The Beginners Guide To Forex Trading That Will Have You Trading In The Quickest Possible Time The world of currency exchange trading is not something that you can jump straight into without some training and the right tools to give you every chance of success. This article provides a starting guide so that you can learn the basics. The word Forex is derived from “Foreign Exchange” and it means trading with foreign currencies. As the prices of the world’s currencies are constantly changing, it’s obvious that Forex trading involves speculation about the value of currencies. The market where foreign currencies are traded is often referred to as the Forex Market, and it is one of the largest markets in the world. For those who still consider themselves “dummies” in the Forex trading world, we will explain it very clearly. As Forex trading is based on the comparison of a currency’s value to another, you have to choose a currency pair and simultaneously buy and sell it. The first currency of the pair is called the base currency; the second is the quote currency. When trading with foreign currencies, you usually buy the base currency and sell the quote currency. The quoted rate shows you how much of the quote currency is required to buy one unit of the base currency. Let’s say, you choose the USD/EUR currency pair with the 1.5 quoted rate. If you buy this currency pair, you will get $1 USD for every €1.5 EUR you sell. If you sell it, you’ll get €1.5 EUR for every $1 USD you sell. In order to get started you need a small amount of money, trading knowledge and a trading platform. You can trade 24 hours a day, 5 days a week. Weekends are when the major trading markets are closed. Forex trading platforms are the trading software though which you can execute your trades and manage your account. There are lots of such trading platforms on the Web. Now we will briefly discuss the most popular ones. OptionFair Trading Platform – It allows you to trade on currencies, stock, commodities and indices. Trading is based on a forecast of the value of an asset at expiry time. This can result in high returns, but it means a higher risk factor as well, since forecast on small price modifications is difficult. Here you can choose from Standard, Gold or Platinum accounts. Plus500 Trading Platform - it’s unique because of its user-friendly interface. It’s clear, transparent, users are not overwhelmed with a big amount of information, and important data are available on one single page. It provides one kind of account and 100 EUR is the minimum deposit. Easy Forex – this software is just as ideal for a beginner as well as for the most experienced Forex trader. Here you can make a mini account with $25, or a VIP
membership with $10,000. Through different trading options and even a mobile app, you are able to trade anywhere in the world. AvaFX Trading – Its main advantage is that it’s multi-faceted, and offers many configuration options to best suit the preferences of different users. It provides Silver, Gold, Platinum and VIP membership. eToro Forex Trading Platform – it’s unique because it’s a social investment network, where beginners and professionals can interact and share information. The minimum deposit is $50. The platform provides Bronze, Silver, Gold and VIP accounts. Moreover, before trading with real money, you can open a demo account and practice trading.
Resource Foreign exchange trading or Forex is now open to everybody and significant profits can be made if you know what you are doing. You can get further fx trading for dummies and get advice on the best forex trading platform by using the Internet and search engines to find what you want. Look for web sites that have authority as you will want to make sure that you are receiving the best possible advice. When it comes to choosing a trading platform read the terms and conditions carefully so that you are fully aware of the commission levels that you will have to pay.