Forex trading for beginners

The first thing you need to know for those new to trading is what Forex is. Forex is an international foreign exchange market where various currencies are exchanged. Every year, more and more people are paying attention to this type of investment due to its accessibility and potential profitability. However, before diving into the world of Forex trading, it is important to understand the basics and develop a strategy. In this article, we will look at the basic steps that will help beginners start their journey in trading the foreign exchange market.

Before you start trading forex, you need to begin learning for beginners for beginners. Most often, unemployed people, students, office or government workers are interested in the topic of learning forex trading. services, as well as specialists of other professions. Below is a trading video for beginners, which clearly shows how to start trading step by step:

On our YouTube channel you can find trading lessons for beginners, which teach how to trade forex with minimal risks. The video blog covers strategies for beginners - day trading, scalping, swing or position trading, as well as forex basics for beginners. After watching the video, you may still have questions about how to create an account with a broker and start trading foreign exchange. Therefore, we propose to analyze each step in detail from expert advisor - Mark Ohaire.

How to start trading for beginners

Beginners need to take time to learn before they start trading. Learning basic Forex concepts such as currency pairs, lots, pips, etc. is the first step to successful trading. Our experts have compiled an online course with video lessons and literature on this topic that will help beginners master the basics of trading. Instead of searching for forex books for dummies, download forex trading for beginners full course in PDF document:

Read the free guide for beginner traders in English, which reveals all the necessary information to start in Forex. The information is relevant for quickly learning trading in countries such as India, Pakistan and other countries of the world. Next, we begin a step-by-step guide on how to join the foreign exchange market and trade for beginners.

Choose a broker and trading platform

The first step of a novice trader is to choose the ideal broker with whom he will subsequently cooperate. It is advisable to approach this consciously in order to avoid large spreads in currency trading and commissions when investing. Choosing the right broker is key to successful Forex trading. A beginner should pay attention to criteria such as license, reputation, spreads, commissions, quality of customer service and trading conditions. Before opening a real account, it is recommended to conduct thorough research and choose a broker that suits your needs and goals. In 2024, there are many online stock brokers and each of them provides different services/tools as well as unique trading rules and conditions on their platform. The best two forex brokers for beginners are a "Roboforex" and "Forex Club". You can get acquainted with them in our separate article about forex brokers reviews.

Roboforex together with Forex Club are low spread stock brokers and also have their own trading platforms - Libertex and Stockstrader. Each of the online platforms was awarded in such categories as “Most trusted Broker”, “Best Crypto CFDs Broker”. "Most Reliable broker Asia", "Best trading Experience", "Best CFD Broker Europe" and others. Having decided on a broker, you can proceed to the second step for a beginner to start trading - open a brokerage profile.

Create a trading account

Having decided on the choice of broker, you need to create a personal profile for trading on Forex. For example, if you have chosen Forex Club as your representative on the foreign exchange market, you need to create an account on the official FX Club website. In order to open a trading account on Roboforex or Forexclub, use the buttons below and go to the official website of the broker:

After going to the broker’s page, you need to start registration where you need to indicate your personal data - First Name, Last Name, email, and phone number. By creating an account for trading, you agree to all the rules of the broker.

Trading account creation process.

The screenshot above shows the registration menu for the Forex Club broker on the Libertex platform, as well as for the Roboforex broker. As you can see, the phone number is not indicated in the first case.

By registering with a broker, you get access to the international forex market, but to conduct trading, you have to top up your account.

Set your budget and deposit money

The third step for a beginner who wants to start trading forex is to replenish the account with no less than the minimum amount for the transaction (often $10/$20/$50 and higher depending on the chosen instrument or currency). The minimum deposit amount cannot be less than $10. Please note that each broker sets its own commissions for certain payment systems. Basically, brokers offer to deposit money into your wallet through debit cards or electronic wallets. Forex Club provides its traders with 10 different ways to fund their profile:

• Bank cards;
• Skrill;
• Perfect Money;
• Bitcoin;
• Tether USDT ERC-20 / TRC-20;
• Ethereum;
• WebMoney;
• Bankwire transfer;
• Card Transfer

By clicking on the "Deposit" or "Make payment" button, you will be redirected to the website of your chosen payment system, where you need to complete the payment by specifying the details. The average time for crediting money when replenishing an account is 1-10 minutes. If the payment service charges a commission for transfers, you will be notified of the commission amount at the time of filling out the application.

Screenshot of the deposit menu for brokers Forex Club and Roboforex.

The screenshot above shows deposit methods through various brokerage platforms ForexClub and Roboforex. By depositing more than $100, you receive a 100% bonus for free trading, which can later be converted to your main account and used as real money.

Start forex trading

Having a minimum of $10 in your account to buy/sell or invest in one of the shares of large companies. However, before using real money, begin trading on a trading demo account. To gain skills in the foreign exchange market, beginners are advised to practice with minimal investment. If you do decide to trade on real wallet, choose low leverage to avoid large risks.

If you want to start trading for beginners with little money, create a plan that will restrain you from unnecessary expenses, for example: replenish your Forex account with exactly $100 per month and no more. The main instruments for trading are currency pairs and cryptocurrencies: GBP/USD, EUR/USD, XAU/USD, Bitcoin, Ethereum and others. Having selected one of the units, the trader needs to indicate the value “Sell” or “Buy”. Then you need to enter trade amount and multiplier (leverage) as indicated in the screenshot below:

Trading process on the Forex Club and Roboforex brokers.

Forex trading can be fun and profitable, but it requires careful preparation and self-discipline for beginners. By following the steps above and constantly improving their skills, beginners can achieve success in the foreign exchange market. However, it is important to remember that Forex trading also carries risks, and you need to be prepared for potential financial losses before you start trading.

If after studying this material you still have questions, we recommend studying our article about forex trading. You can also study the lessons on the course with 10 lessons "Forex for beginners" in PDF format at the beginning of the article and leave feedback in the comments.