How to make money at Forex starting from scratch?
A start at Forex
You are interested in trading at Forex, you have already read a lot of articles on the Internet and you have decided to make a move in business! Then, you should choose a broker and register as a client. And this is exactly what you need to do!
You think that you should first read articles and books to know the subject better but it is not always the best way. It is advisable to combine learning with practice. You can learn to trade using price charts in addition to reading specific articles. Learn and practice and you will soon be brave and confident to start trading.
So you have opened a demo-account. What is the next step?
You have registered with a broker and opened demo account. Now, you can start your training. First of all you can explore all the facilities provided by the trading terminal. Usually, it is MetaTrader4 platform, but there are plenty of other options. Try to open a position and then close it, place pending orders, and find out where you can see the built-in technical indicators and how you can add them to the price chart. You shall spend a lot of time in order to learn all the functions provided by the trading platform until they become as simple to you as shifting gears in a car.
After downloading a terminal with a demo account
you can learn the theory and then apply your knowledge in practice.
Here you can experiment and test! Nevertheless, do not take it as a game but conduct trading seriously, as if you are trading on the real account and the real money is at stake. LiteForex also offers you an archive of the webinars available free in youtube. LiteForex website also contains a Glossary and manuals for the beginners.
When is the best time to start real trading?
LiteForex organizes a lot of contests for demo accounts with the cash prizes. This is the real money, which can be used for trading on the real trading accounts in the Forex market. Even if you fail to earn money you can compare your actions with the actions of the other participants and gain better experience. Striving for success can help you to learn and improve your skills, which will finally lead you to good results.
You wish to trade but fear to risk?
It is quite natural to be anxious before starting real trading. As soon as you feel confident trading on the demo account and have made a few successful transactions, you can start trading with the real money on the real accounts.
As a rule, trading accounts give recommendations about the initial amount of money, which a trader can use for trading. The specified sum will help you to earn profit and do not sustain much loss in case of the price reversal. You can find recommendation on LiteForex site
Other options for the beginners
The other option of trading at Forex is provided in the network “Social Trading”. As a LiteForex client you have free access to this social network, enabling you to copy transactions of the successful traders to your own account, either partially or completely. In this case you do not need to trade yourself; however note that you will have to pay some interest for copying the trades from the profit you receive.
Forex offers many ways to earn money. You just need to take up the best option.
We wish you to make the right choice!