Forex for beginners

Forex for beginners

Basics of Forex

There are five aspects fundamental in the market of exchange of currency, that the trader novice and the professional should have in has:

Technical analysis of Forex

Fundamental analysis of Forex

Psychology of Forex trading

Money management

Forex brokerage

Understand and master these aspects of trading is essential to organize their Forex trading.

Fundamental analysis of Forex

Fundamental analysis is a process of market analysis that is done using the actual events in the markets and macroeconomic data, which are related to the currency, used in trading. Fundamental analysis is not only used in Forex, also can be part of any planning. Fundamental analysis of Forex concepts include: daily interest rates, meetings and decisions of central banks, all the macroeconomic news, world news industry, economic news, politics and weather. Fundamental analysis is the most natural analysis to make forecasts on the Forex market. In theory, it should work perfectly if only, but in practice it is used often on par with technical analysis.

Technical analysis of Forex

Technical analysis is a process of market analysis where it is hoped only market data. Quotes, simple indicators and complexes, the volume of supply and demand, previous data of the market. The main idea of the technical analysis of Forex is a postulate of the dependence of the technical future market data referring to the previous technical data of the market. As fundamental analysis, it is believed that technical analysis is self-sufficient and you can use it to Trade Forex successfully. In practice, both methods of analysis are used at the same time.

Money management

Even if you mastered all the methods of market analysis and makes very accurate predictions for the future of Forex market behavior, you will not earn money without the proper money management strategy. The management of money in Forex (as well as other financial markets) is a complex set of rules that you develop so that they suit your style of trading and the amount of money that is assigned for trading. Money management is a key and very important for earning profits in Forex.

Psychology of Forex trading

While learning about the analysis of the market and money management is obvious and necessary to be a trader, Forex success, you must also master their emotions to take care of trading performance and keep it under control of the mind and the intuition. Control of emotions in Forex trading is often a balance between greed and security. Almost all practices and psychological techniques can work for Forex traders and allow you to continue with their strategies of trading rather than spontaneous emotions. The problems with which the professional Forex trader has to deal are:

Lack of discipline

Lack of confidence

Greed

Overtrading

Remain blind to other forecasts

Forex brokerage

Each trader Forex as any other professional needs tools to carry out operations. One of these vital tools for the market, it is a broker of Forex and specifically for Internet - Forex broker online - a company that will provide the market information in real time and take their orders to the Forex market. When you choose the right Forex broker you will need to find the following:

A professional company you can trust

To provide contributions in real time for you

Running fast and concrete orders

No copper very high commissions

Support methods to withdraw and deposit that you can use.

I recommend these four brokers for Forex beginners; they are probably the best Forex brokers to start trading:

FXOpen - one of the most popular brokers and growing with the MetaTrader platform and favorable trading terms for all types of traders.

eToro - offers the MetaTrader platform but offers a single platform which is especially good for beginners; it also has a good support service for customers.

InstaForex - a broker that offers trading Forex MetaTrader 4 platform and does not require much money to start operations.