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Introduction to Forex

April 26, 2010

By Klinta Dzene

There are a list of positive aspects for working in the Foreign Exchange (Forex) market, which are: 1) the market is open for trading activities 24 hours, five workdays; 2) It is possible to work wherever you are as long as you have internet connection; 3) it has „liquidity” – which means – if you want to cancel a deal it is relatively easy and doesn’t cause additional losses; 4) you don’t need any previous education in economics and 5) there are no age restrictions.

As mentioned here, to become a trader generally requires three phases – first, you need to make a demo account to learn and experiment with monetary trade principles and techniques without losing money. It is possible to download trading platform.

Then, when you have experience and are confident about skills you can start with real money (don’t start trading with significant resources until you have at least two months experience). When the trader has reached a professional level and is confident, the trader adds customers.

Broker companies offer trader training courses, and usually they have introduction evenings about main principles of the market. There are video lecture introduction about Forex from UK trader.

This video explains the common mistakes of beginner traders. While it is easy to learn strategies, it is hard to make a profit. Common mistakes of beginners include treating Forex market as a gambling place and trusting only their intuition. Keep in mind – broker companies make money when the individual trader loses.

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