Forex Guide for Beginners
How to get started
In this forex guide for beginners you will learn of the many advantages of trading forex but also the harsh truth. Entering the world of Foreign Exchange, or Forex can be daunting at first. However, with the right tools and resources at your disposal, you can be set up for success on the world’s largest financial market. Many aspiring traders will be barraged with fake gurus, supposed “Forex Experts,” and expensive premium discords for trade alerts or tradebots. The fact of the matter is, these people are oversimplifying trading, in order to hook beginners in and make money off them, regardless of their personal success. Trading is not by any means easy, but if done right, it can be extremely profitable.
What is Forex Trading?
Forex trading, or foreign exchange trading, consists of buying and selling various currency pairs in attempt to profit off of fluctuations in exchange rates. In simple terms, it is betting on whether the value of a certain foreign currency will go up or down in comparison to the opposing currency. For example, if I buy lots of EUR/USD, I believe that the value of the Euro will appreciate against the US Dollar.
Forex Solutions: Forex Guide for Beginners
Why should you start trading Forex?
Only financial market open 24 hours a day.
This financial market is unique from others as the global market is open 24/7. The market is open somewhere in the world at all times due to differing time zones. Markets are open from 5pm EST on Sunday to 6pm EST on Friday.
Trade with leverage.
Forex trades are made with the use of lot sizes, not dollar amounts. It depends on the margin you choose to use with your chosen broker, but, typically, 1 lot = $100,000 USD. This allows traders to do more with less.
Largest financial market worldwide.
In terms of value, volume, and liquidity, this market is the world leader. With around $6.6 trillion in daily turnover, it is 27x larger than the equities market and 12x larger than the futures market.
More than currencies can be traded.
Many forex brokers offer more than standard forex currency trading. They also offer contracts for difference (CFDs) for various assets, including commodities, indices, shares, and cryptocurrencies.
Relatively small minimum deposit.
Most brokers require relatively small minimum deposits of around $200. This varies by broker, but, in general, you can get started with a rather small initial investment.
All brokers offer a risk free way to develop skills.
Every broker will offer you the opportunity to practice trading live markets with demo accounts. These accounts are using simulated money but with live markets, allowing traders to develop their skills before making a real investment.
Convinced? Start trading today!
Forex Solutions is run by one individual and is not a public corporation. This site is simply an affiliate marketing platform where I, as a seasoned investor, university economics student, and financial market enthusiast, share basic information about trading forex, as well as other financial instruments. My goal is to help as many new traders avoid getting stuck in a cycle of trying different things and giving up when it gets hard, while getting all this clickbait information thrown at you. These people simply flaunt their wealth and make trading/investing out to be something it truly is not, easy.
Truth is, this stuff is simple, but not easy. The basic premise of these markets makes complete logical sense and the concepts are fairly simple. However, the process of starting this stuff is not easy at all. You first are faced with too many options with brokers, tools, and resources that overcomplicate things. Again, my goal is to simplify these concepts and give you a wide range, yet meticulously selected group of brokers which I recommend to others. I make money by referring traders to these platforms and growing these brokers client bases. I am not I financial advisor and this is not financial advice.