With many countries still struggling to get the virus situation under control, millions of people around the world remain confined within their homes to protect themselves.
For those who have a fixed hourly schedule on their regular jobs, there’s probably time to spare in other possibly rewarding activities such as forex trading.
In fact, did you know that there is a whole emerging movement of retail traders who have taken on the financial markets to learn and make some money in the process?
Although the process of learning how to trade forex, like any other activity, has its own learning curve, it is perfectly possible to become a part-time trader in a matter of minutes thanks to technological advancements and a reduction in trading fees.
In the following article, we explain a few steps you can take to become a forex trader in 2021.
Choosing the best forex platform
There are dozens of brokerage firms out there that provide access to the forex market but they don’t operate in the same way. These platforms have their own systems, charge different fees, and offer different types of instruments for you to trade forex pairs.
To simplify the process of selecting the best forex platform for you, websites like Broker Reviews have analyzed each of these providers for you to generate summarized insights about the different aspects of their services including which trading platforms they support, their trading and non-trading fees, the number of available instruments that can be traded, and safety considerations such as which entities regulate the company and where is it headquartered.
Learning the basics
Forex trading is a rewarding yet complex activity that requires extensive research and study to learn the dynamics that influence the price of different instruments, the strategies you can follow such as spotting social media trading signals, trading breakouts, or price rejections, and many other technical details that will allow the trader to make informed decisions about when, what, and how much to trade.
There are many online courses out there that can teach you the intricacies of forex trading. However, make sure the course is offered by a reputed institution since there are many so-called “expert traders” who will sell you smoke with the promise of teaching you how to make a lot of money. In most cases, these offers tend to be fairly deceptive.
Trading equipment
Most traders who take pictures of their home office setups show a display comprised of multiple screens featuring charts you may find complex and overwhelming at first glance. These setups are not necessarily required to start trading forex but they might be handy if you are a day trader since multiple screens will allow you to keep an eye on the performance and fluctuations of multiple forex pairs in real time.
In most cases, the number of screens and the trading equipment you’ll need will depend on the strategy you follow. Therefore, before you invest thousands of dollars in trading equipment, make sure you actually need it based on the system you will be following.
Establish your trading hours
If you have a regular job and trading will be just a part-time activity, you’ll probably find it difficult to keep track of the market throughout your entire day while that could also become a stressful and exhausting way to approach trading.
Professional traders recommend that beginners should determine from the get-go which are the trading hours that are the most convenient for them based on how the rest of their activities are scheduled.
Keep in mind that most forex traders engage in intraday operations and that allows them to enter and exit the market within a specific timeframe without having to worry about missing out on the price action as the forex market is open 24 hours a day.
Risk management considerations
Trading is a risky activity and you can lose all the capital you invest if you do not follow an adequate risk management strategy. This strategy includes setting stop-loss orders for your positions, limiting the size of your exposure to every single forex pair, and only trading with money you can afford to lose.
If you have a proper risk management system, you’ll avoid being stressed by the potential impact that a dramatic loss in one of your positions could have on your entire portfolio while you’ll also sleep better and enjoy what will probably be a new exciting activity that you will incorporate into your daily routine.
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This is an amazing article! True to what is stated here, Forex can be complicated for newbies. I highly suggest that you study and explore it first before jumping directly into it. After learning, evaluate first where you would like to put your money into. There is always risks on any investment.