If you’re searching for a way to make extra income and change your way of life, Forex trading may be the answer for you. Read more to learn how to easily start trading Forex without a huge investment.
Trading currency in the Forex markets has become a great way to earn extra income for new and smaller investors. Forex markets can certainly be very lucrative for investors and surprisingly to many people, it doesn’t require a huge investment to get started. So, where does a new trader begin with Forex?
We’ve provided a quick guide to get you going easily and with only a small investment to help you on your way to reaching your financial goals.
Open an Account with a Forex Broker
This is by far the most important part of the process. Not just because it is the first step, because it is where most new traders waste a bunch of time and money. There are many brokers to choose from when it comes to Forex trading. Unless you are very experienced and already have a broker, our suggestion is to use Olymp Trade Forex for several reasons.
First and foremost, they are a trusted company with a Category A rating from the International Financial Commission. Olymp Trade will give you access to all the markets you will likely be interested in and they give you easy access with only a small deposit, $10 USD, necessary to start. Best of all, they won’t charge you any commissions on your deposits or withdrawals.
These two reasons alone should be enough, but also consider that they have 25,000 people trading daily on Olymp Trade and a quarter million every month. Their state of the art platform is user-friendly, but includes all the tools and charts that professionals use.
Additionally, they offer trading multipliers that allow small traders to increase the size of their trades by up to 500 times without risking more of their own money. It is a very popular platform in Africa and around the world and only takes about an hour to set up your new account using a variety of deposit options besides bank cards such as Fasapay, Skrill, and others.
Olymp Trade is not only for new traders and they have clients of all financial sizes. They are currently paying out over $13 million USD to clients monthly, but trades can be made with as little as $5 USD.
A trading platform should give clients access to modern diagnostic tools such as Bollinger Bands, Simple Market Averages (SMA), and others in order to help them make successful trades. Be sure to get familiar with the tools of the platform.
A good broker helps educate their clients about using their trading platform and Olymp Trade provides clients with a ton of resources. They have live webinars for clients hosted by professional financial analysts, a range of videos on their YouTube channel, an expert blog, and more.
Also, they supplement all their educational resources with 24/7 customer support services. If you have any questions, you can open an online chat, call them over the phone, or communicate through email. They will get you taken care of by a professional market analyst and not a call center employee regardless of the size of your portfolio and in 13 different languages.
Through your educational development in trading, you will begin to develop a unique strategy to trading that fits your financial goals. Every investor has different short and long term needs when trading and your strategy will need to be customized to your specifications.
Take Advantage of a Demo Account to Practice
Practice makes perfect. Before you start to trade with your own money, make sure to practice using a Demo Account so that you can work out the process and gain experience. Nothing is more frustrating than losing money because of one wrong click.
Olymp Trade provides every client with a free Demo Account with $10,000 USD in virtual money so they can test out their strategies and ideas ahead of risking their real money. This is a fantastic tool in the learning process and not one to be skipped.
Set a target profit goal with your Demo Account and get to work. Once you’ve reached your target profit at least once (twice is better), then start to trade on your “live” account. Many professionals recommend doubling your practice amount at least twice before moving on to real money.
If you lose your Demo Account virtual money, no worries. You can replenish it at any time up to the $10,000 USD.
Be Serious and Businesslike in Your Trading
Make sure to treat your Forex trading like a business. Keep thorough records of your trades and look for profitable openings while avoiding past mistakes. Just like any business, you will have some positive and negative experiences. The key is adjusting your strategy rationally based on information and not on emotion.
One great feature with Olymp Trade is that all your trading history is kept at your fingertips for you to review. You can see times, amounts, profits and losses, and more in your trade history, which will help you evaluate your progress, duplicate your wins, and eliminate your losses.
Yes, you can make money trading Forex, but investing in anything can be risky. By following these tips, you will be helping to eliminate the majority of mistakes that new traders make when starting to invest.
Along the way, you’ll have a good amount of fun, be better educated on markets and the economy, and on your way to reaching your personal financial goals. A good broker like Olymp Trade will be your partner in this process and help facilitate your success.
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