How To Do Forex Trading - Just Where Do You Start?
So you've heard that it's possible to make money from trading the Forex (foreign exchange) markets
. But you then need to do some research to find out the best answer to the question "How to do Forex trading". After all, there are so many different methods available and so many sites offering you the ultimate solution (or so they claim) that it can be difficult to see the wood from the trees.
Start your way with a site such as Wikipedia. You know that it won't be trying to sell you anything and whilst some of the explanations may be a bit dull and dry, they will have been checked over by a number of different editors so they should be accurate.
Use the overviews to decide whether you want to trade using the news or charts (often called technical analysis).
Then start to dip your toe in the water by downloading a demo version of the Metatrader Forex trading platform. This is offered for free by lots of different sites on the web and the Forex broker who gives you the free download will also offer you a demo account that you can use to "paper trade" and get the hang of how the software works. Metatrader is well supported and whilst the help in the program is a bit limited there are lots of videos on YouTube that will take you through all the different options and also show you how you can add things called indicators that will help you to decide when to trade.
When you're paper trading, it's tempting to use a large bank but it will actually help you when you start trading Forex for real if you use the same size bank as you're likely to use. That way your mind will get used to the figures and won't be quite as scared when you begin to use real cash rather than play money.
How To Do Forex Trading - Just Where Do You Start?