Forex Trading For Beginners
- July 16, 2018
- Posted by: Richard Takemura
- Category: Blog, Entrepreneurship, Forex, Make Money Online
Forex is one of the busiest markets, as well as the most liquid market in the world, with no central bank. As of 2016, an average of $5.3 trillion was traded on the forex market daily, little wonder why it is regarded as one of the most sought-after trades today. People choose to trade in forex for various reasons, including zero commissions, no middlemen, low transaction costs, round-the-clock market, high liquidity and a host of others. Forex is every investor’s dream come true.
What is Forex Trading?
Forex simply means foreign exchange (FX) or currency trading. It is a liquid global market in which all the currencies in the world converge to trade. Forex trading involves all the aspects of buying, selling as well as exchanging different currencies at determined or current prices. The key participants in forex trading are some of the largest international banks in the world. They help to function as an anchor of trading between an array of different types of sellers and buyers around the clock.
The foreign exchange market’s exchange rate is determined by fixing the market price of a currency when paid for with another. For instance, the market determines what $1 is worth in Canadian Dollars or Japanese Yen, etc. A typical example of forex trading would be a party purchasing some amount of one currency type and paying for it with a fixed amount of another currency.
Basic Steps to Learn How to Trade Forex
Foreign exchange trading is very profitable and can be a great source of income for you. However, it is a process which you need to familiarize yourself with before dabbling into. Highlighted below are preliminary steps you can take to learn how to trade.
- Study Basic Forex Terminology
Understanding basic terminology used in forex is the first step to trading. This will help you understand the forex market better, and prevent you from making mistakes. You should familiarize with terms like exchange rate, long position, bid price, etc.
- Decide on Currencies to Trade With
Next, you need to learn all the major currencies and decide on which ones you want to trade in. Economic reports will provide you with important information you can use to value the currency of a particular country. Also, look at a country’s trading position and decide if their position can affect the value of a currency.
- Study How to Calculate Profits
You need to be able to determine whether your account has decreased or increased in value, as well as know if you have made a profit or loss. For instance, a pip will help you measure changes between two currencies and determine if it is best to trade at a given time.
- Study How to Mark Your Charts
To trade effectively, you will need to understand certain factors such support, resistance, patterns and so forth. Proper entry points, setting up losses, and exit points are key to your success. In order to do this I recommend taking a course like this one at CPSG which offers an 18 day Boot Camp that will teach the basics before you even consider getting into the market with real money.
- Open a Forex Brokerage Account
Research on different brokerage accounts, and choose one that offers you the best packages. A forex brokerage account will be used to hold and trade in your foreign currencies. It works by enabling you to deposit money in your country’s currency, and then buy and sell in pairs.
- Understanding what moves the Forex Market
The Foreign exchange market will always adjust depending on certain Macroeconomic factors. These factors can be easily tracked by staying in tune with the NYSE, NIKKEI, or actual economic numbers released by governments. A good place to watch these numbers live is Investing.com Another great website to learn about news announcement is Forexfactory.com
- Have the Right Mindset
One of the biggest factors in any form of trading is Mindset. You need to keep your emotions out of trading. You need to look at the overall picture and make a decision based off of the current price, charts, and overall market sentiment.
- Find a Mentor or Mentors
I have to credit to my success by having multiple mentors that taught me what not to do. That is why I recommend you check out this 18 day Boot Camp by Copy Profit Success Global where you will learn what you need to know to get started be supported by over 25 years of combined trading experience. I’ll explain a little more about CPSG next.
What is Copy Profit Success Global?
Copy Profit Success Global or CPSG is a company created by expert Forex traders and Network marketers. The goal of CPSG is to provide the best Forex educational platform in the world. CPSG offers the 18 day Boot Camp along with live trading webinars, signals and full support. You can ask any questions on these live webinars as the markets are actually open. They will give signals of what trades they are looking at, entry and exit point, stop losses, and also why they are looking at the trades in the first place.
Below you can see a screen shot of my current results in 20 days of trading which currently 418% profit. Disclaimer, I am an experienced and active trader so I don’t expect everyone to get the same type of results but if you follow the training and listen to the mentors there is really nothing from stopping you.
How much does it cost? The cost for a CPSG membership is $145 a month which I find is a great price point. After all you get the 18 day Boot Camp, live webinars in the market, signals, and explanation of what and why to look at certain currency pairs.
On top of generating an income from trading CPSG has an affiliate program that can generate some extra income. The really cool part is if you refer 2 new customers your monthly fee is waived. I have never seen that anywhere else. Now, if you know more than a couple people that you can refer then you should consider becoming an affiliate. You can take a look at the compensation plan to see if you’re interested in becoming an affiliate.
Following these basic steps should get you on a great start in forex trading. If you would like some support, you can join CPSG. It is the same training that helped me generate 418% profit in less than 30 days by clicking this invite. You can also contact me if you would like a detailed strategy on how to make money forex trading or learn other legitimate ways of making money online.