Although the claim that 95% of forex traders lose money can be debated at length, this statistic does at least some insight into the challenges facing those who try their hand at currency trading. While this market may deliver high, margin-based returns, for example, it is also prone to considerable volatility and can also suffer from sudden price movements. It is certainly not a market for the feint-hearted, while beginners must also take the time to research the foreign exchange in detail before taking their initial steps.
While the rise of online trading outlets and brokerage firms have removed many of the barriers to entry facing novice currency traders, the foreign exchange is still and extremely complex market that demands a great deal from beginners. With this in mind, here is a quick and basic guide to get you started: –
Trial a Demo Account with your service provider
Arguably the primary benefit of trading online is the option to invest through a demo account, and this is accessible through the majority of reputable, virtual brokers. A demo account replicates all of the conditions associated with the live market, with the exception that traders can invest virtual currency to trial their strategies without risk. If you are able to trade through a demo account for a period of three to six months, you can gradually hone your skills while optimising your chances of success in the live market.
Get Trading on your Mobile
Another key benefit of online trading is that you can access your account in real-time, without the need to funnel information through a middleman. This means little without mobile access, as using as associated trading app through your smartphone or tablet enables you to implement time-sensitive trades while on the move. This will ensure that you make the most from your strategy, while also executing trades during all three sessions of currency trading.
As online brokerage platforms have continued to evolve, they have added new dimensions to the virtual trading experience. One of the most impactful has been the development of real-time news resources, while serve the dual purpose of issuing breaking financial bulletins and analyzing live market trends. This can provide the type of market insight that simplifies the experience for novice traders, while also ensuring that they tailor their strategy where necessary in line with wider, external factors.