In recent years, Forex has been gaining popularity in Thailand. Today, in the aftermath of global lockdowns, it is more attractive than ever. Trading is a feasible way to make money from home, without a boss breathing down your neck. Importantly, you can also learn key tips and tricks for free. Here is how to get started.
Forex traders work in the largest financial market — the international foreign exchange. Now, it is easily accessible through software and mobile apps. Since the 1990s, the retail dimension of Forex has ballooned. It is estimated that over 15 million people engage in online trading today. Without modern technological advances, this would be unimaginable. Even education is now free!
First, Find a Broker
Forex brokers share plenty of material for free. As you will eventually need an account, begin by looking for a trustworthy provider. Unfortunately, this is not always easy.
A broker is your middleman in the field of currency trading. It is crucial to find a legit company that cares about clients. Unfortunately, as Forex is so popular, scams are not uncommon. Traders should be vigilant and trust only regulated brokers. Before registering an account, check that the company has a licence from distinguished organizations like the FCA, the FSCA, the CySEC, etc.
These companies play many roles. First, they register accounts and provide the necessary software. Secondly, they educate clients on common strategies and risk management techniques. Thirdly, all financial flows to and from your account are processed by the broker. Therefore, treat this company as your online banker. You wouldn’t trust a bank without a licence, would you?
Prominent brands like ForexTime have been in the industry for many years. Today, they serve millions of clients around the world. They provide access to a broad range of instruments and markets. As a client, you may grow a diversified portfolio, which will boost your profit and lessen potential risks.
Value of Demo Accounts
At the beginning of your journey, you can use the terminal in a special training mode — Forex demo. Demo trading is an absolute must for every neophyte. Give your platform a test drive — see how the controls work, what analytical tools are there, how positions are managed, etc. To unlock the mode, you need a demo account from a reputable brokerage. It is easy and free to set up. All you need is to fill out a basic form on their site.
Demo trading is an invaluable opportunity. Real market action is thrilling, but it is dangerous for neophytes. There is no rush. The longer you practise, the better your results in the live mode. The idea of buying low and selling high may sound basic, but the analysis is not a piece of cake.
The theory is dead without practice. If you know a lot about the mechanics of the market, but disregard stop loss, you will still fail. Take your time, and train as much as possible. It is tempting to open a live account and begin work in the real market. However, if you take stock of all the risks, you will see that preparation is crucial.
Search for a Mentor
Do you know anyone who trades Forex professionally? A mentor can provide priceless insights, as they have been trading longer than you. However, be wary of amateurs’ advice. Make sure your source is really successful, and do not take any faith claims. This also applies to producers of Forex tutorials.
YouTube, the largest video sharing site, has dozens of channels devoted to trading. Some of these, like Warrior Trading, have hundreds of thousands of followers. They teach the fundamentals and provide valuable tips. Of course, some video bloggers are dabblers. Choose content produced by distinguished professionals with impressive financial backgrounds.
Discover Versatile Opportunities
Do not limit your perspective to Forex. Once you master currency trades, consider other realms. Trading platforms like MetaTrader 5 give access to a vast range of markets: stocks, spot metals, derivatives, etc. You can trade different instruments using the same terminal.
Diversification does not only boost potential profits. It also reduces risks, as they are spread across many assets. You can find free education just as easily — there is no shortage of resources online.