Forex is a source of income for those who know how to make a profit on the difference in exchange rates.
Forex trading is available to everyone, so you can get involved in the financial market at any time. Many would like to try their hand at currency trading, but do not know how to start. If you are interested in making money on Forex, here are some steps to follow.
What Is Forex
Forex is an international over-the-counter market where speculations are made with currency pairs. Due to high liquidity and volatility, trading on the foreign exchange market has become an additional source of income for many traders.
Forex works around the clock, except for weekends and national holidays. This is because the marketplaces of the currency market are located in different time zones. When in one country trading is already finished, in another it is just beginning.
There are 4 trading sessions: Pacific, Asian, European and American. Each of the sessions has its own characteristics that every trader should take into account. The difference between trading sessions is in trading activity. The highest volatility is observed when trading sessions overlap with each other, especially during the European and American trading sessions.
Traders use special trading terminals to make deals anywhere. There are different versions of trading platforms: some require installation on a PC or a mobile device, but there are also web platforms that only need Internet access to work with.
Learn Forex Basics
Before you start trading on Forex, devote your time to learn Forex basics. To make your trades profitable, learn what ask, spread, currency pair are. Do not just memorize them, but try to understand what their function is.
There is a vast number of websites and resources related to Forex trading. The search for the relevant training material does not take a lot of time and effort. On the JustForex website, you will find useful educational content necessary for successful trading, including theoretical foundations and daily forecasts.
Find a Broker
Brokers are intermediaries between the trader and the market. If you want to succeed on Forex, it is necessary to choose a reliable company. When choosing a broker, the following points are important:
- License. Pay attention to where the company is registered and whether it has a license.
- Trading terms. Check the trading terms the company provides: leverage, spread, commission size, minimum deposit requirements.
- Software. Choose a broker who is ready to offer trading platforms for various devices with advanced functionality.
- Support. High-quality and round-the-clock support is an inherent component of a reliable forex broker. Ask their support team any questions you might have. If they take their time or ignore your questions – this broker is not for you.
- Security and privacy. An important characteristic of the reliability is the availability of trustworthy liquidity providers, the conditions of withdrawal and storage of clients’ funds.
JustForex Broker has been providing online trading services since 2012. During this time, they managed to prove their reliability and competence, as well as to become one of the most popular brokers in Asia. The company is regulated by the Belize International Financial Services Commission. Quality, reliability, professionalism are the basic principles that guide the forex broker.
Once you pick your broker, start a demo account. It is a good way to gain trading skills and get acquainted with Forex without risks.
JustForex demo accounts have no restrictions, unlike other brokers. You can open any number of training accounts and trade as long as you need, however, they will be deleted if not used for more than 90 days. All the company’s demo accounts are as close as possible to the terms of real trading and work on a similar principle.