Forex market is more than 7 trillion USD a day market in the world and carries potential to generate 6-7 figure income/ month.
For a beginner to start trading in forex market, they should first learn the basics of Forex trading.
This includes understanding what Forex is, how the market works, potential in forex market, how they can make money with this. And for learning, they can go through various sources like google, books, courses, YouTube.
After learning the basics, a beginner should open a demo account with a reputable Forex broker.
Where they can practice trading with proper technical analysis & risk management and gain experience without risking real money. Once they are comfortable with trading on a demo account, they can then open a live account and start trading with real money.
And here traders face one of the most difficult parts of trading-
Now a days, there are lot of forex broker in the market, and it could be really difficult for them to select the best broker. But before going with any broker, they should 1st evaluate 2 major points about the broker.
- Their customer supports
- Deposit & withdraw process
And only few brokers provide best customer service in the world. And XM is one of them. XM provide direct support on call to all of there clients. And there deposit & withdraw also processed on same day generally. So if you are planning to start real trading them XM is the best broker for you.
You can open account on XM from here- https://bit.ly/Joinxmbroker
A new comer should understand technical analysis, which will enable them to predict the market’s future price. This can do this with price action, supply and demand, and indications. But the only method that will keep you prosperous over the long term is risk management, thus a newbie must understand importance of risk management in trading.
After opening an account and having a bit experience of technical. It is also important for beginners to develop a trading strategy and to manage their risk properly. This includes setting stop-loss orders to limit potential losses and not risking more than they can afford to lose. Additionally, beginners should keep up with market news and events that could affect their trades.
A newbie should keep a trading journal on a regular basis. This helps them to identify their blunders. Maintaining a trading journal will help you to know about your trading mistakes and helps in making them correct with time.
Overall, for a beginner to start trading in the forex market requires education, practice, and proper risk management and the most important thing is to have patience and give time to the market.
And they should be aware that their journey could be rough for 1-3 years in starting where they need to do lot of hard work & dedication. And once they overcome this journey, they are set for there whole life.
They can easily make 6-7 figure income/ month & no matter where they are from. They just need internet & laptop to trade even from vacations too.