There are many pros and cons of operations with the foreign exchange market, explaining the possibilities of risk and the complexity of the process. But if you have already made a decision to work in Forex, then you are unlikely to be intimidated by something. It remains only to figure out how to do it.
Instructions
Step 1
Take enough time to learn about the different terminology related to this market. It is much better if you masterfully understand the "bids", "asks" and quotes before you make the first transactions.
Step 2
Complete a special school. Better not just one. At the moment, there is a fairly large number of all kinds of free benefits on the Internet.
Step 3
Answer yourself honestly to the question: do you need it. And also, are you willing to bear the consequences if you fail.
Step 4
Decide on the amount of money you want to start with. Remember, you won't get much results on small amounts. With such success, you can simply change the currency through the bank at a suitable time. But Forex brokers successfully offer you various leverage to solve such problems.
Step 5
Learn to understand all possible currencies. Remember the dependence of exchange rate stability on the economic condition of countries. Basic knowledge of political situations in the world will help you with the first choice.
Step 6
Before making your first purchase and sale, adjust your capabilities with access to the Internet. Ideally, it will be good if you have round-the-clock reliable access to the global network.
Step 7
Study the current state of the market and view forecasts. Remember, the world economy is capricious.
Step 8
Open the required account with the required amount. There is also such an option as creating a demo account. And this is where the main pitfalls lie. A demo account is created in a program that simulates the work of the market. This means that you simply take part in the game aimed at your winnings. But this can be very weak to the actual situation.
Step 9
Get the support of someone you trust. It will be very good if you have a real acquaintance who successfully makes money on fluctuations in the foreign exchange market. He is able to objectively help, which to a certain extent will hedge you.
Step 10
Do the first operation.
