The Forex market is becoming more and more popular every year among people who want to make money trading currencies. But to start trading, you need to know a lot and be able to. In particular, to understand the Forex operating mode and understand how trading is carried out.
Necessary
- - access to the Internet;
- - a trading account with a selected broker;
- - funds for trading.
Instructions
Step 1
You can trade Forex five days a week, from Monday night to Saturday night. The exact working time can always be determined by the time of the trading terminal; it may differ slightly for different brokers - within 1-2 hours. There are no other days off for Forex, however, on Christmas and some other major holidays, many trading floors are closed, so trading activity on such days is minimal.
Step 2
In Forex, it is customary to highlight trading sessions. Their existence is due to the fact that trading takes place around the clock, but due to the difference in time zones, not all trading platforms work at the same time. At 23:00 Moscow time, the Pacific session begins, with Australia and Oceania taking part. Asia joins the trade at 3 am. The European session starts at 10 am, and the American session starts at 4 pm. The beginning of each session is usually the most active time.
Step 3
Forex trading is carried out through brokerage companies. To register, you do not need to go anywhere, everything is done via the Internet in a matter of minutes. To choose a reliable broker, it is recommended to first read the reviews of traders on independent forums. Next, you need to download a trading terminal from the broker's website (best of all, Meta Trader 4), replenish your account with a certain amount - for example, $ 100, and you can start trading.
Step 4
The way to make money on the foreign exchange market is outwardly very simple. Each currency has a certain value in relation to others, due to this, the so-called currency pairs are formed. The most popular is the EURUSD pair - the euro against the US dollar. If the rate of the pair is, for example, 1.3445, this means that for 1 euro they give 1, 3445 $.
Step 5
Deals can be carried out both for buying and selling. For example, the rate is 1.3445. You think that it will decline to 1.3400 - that is, by 45 points. Having opened a sell trade, you wait for the price to reach 1.3400 and close the trade, making a profit. Closing can also occur automatically, at a predetermined level by you. It is the same with a buy - you open a trade at the same level, wait for the rate to rise, and close the trade. The profit goes straight to your trading account.
Step 6
The level of earnings directly depends on what amounts are invested in trade. For example, you invested $ 100, this will allow you to comfortably trade with a lot of 0.01. On the EURUSD pair, each point of the price will give you 10 cents of profit or loss. The average daily movement of the pair is about 50-100 points. If you were able to take 50 pips, you will get $ 5 profit. With a lot of 0, 1 (and a deposit of $ 1000), this will already be $ 50, with 1 lot ($ 10,000 deposit) - $ 500. The deposit may be less, but the level of risk increases.
Step 7
It is possible to generate very good income in Forex, but this requires many years of experience. A beginner is guaranteed to lose the invested funds, so it is not recommended to immediately invest large amounts. It is better to learn to trade without a demo account - it looks no different from a real one, but trading is done using virtual funds. Only after learning how to earn money on a demo account steadily, you can start real trading.
