Since the forex trading beginners as well as experienced irritates market professionals, has developed in recent years a erkleckliches range of seminars and coaching for newcomers. High prices for help with the first steps, but almost never worth it: If you want to learn currency trading can draw a clear conscience to the offers of brokers and independent basic literature.
When offering broker beginners in forex trading tips and tricks for doing this is done of course not entirely altruistic: The trading companies want their customers to encourage active trading and eliminate barriers along the way. Despite the «ulterior motives» The services offered by brokers for entry are good: seminars and webinars on topics related to trading platform, technical analysis and strategies are either free or very low, and are high-priced offerings from specialized providers often in no way inferior.
The most prestigious and especially trustworthy broker we have in our Forex broker comparisonsummarized.
The most important facts about the currency trading:
- Forex market as the largest and most liquid market in the world
- Forex trading can be learned for free
- Many brokers offer this webinars and training courses
- For successful trading besides basic knowledge and experience is required
- Experience to be gained with a demo account
1.) We present the world of forex trading
Before we look at how traders can learn forex trading for free, we want to first explain what forex trading is all. First of all, the forex market is the world’s largest and most liquid market. Day after day, to execute several trillion dollars. Basically speculate the currency trading market participants the price movement of a particular currency against another.
Applies for EUR / USD for example, the price of 1.2345, it means that the euro is worth 1.2345 US dollars. How much one currency is worth depends on supply and demand and there are many different factors that determine the supply and demand.
In currency trading there is no particular exchange on which take place the transactions, it is an OTC trading (Over The Counter) to off-exchange trading so. Somewhere in the world currencies are always traded and due to the global time difference of continuous access to trading is possible. Thus, there is no market hours, where trade has been unsuccessful and currencies can be traded continuously from Sunday evening to Friday evening. The majority of all forex trading volume is achieved with so-called major pairs.
The world’s most traded currencies are:
- Euro (EUR)
- US-Dollar (USD)
- Japanese Yen (JPY)
- British Pound (GBP)
- Australian Dollar (AUD)
- Schweizer Franken (CHF)
Conclusion: The Forex market is the world’s largest and most liquid market. The idea is to buy a currency against another or to sell. Currency trading is open from Sunday evening to Friday evening.
2.) No significant sums for seminars necessary
This is not surprising: The treated in beginners seminars topics are limited necessarily to basics that a purely content represent almost a commonplace. Registration fees of several hundred euros for seminars where trendlines and Chartformationen be treated are hard to justify.Seminars where «magic formulas» should be sold Trader shun anyway: secret formulas for success in trading does not exist. Rather success is based on the consistent application of empirically secured findings, a disciplined implementation of risk and money management and the constant readiness for professional and personal development.
Conclusion: It should all be able to completely free to supply bases around the Trading and seminars that require hundreds of euros in fees to justify, especially in modern times hardly. So learning willing, for example, at online brokers find a wide range of basic and advanced knowledge and often even free.
3.) Learn currency trading for free: tips and tricks for beginners
Learning contents for currency trading enable beginners to independently start of trading, fundamental concepts and relationships (Lot, margin, leverage) should be presented as are the importance of risk and money management (position sizing, loss control, etc.) and strategic fundamentals (technical chart review of markets, generatingtrading signals etc.). Also tactical elements (buy stop, trailing stop) should from the beginning part of the repertoire. All in all, there are some that can learn the beginner to realize a successful trading, but who goes to the trouble and invest enough time, will remember that it pays to use and the operations on the currency markets suddenly no longer quite so impenetrable appear.
- To get started, ranging free or cheap seminars, webinars etc. from
- Brokers offer their clients often many learning opportunities — possibly consider when Brokerwahl
- Recommendations for undergraduate literature in the field of technical analysis are for example in the VTAD available:. Http://vtadwiki.vtad.de/index.php/VTADwiki:Portal#Bibliothek
- Expensive seminars are rarely their money value (special care with «secret formulas», etc.)
- Important are: functioning of the currency market and the trading platform, risk and money management, order types, charting and market technology
Conclusion: Those who set out to learn the basics in forex trading for free, can implement his plan quickly. Especially for entry are as with brokers to find free or low-cost seminars and webinars. Furthermore, there are different literature that can use the trader, to acquire additional knowledge.
4.) Currency Trading Tips — discipline and preserve nerve
The right attitude towards trading involves a high degree of discipline, which should evince the traders in the realization of their own strategy. Thus, the trade is successful in foreign exchange, the various developments to be observed in the market and properly analyzed. The currency trading for beginners initially characterized by the accumulation of experience. It can tips currency trading of experienced traders are related by beginners analyze successful trades of professionals. After a meaningful strategy has been developed for the trade, it can be used.Beginners should not be unsettled by other traders and realize their own strategies.Improvements can be made over time, if it is clear how effective the strategy in the trade actually works. It should also be opened, without constantly looking at how many positions of other traders will set the planned positions. They follow their own strategy. Emotions should be pushed aside as possible to the currency trading. The currency trading for beginners may be characterized by ill-considered actions that aim at the easy money. Who opened carelessly positions may reduce its capital investment quickly by high losses. The currency trading tips and tricks part to preserve the nerves. This includes emotions like doubt and impatience. The right timing plays a key role in trade, so that doubts shortly before the planned opening of a position, can lead to a negative outcome. The strategy should be followed according to plan. Undoing may also be the impatience that raises a reasonable strategy into disarray by the position is opened too early.
Five Forex Trading Tips and Tricks:
- trading day by day with discipline
- Emotions which make the own strategies differ from the plan should be avoided
- To optimize its own strategy, the analysis of successful professional trades be helpful
- Confidence in their strategy
- set positions wisely
Conclusion: to draw up a well-running strategy takes time and requires experience. In order not to compromise The work will, emotions should be hidden. Not only in the development of its own strategy discipline is required, in the implementation in active trading.
5.) Forex trading learning is based on a practical experience
Beginners will quickly notice that in forex trading tips and tricks are not enough to achieve the desired results. Although a solid (theoretical) technical basis is necessary but not sufficient condition for a successful performance. Equally important are learning in practice.
Trader should in addition to their live trading account lead at least one further, unlimited time demo account and use it for experimental purposes: for example, can test trading strategies and optimized on paper, indicators are used with different parameters.. Over time, additional, practical knowledge and routine in dealing with charts, indicators, order functions can thus acquire etc.
Who is not so far to deal with complex trading strategies, can use a demo account to learn the trade using a broker and place the first trades under realistic conditions and risk free. Not every broker offers an unlimited time demo account and just as in the training program should be placed in the broker choice also highlights the existing Demo Account.
Conclusion: Although theoretical knowledge is essential to successful trading, the practical experience plays an important role. To collect the first trading experience, a demo account can be used for example, which can be found for free and unlimited time in most brokers.
6) Social Trading: is Here Currency trading possible
An interesting not only for beginners field is «Social Trading»: traders can special networks abstract considerations to the market as well share it with others as concrete trades. Social Trading has extended the communities in recent years. Networks are very beneficial for beginners, they make possible the exchange with peers. Little is objected also against the exchange of ideas to the market development. Each Social Trading Provider provides its users with a trading platform, including range of trading instruments available and of course currency pairs can be found in most brokers. Caution should be exercised when contrast or networks in these integrated functions when (with real money) the signals of other users are automatically copied to your own trading account. The strategies of other users can be almost never sufficiently validate.
Conclusion: Social Trading is something that does not come in for any question and everyone has to decide for itself whether it suits this trade way or not.
7.) Currency trading for beginners — Avoid losses
To be successful in the long term established in forex trading, can currency trading tips and tricks protect against large losses. This includes the proper management of investments. Traders should be able to act even after several losses. Not every position ends in profit.What beginners often suffered at the beginning as experience. Over time, however, increases the repertoire of experiences, so that more and more traders get a feel for the trade. Beginners should not immediately throw in the towel if it initially comes to losses.
However, traders can thus lose the entire capital. Traders should not get carried away by huge levers to extremely risky trades. Hope dies last, so it can happen to beginners who for too long on set that a loss position is still rotating in the win. Over time, such scenarios can be better appreciated, so that these positions can be terminated early, in order to keep the loss as small as possible.
Five Reasons for possible losses:
- For high stakes are set to a position
- Report Money Management
- Too many positions are held simultaneously
- The levers size is too large
- A position that does not end in the money in all likelihood, is held too long
Conclusion: Disciplined Trader can reduce the possibility of losses by the trade is made meaningful. Here, the desire for a quick buck should be discarded. Growing experience, as well as a feeling for trade. So trades can be effectively enforced.