Forex trading has been democratized in recent years and spread widely among individuals through the Internet. Individuals see this as an option that allows them to generate additional income and at best survive from trading. However, starting forex trading requires minimal preparation, so we will explain what the conditions are for you to successfully introduce yourself to the world of forex.
In fact, if one does not have enough time to study the basic principles of forex trading and technical analysis, it will be difficult to effectively start forex trading in a serious way and therefore take advantage of it. Thanks to serious study, trading courses and sufficiently thorough training, a trader can quickly recognize which currency pairs to trade as well as trading opportunities that exist in the market. Trading is a serious activity that requires certain skills and knowledge, these can be acquired gradually in the learning phase just like any other profession. Learning can last from weeks to months, but a trader can very well open a demo trading account and apply the knowledge learned daily, allowing him to familiarize himself with the market without taking any risk. Then, to practice forex trading yourself, it doesn’t necessarily take a lot of time, for example you can very well practice swing trading in 10 minutes a day.
A trading plan
Without money, it will be difficult to engage in forex trading and make a profit, but it is not impossible! And yes, some forex brokers, such as Plus500 and XM, offer a no deposit bonus for their new traders, in this case it is equivalent to €25 and allows you to speculate in the financial market without investing your own initial capital. However, if one wants to generate more or less attractive profits, one has to deposit money with the broker, most brokers have a minimum deposit threshold of €100. How much money to invest in Forex depends on the investor’s capital and his expectations, the first deposit should usually be between 100€ and 5,000€ depending on the profile of the trader and his means.
A forex broker
Forex brokers (or brokers) are traders and market intermediaries, it is the latter and through its trading platform we will be able to buy and sell financial markets, so it is necessary to open a trading account with a broker and finally start speculating on the market. There are a large number of brokers in the trading industry but that does not mean that all of them are serious. We strongly advise you to choose a regulated forex broker to avoid investment scams and ensure your capital is protected by local financial authorities and regulatory bodies. Also, choosing a broker listed on our website automatically entitles you to the Forexagon Guarantee.
You now know what the prerequisites are for starting trading, so all you have to do is follow our advice to get started in the fascinating world of investing in the online financial market.