4-time sessions that you need to pay attention to when learning forex trading, namely the Sydney, Tokyo, London, and New York sessions.
• Get to know technical indicators. Technical indicators are one of the instruments that are important for you to understand when learning forex trading. With a deep understanding of technical indicators, it will be easier for you to carry out calculations or analyses regarding prices, volumes, and market interest related to foreign exchange.
• Study fundamental analysis. These fundamental indicators usually come from economic data, as well as socio-political issues that are developing in a country and can influence movements in foreign exchange values.\
• Learn to read candlesticks. Candlesticks are the type of chart most widely used by traders because of their ease of reading to analyze the market.
• Learn buying/selling transactions with a strategy that you believe in. The trend-following strategy is the most studied strategy in forex trading. You may need trial and error to find your best trading method.
• Implement risk management well. A trader must take into account potential losses in their trading plan because forex trading is high-risk high return.

 

[bmnshk12]

Hi Everyone, my name is Fikile from Botswana. I am new to forex trading and i have no idea of what is happening. can someone please guide me until i start my first trade. thank you

just keep learning about forex before you go inside of trading