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At its simplest, forex trading is similar to the currency exchange you may do while travelling abroad: A trader buys one currency and sells another, and the exchange rate constantly fluctuates based on supply and demand. Currencies are traded in the foreign exchange market, a global marketplace that's open 24 hours a day Monday through Friday. All forex trading is conducted over the counter (OTC), meaning there's no physical exchange (as there is for stocks) and a global network of banks and other financial institutions oversee the market (instead of a central exchange, like the New York Stock Exchange).
Forex trading is complex and may not be suitable for everyone. Whether forex trading is right for you will depend on your financial situation, trading goals, and level of experience as a trader and investor. Beginners who are just getting started as forex traders should exercise caution; the majority of forex traders lose money. That said, forex trading continues to grow in popularity. If you want to jump into the largest financial market in the world, here are my top 5 tips for getting started as a forex trader:
1. Open a forex trading account with a trustworthy forex broker. Read through your forex broker's applicable terms and conditions (it's always a good idea to read all the fine print) and complete the live account application process.
2. Fund your new brokerage account. You'll need to choose a reliable deposit method (supported by your broker) for sending and receiving funds. Always make sure you are starting with an amount you can afford to risk.
3. Try out a free demo account. Starting with a demo account (also known as virtual trading or paper trading) lets you try out your broker's platform and get comfortable with the broker's offering – without risking any real money.
4. Create a trading plan. Even the best forex traders can lose money. The key to long-term success as a forex trader is to create a trading plan that helps you establish a consistent trading record, and keep your average losses low (relative to your average profits). Keep track of your trading plan (along with new forex lingo and trader jargon) in a dedicated trading journal. I suggest checking out investor.com's guide to the best online trading journals for some great resources.
5. Enter the forex market and place your first trade. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell. You are now a forex trader! Again, you should only risk funds that you can afford to risk.
OTFX is a leading international provider of online forex trading, CFDs trading and related services, with a unique mirrored trading model, by providing innovative trading tools. Whether you are a beginner or an experienced trader, OTFX's trading system makes it easy for you to realize substantial and stable gains by dynamically mirroring your orders.
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