Now that you have a basic overview of the forex markets, here are some final pointers to remember before you start trading for yourself. ( Click here to learn more about forex trading hours. This is another vast topic, which we will cover at a later stage. What time of the day or which market session you trade plays a big role if you are an intra-day trader or a scalper. This is due to the fact that forex trading is global. At any point in time, you will always find an overlap of a new market session while the previous market closes. But for the rest of the week, the forex market operates 24 hours a day. Firstly, you won’t be able to trade on weekends (Saturday and Sundays).
You can also open a demo trading account and practice trading with virtual money to gain the experience required before trading with real money.įorex Trading Hours:While you might have heard that the forex markets never sleeps, it actually does.
Most retail brokers offer the MT4 (short for MetaTrader 4) trading platform, which is free of cost. Also, a trading platform is essential for you to conduct your technical analysis and also to see the current market prices.
Trading Platform:You need a trading platform from which you can place your trades, which are then sent to the broker for settlement. ( Click here to see our Forex brokers rating ) The forex broker is the one who facilitates your buy and sell orders and also allows you to research into the markets ( also known as technical or fundamental analysis) to help you make more informed decisions… and of course allows you deposit more funds or withdraw your profits when you want to. There are many forex brokers out there today who allow you to open a forex trading account for as little as $5. Step 2. Learn Forex Basicsīefore you get ready to deposit your funds and start trading there are some important points you must understand, each of which are outlined below.įorex Brokers: In order to start trading forex, you will need to trade with the help of a forex broker. So, if you believe that the Euro is going to rise, you would BUY the Euro, or SELL the Euro if you think the Euro would fall. You trade or speculate against other traders on the direction of a currency. The basic concept of trading forex is very simple.
From your neighborhood bank to specialized investment companies, to your friend the forex markets always offers a piece of the action whoever you are and wherever you are (even from your home). But nonetheless, forex is indeed a big market and thus allows many market participants. Although due to its OTC nature, no one can really give the correct numbers as to the forex turnover. It is even bigger than the US stock markets. What is Forex?įorex, or Foreign Exchange is an unregulated market, also known as OTC (Over-the-counter) and is the biggest market with average daily turn-over that runs into billions.
Whatever your reasons may be this article will give you an overview of the forex markets and How to start trading Forex… and perhaps make money for yourself. It could be that your friend or acquaintance mentioned about how they trade and perhaps even make a living by trading forex. Welcome to the world of forex. There might be many reasons why you are reading this article.