Welcome to forex trading guide
Welcome to online forex guide, where you will learn how to start trading in forex online.
Trading in foreign currencies, also called forex, allows trading 24-hours a day, five days a week, in the largest and most liquid market in the world. If you are interested in working part-time, and possibly earning a living sitting at home, then you have come to the right place!
On this site, you will find all the resources you need to get started trading in forex, for free
After you have understood how the forex market works, it is best to first experiment with a free demo account. You can sign up with any online trading service, and should try out several to see who you feel comfortable with. Starting up in the forex market doesn't require a large sum of money - you can start with as little as $25, and may even be able to deposit money using your credit card.
Intro to Forex >>
Forex Trade Baisic
Forex Trading is trading currencies from different countries against each other. Forex is acronym of Foreign Exchange.
For example, in Europe the currency in circulation is called the Euro (EUR) and in the United States the currency in circulation is called the US Dollar (USD). An example of a forex trade is to buy the Euro while simultaneously selling US Dollar. This is called going long on the EUR/USD.
Intro to Forex >>
Forex Trade Baisic
Forex Trading is trading currencies from different countries against each other. Forex is acronym of Foreign Exchange.
For example, in Europe the currency in circulation is called the Euro (EUR) and in the United States the currency in circulation is called the US Dollar (USD). An example of a forex trade is to buy the Euro while simultaneously selling US Dollar. This is called going long on the EUR/USD.
4. Indecisive Trading
Sometimes you might find yourself suffering from trading remorse. This happens when a trade that you open isn't immediately profitable, and you start saying to yourself that you picked the wrong direction, and then you close your trade and reverse it, only to see the market go back in the initial direction that you chose.
Solution:
Pick a direction and stick with it. All that switching back and forth will just make you lose little bits of your account at a time.
5. Trying to pick tops or bottoms
Many new traders try to pick turning points in currency pairs. They will place a trade on a pair, and as it keeps going in the wrong direction, they continue to add to their position being sure that it is about to turn around this time. If you trade this way, in the end you end up with much more exposure than you planned, and a terribly negative trade.
Solution:
Trade with the trend. It's not worth the bragging rights to pick one bottom out of 10 attempts. If you think the trend is going to change and you want to take a trade in the new possible direction, wait for a confirmed trend change.
6. Refusing to be wrong
Some trades just don't work out. It's human nature to want to be right, but sometimes we just aren't. As a trader, sometimes you have to just be wrong and move on, instead of clinging to the idea of being right and ending up with a blown account.
Sometimes you might find yourself suffering from trading remorse. This happens when a trade that you open isn't immediately profitable, and you start saying to yourself that you picked the wrong direction, and then you close your trade and reverse it, only to see the market go back in the initial direction that you chose.
Solution:
Pick a direction and stick with it. All that switching back and forth will just make you lose little bits of your account at a time.
5. Trying to pick tops or bottoms
Many new traders try to pick turning points in currency pairs. They will place a trade on a pair, and as it keeps going in the wrong direction, they continue to add to their position being sure that it is about to turn around this time. If you trade this way, in the end you end up with much more exposure than you planned, and a terribly negative trade.
Solution:
Trade with the trend. It's not worth the bragging rights to pick one bottom out of 10 attempts. If you think the trend is going to change and you want to take a trade in the new possible direction, wait for a confirmed trend change.
6. Refusing to be wrong
Some trades just don't work out. It's human nature to want to be right, but sometimes we just aren't. As a trader, sometimes you have to just be wrong and move on, instead of clinging to the idea of being right and ending up with a blown account.
