How to Start Online Forex Trading from scratch for Beginners

28 views – For beginners, start forex trading may seem very complicated and confusing if only the smart people that can succeed.

In fact, if You knew the steps, it will know that the start of trading forex from zero it can be done by anyone.

No matter whether You are a student, a housewife, an employee with a permanent job, and still unemployed.

Because forex trading can be done 24 hours, 5 days a week, wherever You are, as long as you have a PC/Laptop/Smart Phone and internet connection smoothly.

In summary, how to start online forex trading can be sorted into five steps below. Just follow one by one from the beginning while continuing to increase knowledge seputar forex later You will slowly understand technically.

Step By Step How To Start Trading Forex

Open A Forex Trading Account

Account forex trading provided by the broker that serves as a liaison between You as a trader with forex market.

You can think of a forex trading account is like a bank savings account. If you have a bank account, then You will be able to save funds in the account to be taken up again later in the day.

Well, after opening a forex trading account, You will also be able to enter the funds into the account, then use your deposited money for forex trading, then it can later be pulled back plus profits if You are successful.

Because You will be depositing funds into the account that provided the broker, then since the start of the selection of a broker should be done with caution.

Most beginners get stuck by the promises of fraudsters impersonate a broker, so that instead of being successful even go bankrupt.

Make sure You open a trading account with broker credible, i.e. there is the office address is clear, have the operational license of the government regulatory bodies, as well as in good standing.

Criteria next, select a forex broker that determine the required minimum deposit is low so You can start practicing forex trading from the small.

It couldn’t hurt to ask recommendations from Your colleagues who may be more experienced. However, do not easily believe in the promise of the advantages of a super large,

because the broker only act as a facilitator of trading, so it is not possible to guarantee a profit, no matter how big.

After finding the best broker and trusted, open the website of the broker. Look no further than the menu “Open Demo Account” or “Register your Trading Account”. After click on the menu, fill out the form that appears.

Generally, the form of registration of trading accounts will ask You to fill in the full name, address of residence (based on ID), email, or phone contact.

There are a few other details such as the type of account and the type of deposit currency (usually USD), but not certainly the same in every broker. For example like this:

Because it is done online, the opening of the trading account is usually completed in a matter of minutes.

After that, You can do simulated trading using the details demo account that sent the broker via email. However, the status of the temporary account has not been verified.

If You want to start trading for real (not practicing on a demo account first), then will be asked to verify.

Usually the verification process requires You to upload a photo or scan of ID card/Passport/driving license as proof of identity, as well as scan buku tabungan/slip electricity bill/bill/water bill as proof of residence.

It’s good to prepare the documents it before starting the verification process, so that can be finished quickly.

Download Forex Trading Platform Online

After the registration process is complete, although not yet verification, You can already get the details of your username, password, and link to download the trading software.

There are also brokers that do not directly send the link to download, but requires You to login to the Member Area, then you can find the platform to be downloaded and installed.

In the Members Area, You can also verify the account, set the deposit and withdrawal of funds, and others.

In addition to sent in email broker and placed in the Member’s Area, links to download the trading platform (usually named Metatrader) can also be obtained from the website of the broker.

Any ways, the point is You can download the software, install it on Your PC/Laptop, then login using your account details Metatrader given broker.

Actually, the trading software is also available in the form of an Android or iPhone, as well as the Webtrader can be accessed via a browser.

However, both forms of the software it is less complete and more difficult to use. If You are still a beginner, then you should use software to version PC/Laptop (desktop) course.

Simulation On The Demo Trading Account

If You have already successfully logged on trading software using the details in the username and password given broker? If not, try to check again Your email inbox, who knows no email broker unreadable, but contains the username and password You need.

Another alternative, check out the Member Area, or Client Area on the website of the broker to find the details. You can also contact the Help Center (Customer Service) to obtain assistance. It’s important to be successful login trading software it first.

Finished logging in, You will witness as to what form of trading software that. If Your trading software are Metatrader 5, then its interface like this:

The amount of virtual funds given broker is free of charge for materials practice trading on a demo account will appear on the lower left side, near the writings of Balance.

In the screenshot above, it appears the figure of 10000 USD. Free funds that can be used to practice trading for free based on the real-time market conditions.

We can ask the injection of funds again from CS broker is free of charge, if the fund runs out. However,

the advantage could not be taken because the demo account is only a practice account and the money was not real money. On the contrary, the losses also will not make You bankrupt.

The questions are, how to exercise trading? Note the screenshot above. On the left side, there are some symbols currency pairs, such as EURUSD, GBPUSD, USDJPY, and so on.

It is a pairs currency trading. For example if You want to trade GBPUSD (Pound-Dollar), then You can click on the word GBPUSD, then drag and drop it on top of field chart black. Later, the chart GBPUSD will appear in situ.

Observe the chart of the GBPUSD that appears. If the Pound strengthened, the chart GBPUSD will go up. On the contrary, if the U.S. Dollar (USD) is strong, then the chart of the EURUSD will decline.

Make a prediction whether the price chart of GBPUSD will go up or down in the future with the use of fundamental analysis and technical analysis by installing indicators such as Moving Averages, Bollinger Bands, and others. Furthermore, do order by :

  • Click the button “Buy” or “Sell” at the top of the charts. If You predict the chart GBPUSD will go up, click “Buy”. If the predicted graph will go down, click “Sell”.
  • Click the option “New Order” on the toolbar. Later will appear to the order form where You can input your own price to Buy and Sell.
  • Right-click on the chart, then select the option “New Order” or “Trading” to open the order form.

Once the order is sent and executed, the details of the transaction order will appear on the history of Trade, on top of the writings of the Balance in the left column below.

You simply wait until the price moves up or down in accordance with the prediction, then do the Close Position (closed position trading) by click on the the history of Trade related.

Also Read: What’s A Forex Broker

Time to chart the price is moving achieve the target could be a few minutes, several hours, or even several days, depending on how big advantage of the price change that You’re targeting.

Therefore, You should plan a good one order, not just the origin of the Buy/Sell. Learn a variety of trading techniques, indicators that can be used, as well as Money Management in order to regulate the proportion of the risk/profit target is optimal, and so on.

While practicing on demo account, join the community of traders and learn from the articles on the internet or books.

Deposit Of Funds To The Trading Account Forex

After practice trading on a demo account for some time, and perhaps You already feel ready to plunge in the forex trading real. For that, You have to deposit the funds (deposit) in advance to Your trading account.

Preferably, the deposit of funds how much to forex trading? You can define your own based on the terms of a minimum capital of the broker.

Check the deposit and withdrawal of funds in the broker’s website or in the Member’s Area. In addition to the amount of the minimum deposit,

usually listed a variety of payment methods that can be used, for example bank transfer, e-payment (Fasapay, Neteller, etc.), credit card, and so forth.

As a beginner, you should not directly depositing funds unusually large up to thousands of Dollars. Around 100-500 Dollars in the U.S. alone is enough.

Choose the method of local bank transfer if any, or the method of e-payment starting in the most fast and low-cost.

Other methods also can be reached, provided that in accordance with the procedure specified broker. If experiencing problems, don’t be shy to ask CS Broker.

Forex Trading In Real Account

The Transfer of funds takes between a few minutes up to about 2 weeks, depending on what method is used.

After the broker to confirm that the funds You send are already on your trading account, then You can directly start forex trading real.

The amount of funds can be seen in the Member’s Area and on the bottom left side of the trading platform.

Note that You must open a new account in the Member Area for real trading, so that the login of the platform will use the details of the username and password that is different from the time of the login demo account.

The trading Server used will be different, even if the type of software and other fittings remain the same.

You can also apply the trading techniques that have been tested on a demo account, to get profit on real accounts.

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