How to Become a Forex Trader - PowerPoint PPT Presentation

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How to Become a Forex Trader


Forex is one of the most volatile type of investment markets and one of the most exhilarating experiences in the world. So you want to learn how to become a Forex trader, great! – PowerPoint PPT presentation

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Title: How to Become a Forex Trader

How to Become a Forex Trader
  • How to Become a Forex Trader
  • Steps to becoming a Forex trader
  • 1 Trading Capital
  • 2. Using A Demo Account
  • 3. How to Practice FX Trading Before Trading Live
  • 4. How Trend Traders Find Profit Targets on Their
  • 5. Are You on the Right Track With Your Trading?

How to Become a Forex Trader
  • Anyone with a small amount of money and patience
    can become forex traders.
  • The skill and patience required to become a
    successful or profitable trader require limiting
    losses while identifying good trade setups with a
    positive risk reward set up.

  • Despite the ease of getting into the business,
    there are some steps you should follow.
  • A quick entrance into the forex trading can lead
    to the poor house very quickly.

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1 Trading Capital
  • Forex traders do not need to have a set of
    capital to trade due to being able to trade on
  • The average Forex broker requires at least 300
    to open the account and start trading.
  • A good rule of thumb is to have at least 1000 to
    open a mini account, preferably 2000.

  • The number might sound a little high for the
    beginners, but this allows you to trade with a
    bit of a buffer in case of losses.
  • You are not looking to risk the entire amount but
    rather just have a higher cushion so that you are
    not forced out of the trade, which can happen
    with smaller balances.

2. Using A Demo Account
  • A forex trading demo account is a trading account
    with the monopoly money in it that is connected
    to the live market.
  • Trades could be placed in a real time and
    represent what would be true losses and gains if
    the money were real.

  • Before you put the single penny on the line with
    trading, you will need some practice.
  • A demo account gives you the ability to practice
    trading without the pressure.?

3 How to Practice FX Trading Before Trading Live
  • Aside from practising, you may want to seek some
    trading advice from a forex books or forex
  • As a trader, you need to develop your trading
    style and trading ideas, but in the beginning, it
    can be important to have some professional
    direction and guidance.
  • Forex is very daunting in the early days, and
    some guidance can help.

4. How Trend Traders Find Profit Targets on Their
  • Before you commit to live trading and money on
    the line, you should be able to trade on your
    demo account or with the paper trading
  • Your track record should be more than a few
    weeks, at least three months, preferably six

  • It will be tough to refrain from trading after
    you make those first few profitable trades, but
    the experience counts in forex trading.
  • It's something that you cannot work around, and
    you have to get it the old-fashioned way, hard

5. Are You on the Right Track With Your Trading?
  • After practising for the several months, doing a
    little training and getting some forex education
    and becoming consistently profitable, its time to
    start making live trades.
  • You may find that it's a slightly different to
    have actual money on the line, but if you stick
    to same practices you used to be profitable while
    trading demo account, you will be successful.
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