How To Trade Forex in 3 Easy Steps – A Complete Beginners Guide

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How To Trade Forex in 3 Easy Steps - A Complete Beginners Guide

Forex trading is a global market where currencies are traded. It is the largest financial market in the world with an average of $5 trillion per day.

The foreign exchange market, also known as forex and FX, is a global decentralized market for the trading of currencies. The main participants in this market are the central banks and commercial banks. Forex markets operate 24 hours per day from Sunday morning to Friday evening on every continent except Antarctica.

Forex trading can be done through spot transactions or by using contracts for difference (CFDs). Spot transactions involve buying one currency and selling another currency simultaneously, while CFDs involve buying or selling a contract representing the difference between two prices.

What you will learn

How to Trade Forex - A Detailed Tutorial on How to Trade with a Broker and Make Money Online

This tutorial will provide you with a complete understanding of the Forex market, how to trade, and how to make money.

The first step is to choose which type of broker you want to trade with. There are two types:

– A retail broker that charges high commissions but has lower spreads (the difference in price between the buy and sell prices) – A CFD broker that charges lower commissions but has higher spreads.

You can begin with our broker recommendations  to get you started. 

 

The second step is to choose what type of currency pair you want to trade. There are four types:

  • Currency pairs with strong economic ties
  • Currency pairs that have no economic ties
  • Currency pairs that have an inverse relationship
  • Currency pairs with a strong historical tendency for volatility (volatility refers to the degree of change in price over time)

The third step is to learn how to trade. This one is the most difficult part since this should take you a lot of time and energy. To save you from consuming more time on which course or platform you should use, make sure to check our recommendation below.

We recommend you try out this free Forex education that IC Markets are offering on Youtube for beginner to pro traders. They provide high-quality content that we’re sure you’re going to enjoy. These are webinars that are uploaded on Youtube after live sessions. You can see more details on their Youtube channel. This link will direct you to their playlist. The videos are uploaded and sorted according to the upload date.

Conclusion: Why You Should Start Trading Today!

Trading is a rewarding and lucrative career. The skillset you need to get started are not that hard to learn, but the rewards are high.

The conclusion of this article is that if you want to start trading, now is the time.

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