How to survive your first Forex account
Forex market exchange is not a new concept by any stretch of imagination, foreign exchange has been up and available for public for well over two decades now, but only with the mass expansion of the internet and true decentralisation of this market did it become so popular that there are very few people who spend their time online that have no idea or have not at least heard of a Forex account.
What is Forex? It’s a foreign exchange market where you can trade currencies. It consists of central banks, investors, speculators, corporations, governments and financial institutions that are all there to get some advantage over one another in what is perceived to be the very first perfect form of decentralized trading system. The average daily turnover has breached the $4 trillion, and since this is a market that is open to absolutely anyone it’s no wonder more and more people want to dive in and see if they can get their share of the cookie.
If you’ve seen forex or forex strategy ads, then you probably want to get some super secret tip on how to trade on Forex. Whenever you see a tip like that, my advice is for you to just navigate away from the site offering that tip, because there’s no perfect solution or secret, trading on forex may earn you money from the comfort of your home, but that doesn’t make it easy by any stretch of the imagination. Just like any other work, you need to do a lot of studying and be ready to do a lot of work if you don’t want to make this Forex expedition just an expensive mistake.
So, my first tip is to not pay for tutorials and to not pay attention to Forex forums, most of the people there are either there to troll or sell you something. If you want to see if the life of a Forex trader is for you, set up a demo account or two and get to work, see if navigating through prices and buying/selling assets is right for you – it shouldn’t take long for you to either blow through your initial Forex demo money or to start turning a profit.
Most important thing to know is that you need to be well educated to do proper Forex trading. I don’t mean university knowledge, you can get away with just reading books on the topic of global markets, but you do have to obtain basic sense of where the money is going and how you can snag some of it. As a home Forex trader, you have to realize that your impact on the global market is nearly negligible and that you need to find a way through the trades that will let you obtain some profits, which is not an easy thing at all, especially in the modern crisis hit world.