How do I trade forex?

[Bhavya Gulati]

Traders should prefer focusing on learning and developing required skills before trading forex live.

 

[J. Kobra]

Initially a trader should trade on demo account and develop forex basics so he can survive in live trading for a long time.

 

[Oscar_0]

Small amounts can be a good start to also test the brokers processes which can't be tested on a demo account like the withdraws.

I think if a trader is starting trading initially, he should step forward with a small amount of investment.

 

[Jessie]

Forex trading refers to exchanging currency value pairs in the financial markets. It means you are exchanging the value of one currency for another. Currencies are traded in pairs because you will be buying one currency and selling another simultaneously.

Here are a few steps to trade forex:

1. If you are a beginner, you can choose a common currency pair such as EUR/USD. EUR here refers to the base currency, and USD here refers to the quote currency.

2. Research and do your complete analysis for the currency pair. It should include the different factors that will impact the value of the price. Also, keep yourself updated on the political and economic changes happening in the world to determine and changes in the value.

3. Read and understand the quote. In every quote, there will be two prices mentioned. The first price and the second price refer to the price at which the currency pair can be sold and bought in the forex trade. The difference between the two prices is called the spread.

4. Based on your analysis, you can either take a buy or sell position. If you feel that the value of the base currency will increase in comparison to the quote currency, you can take a buy position. And, if you feel the value of the base currency will fall in comparison to the quote currency, you can go with a sell position.

Forex trading involves exchanging one currency for another in pairs, like EUR/USD. Research and analyze currency pairs, monitor economic and political factors, and understand the quote prices and spread. Decide on a buy or sell position based on your analysis of expected currency value changes.

 

[FXO_trader]

The essence of forex trading is speculation on the difference in prices of currency pairs. Forex gives the opportunity to earn both on the growth of the currency and on its fall. But before starting real trading on forex, the trader can practice on a demo account. A demo account will also be needed in the future to test trading strategies, robots.

 

[tamaa]

you can read the introduction to forex trading at babypips dot com. check their pipsology its free, then choose a broker, i believe hfm is one of the brokers that are in india.. then practice on demo before going live