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7 Pieces of advice for the Forex newbies
2019-11-11 • Updated
Information is not investment advice
Trading in the Forex market incurs risks, thus you need to practice a lot and have a flexible intellect to perform there successfully. It is highly important to never stop learning and gaining more trading experience. Study the trading course by FBS and don’t forget about the 7 main principles when operating in Forex.
1. Trade with a reliable broker
FBS is a well-known worldwide broker with a 10-year experience. It has a CySEC license and operates with a wide range of well-known payment systems for easy and safe deposits and withdrawals. FBS cares about its traders, protecting their privacy and providing 24/7 support and daily analytical materials.
2. Read the bits of advice of experienced traders
You need to study new dimensions of trading to be more professional. That is why it is highly recommended to read interesting articles and materials, which are not so easy to find on the Internet. Read tips for traders.
3. Study the approach of famous people
Do you know about George Soros? He is known for the famous $10 billion bet against the British pound in 1998.
Another inspiring example Richard Dennis. He made a great profit of $500 thousand of trading soybeans in 1974 and even managed to become a millionaire.
Forex market made an 80-year-old lady, Ingeborga Mootz, famous and rich. She earned more than 500 thousand euro by buying securities from DAX-50 and identifying those, which were founded more than 1 century ago.
4. Find a tutor
If you want to gain more experience in the Forex market, it is very important to find someone who will teach you and explain the depth of trading. If you struggle to find a tutor, do not worry! FBS is represented in all of the famous social networks, so you can easily find the same enthusiasts like you.
5. Follow the market
Use multiple sources of information to be up to date with the latest market movements. E.g. Forex Trading News
6. Attend webinars
Successful traders always upgrade their knowledge and improve their skills due to the rapidly changing situation in the market.
7. Open demo account
You do not need to spend the real money from the beginning, as most brokers offer demo accounts. It will help you to practice on the Forex market using virtual money. If you have no idea how to trade on a trading platform, want to try out a new trading strategy or use an automated trading program, then the demo account will work out perfectly for you!
Experienced investors always go by the rule that says “Don’t put all your eggs in one basket”.
Although the market is flat 70% of the time, most of the trading strategies are for trend trading. Thus, most traders use only 30% of the trading potential! If you want to be more productive, pay attention to this strategy.