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First Steps in Forex

Many beginners out there are simply feeling overwhelmed by all the information they access and they feel lost. They simply don’t know where to start. All they know is that they want to succeed in the Forex market, and have, at least, one extra income.

The first thing you should do is to understand some Forex basic concepts and terms. Words like pip, bid and ask price, bid and ask spread, leverage, margin, volatility, support and resistance, and types of orders, among others, should be familiar to you. If they’re not so far, then you have homework. A simple Google search will explain you all about it so that you can understand Forex terminology.

After getting in the Forex market, you need to have a system to trade. This system may be manual or automatic, it can be suited for day trading or swing trading, there are a lot of options here. Find the one that you believe suits better your own personality.

Now that you already bought you’re first system, it’s time to test it. Yes, on a demo account of course. Test it and re-test it. If you don’t like the results so much, try changing it a bit and you may end up with a powerful system developed almost exclusively by you. Please don’t start trading on a real account if you didn’t test the system deeply and if it hasn’t been producing profitable and consistent results.

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