Advice for someone who is interested in forex trading?

[Bookwormlux]

I have been reading about different ways to make good money online and a lot of people have suggested that forex trading is one of the best ways to make money online. Though some said it is a very risky venture and so it is not advisable especially for someone who does not have enough money to spare. It is not going to be nice because a single loss could make you lose everything so those who are not having lots of cash would find it difficult coping after a loss as huge as this that is common in forex trading.

I believe there are people who have knowledge about forex trading here, what advice do you have for me and anyone else who may find your contribution helpful? I am interested in forex trading but I need advice before I start.

 

[Ivo Zetticci]

Different traders have different choices over currency pairs for example I like trading in EURUSD and GBPJPY. To identify support and resistance, you can use fibonacchi and other indicators. Support and resistance will help you catch the exact market trend. FXOpulence offers more than 28 trading pairs including cryptocurrencies.

 

[FXOchartist]

If you are still really new in forex trading, I suggest only trading in a demo account, in this type of account only uses virtual money provided by the broker, it is not real money but the market conditions pair prices is the same with real market conditions, in demo account you can test and don't only rely upon lucky because relying on lucky will never last long. You can install the trading platform MT4 or Ticktrader by FXOpen broker and create a demo account for free. Spent time learning to trade before spending money to make money.

 

[btaliat]

Forex trading is not a regular trading. It is combination of some skills and analyses that make a good forex trader. This will imply that anyone that wants to go into forex trading should try all his best to know some of these skills before venturing into forex trading.

The first thing to be done by someone that has seen forex as his choice is to make sure that he gets himself familiar with forex demo account. This will shape the skill and expose the intending trader to how forex is done

 

[moonchild]

You should get on a demo and practice your ass out, do some months on demo and make sure you're genuinely improving in your trading, have some goals and hit them consistently, test different trading style until you find one that suits you and you'll be good to go, if you put in the work, you won't make any serious money in the first couple of months because you're just learning.

But after learning, you can make some serious money, we're in the era of prop firms you can easily accumulate large capital and trade with it, make profits and split it with the firm, but you have to do the work, and it's extremely hard