It offers two trading platforms: MetaTrader 4 - a current standard in online Forex, and Streamster - a custom newbie-friendly platform with standalone application, web interface, and mobile app.This Forex Trading PDF is written in such a way that even complete beginners can understand it and learn from it. AGEA - another broker with very low minimum account size - just $1.It accepts multiple deposit and withdrawal methods, including WebMoney, Skrill, and Neteller. EXNESS - a good company because you can start trading Forex with as little as 1$, use both MetaTrader 4 and MetaTrader 5 platforms.InstaForex - a reputable MetaTrader 4 broker allows Islamic (swap-free) accounts and zero-spread accounts.RoboForex - one of the most popular and innovative brokers with MetaTrader platform and comfortable trading conditions for all kind of traders.Does it support the withdrawal/deposit methods that you use?įor the beginning Forex traders, I recommend these four brokerage companies - I believe that they are among the best brokers to start with:.Are its spreads, commission, fees, swaps, and slippage reasonable?.
Is it a professional company, which you can trust?.These are the questions to answer when choosing the right Forex broker: One of these tools, which is vital to be in the market, is a Forex broker and specifically for the Internet - an online Forex broker - a company which will provide real-time market information to traders and bring their orders to the Forex market. Calming the Mind So That Body Can PerformĮvery Forex trader, like any other professional, needs tools to trade.These are very professional books on psychology written specifically for financial traders: The problems you will have to deal with while being a professional Forex trader include: Almost any known psychological practices and techniques can help currency traders to follow their trading strategies rather than their spontaneous emotions. Controlling your emotions in Forex trading is often balancing between greed and fear. While learning a lot about market analysis and money management is an obvious and necessary step to become a successful FX trader, you also need to master your emotions to keep your trading performance under strict control of mind and intuition. Money Management (A chapter from The Mathematics of Gambling).To get more information on money management, you can read these books: Money management plays very important role in getting profits out of Forex do not underestimate it. Money management in Forex (as well as in other financial markets) is a complex set of rules that you develop to fit your own trading style and amount of capital you have for trading. Candlesticks For Support And ResistanceĮven if you master every possible method of market analysis and will make very accurate predictions for future Forex market behavior, you will not make any money without a proper money management strategy.Chart Patterns and Technical Indicators.Recommended e-books on Forex technical analysis are: In practice, both analysis methods are used. Same as with fundamental analysis, technical analysis is believed to be self-sufficient and you can use it alone to trade Forex successfully. The main idea behind technical analysis of currencies is the postulate of functional dependence of the future market technical data on the past market technical data. Recommended e-books on Forex fundamental analysis:įorex technical analysis is a type of market analysis that relies only on market data numbers - quotes, charts, simple and complex indicators, volume of supply and demand, past market data, etc. In theory, it alone should work perfectly but in practice, it is often used in pair with technical analysis.
Fundamental analysis is the most natural way of making FX market forecasts. The concepts that are part of fundamental analysis of currencies: overnight interest rates, central bank meetings and decisions, any macroeconomic news, global industrial, economic, political, and weather news. Fundamental analysis is used not only in Forex but can be a part of any financial planning or forecasting. Fundamental Analysisįorex fundamental analysis is a type of market analysis that is performed based only on actual events and macroeconomic data related to the traded currencies. Understanding and mastering these aspects of trading is crucial to get a proper start in Forex.
There are five essential aspects of foreign currency market everyone should be aware of: If you have already read the What is Forex? page, then you should know what Forex market is and what it is all about.