5 Must-Step Forex Trading For Beginners

Forex is a type of trade or transaction that trades the currency of a country against the currency of another country. Forex trading takes place 24 hours. People buy or sell currencies in this forex market.

The purpose of forex trading is to predict the direction of price changes. That way, traders can benefit from the difference between buying and selling prices. However, in fact learning forex trading is not as easy as imagined. This is evidenced by the number of people who are just learning forex will quickly go bankrupt. Therefore, before traders start trading forex, traders should know the steps first. Here are 5 mandatory steps for forex trading for beginners.

Know the Goals and Risk Profile

Traders before starting trading, traders need to know the trader's financial goals. Then, the trader must make a financial plan and the target that the trader wants to achieve. after that, find out for yourself the risk profile of the trader. The risk profile is the trader's tolerance level for losses that may arise from trading. There are many ways that a trader can use to identify a trader's risk profile.

Get More Trading Knowledge

After knowing the goals and risk profile of a trader, start getting the basic things that traders need to know in forex trading. By gaining more trading knowledge, traders will gain comprehensive knowledge of the basics of trading completely and easily.

Open Demo Account

For beginners in forex trading, of course, traders need to practice trading directly. One of the easiest ways is to open a demo account at the trader's preferred broker. A demo account is a trading account that traders can use to practice with virtual funds. Thus, traders can immediately experience trading on financial markets in real-time, without having to worry about losing funds.

Get to know Technical and Fundamental Analysis

If the trader has mastered the basics of trading including opening and closing positions, it's time for traders to learn various trading analysis techniques. There are two most common types of trading analysis, namely technical and fundamental analysis.

Technical analysis is an analytical technique that utilizes data and positions and movement of currency price charts. While fundamental analysis involves analyzing financial conditions in the world that may affect currency price movements.


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