Forex trading has become increasingly popular from the past decade. One of the most fascinating things about this market – there is no brick and mortar marketplace for Forex trading. Every transaction is done electronically over-the-counter. Unlike the stock exchange, the Forex market remains open round the clock with currencies traded across every time zone, five days every week. Advances in technology and the proliferation of mobile accessible sites have made it easier than ever to trade currencies. While trading forex has become easier now than ever before because you can trade online via the internet, most novice traders still lose money.

When learning about the market you need to get acquainted with all the important concepts and mechanisms behind Forex trading. In this article we explored how novice traders can learn Forex trading easily? And how long can one start trading easily.

Learn About Trading

Then it’s a time to start testing on a demo account and finding your trading style: Is scalping, Intraday, Swing, or Position trading more suitable for you.

Know the Market

technical traders prefer technical analysis tools such as Fibonacci retracements and other indictors to forecast market movements. Most traders use a combination of the two. No matter what your style, it is important you use the tools at your disposal to find potential trading opportunities in moving markets.

Connect with a Fast internet

Choose a Reliable Forex Broker

• Trading conditions: find out what are the spreads, commissions if any, and swap rates for the currency pairs you want to trade.
• Minimum deposit requirement: find out what is the minimum deposit requirement and what is the margin/leverage that can be used.
• Currency pairs available for trading: most Forex brokers offer a wide range of currency pairs and CFDs on stocks, precious metals, indices, oil, etc. Make sure the broker offers the currency pairs and CFDs you want to trade.
• Dedicated customer support: find out how you can contact your broker when you have questions (ex: via email, phone or live chat) and in what languages they offer support.
• Bonuses and contests: many brokers offer welcome bonuses to new clients. Check out what bonuses are given by the broker and if there are any contests that will keep you motivated throughout your trading.

It’s important to have a good partner by your side, so choose carefully. Winstone Prime qualifies all the points noted.

Conclusion

A combination of factors that include unfamiliarity with the market, insufficient trading capital, not trading according to a plan and failing to practice sound money management techniques to preserve trading capital contribute to the loss. But, once these inhibitory factors are overcome, just about anyone has a chance at becoming a successful forex trader.

Best wishes for your Forex Journey.