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How You Can Trade Foreign Currency Exchange

Foreign Currency Exchange

If you’re a newbie at trading foreign currency exchange, start to get into the mood by shopping around for a “good demo account”. If you don’t know where to find some, here’s 100 potentials to kick start your forex education: “100forexbrokers.com”. Look for a trading platform that feels comfortable to use. Check out all the ways that you can launch a trade, including how many different kinds of stops are available. Inquire as to whether you can modulate the amount of leverage that you want to use, per trade, at any time. Pull up some charts. If you can put a “Fibonacci retracement array” plus an “Awesome Oscillator” on a 15-minute AUD/USD chart, you might have a winner. Finally, call up the customer service department at London’s midnight and see if your phone call is answered by a human being.
While this is going on, start reading some forex-related websites that can help you with your trading. Mr Jim Trott, at “forexlive.com” is worth the trouble to track down.

What Essential Materials Do You Need To Start Trading Foreign Currency Exchange?

Depending upon how much spare change is in your pocketbook, you could start off your forex career in a free library, using a free computer to open up a free “demo account”. Then, you could start learning the ins and outs of trading on a real-time basis without risking your own money. This is stress-free learning at its best, so try to learn as much as you can before opening up a “real account” that will set you back at least $50 in cash. “Demos” are great for learning how to launch and retrieve a trade, modulating your leverage to fit the volatility of the currency pair before you and figuring out how to use charts to increase your profitability.

How Demo Accounts Can Help You Practise Your Foreign Currency Exchange Skills

No 2 demos are alike, so shop around. You may even want to open up 2 or more – at the same time – and run the same trade on both of them, simultaneously. This will allow you to directly compare trade execution quality and fees, plus how clearly your trades are being recorded. Another area to pay particularly attention to is the charting section of the platform that you’re using. If it doesn’t have stuff like “Fibonacci retracement array” capabilities or something called an “Ichimoku Cloud” indicator, find another platform. In fact, unless the platform has better charting capabilities than “tradingview.com”, don’t bother with it. You need great charts to guide your trades. Check out the charts on “TradeStation”, for example.

Getting The Best Guidance Before You Trade Foreign Currency Exchange

The internet has quite a few websites where expert trading advice and commentary is freely available. For instance, the former head of forex dealing for the Bank of England, Mr Jim Trott, is always around – during the UK’s morning – at “forexlive.com”, giving his opinion and answering questions. Similarly, Mr Sean Lee, a former forex bank dealer who now owns “fxww.com”, is always up and around during normal Asian trading session hours, freely giving out very exact trading advice and commentary. For forum-related advice, try the “newbie island” section of “babpips.com”. Many of the commentators at this free website are old trading pros who are really interested in helping forex trading beginners. For some, “ransquawk.com” is worth the price of subscription.

 

 

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