Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Forex Trading Education: 6 things to do ' Newbie ' before you start Trading



When trading futures products decided to, meaning you another step towards financial freedom. But you must not forget the advantages of investment does not come by easily, and sometimes have to go through winding roads. If the same trading principle, analogous to the principle of trading: you must turn a profit greater than the capital that you instill.


Unfortunately as the ' new player ', many investors still perplexed by what to do when want to start a transaction in the market. It could be because it does not know what to do or too afraid of losing money.

Get rid of your fears! Instill confidence and follow these tips:

1. specify the product that you will are operating with

Although the procedures for trading same, each product Futures has the characteristic of each. Please choose the product that best suits your characteristics. If you belong to a newbie and want to play ' safe ', please select a product or price volatility fluctuations are relatively lower. The main currency pair EUR/USD has sort of swing or swing a smaller price than gold (XAU) in quiet market conditions. However you also have to remember that the pattern is not always the case because of the volatility of each product depend on fundamental news affected him.

2. ' get acquainted ' with your trading platform

After joining, your brokerage firm provided facilities application platform that was used to buy and sell online, for example Meta Trader. Don't just fixated on column buy and sell. Make sure you open any menu and options that exist within the screen platform and understand its functions one by one. If there are parts that are less understood, please find out from the internet, books or ask the financial consultant. To know in a more clear, need not hesitate to follow educational programs run by your brokerage firm. Download a free Meta Trader could be here.

3. Understand the relationship between the economic news and price movements

A fundamental factor in the financial market stemming from the news, data, reports and rumors circulating in the market. Learn about the correlation between the release of a news and products that you are operating with. Assume you product trading EUR/USD, then when the United States Central Bank raise rates, then the currency pair that you hold will be weakened. This is possible because of rising interest rates in the US resulted in the exchange rate of its currency, the US Dollar.

4. learn technical analysis

After mastering fundamental factor, you need to learn technical analysis. A technical study is how to read price movements using charts and indicators. You don't need to purchase or install a technical platform in a PC or a tablet because of ' tools ' needed for technical analysis already exists in your trading platform. At the beginning it may seem complicated, but if you already understand and find the appropriate settings, your trading will be far more engrossing.

5. Focus on one product first

For example you choose gold or gold (symbol: XAU) as a product to be traded for the first time. Make sure you find out everything about gold, ranging from the origin of traded in futures markets to price movements in the history of the last few years. Understand any fundamental news which could affect its movement and the target price is closest to wearing the technical charts. It would be nice to be ' experts ' in one product rather than trading in many products without sufficient knowledge.

6. Don't be shy and ask

"Ashamed of asking heresy in the market." There are so many terms and strategies used in the world of trading. It is certainly confusing for those of you unfamiliar. The best way to understand it is to learn and ask questions. All the information the question of futures trading can indeed obtainable on the internet and books, but it doesn't hurt to ask directly to people who are more experienced as a colleague, family or educational team at your brokerage firm. People will probably assume you're talkative too often asked. But believe me, it's much better than your trading with knowledge that is mediocre.


This post first appeared on Forex Today, please read the originial post: here

Share the post

Forex Trading Education: 6 things to do ' Newbie ' before you start Trading

×

Subscribe to Forex Today

Get updates delivered right to your inbox!

Thank you for your subscription

×