{"id":23369,"date":"2020-04-08T04:50:25","date_gmt":"2020-04-08T04:50:25","guid":{"rendered":"https:\/\/mmil.wpengine.com\/?p=23369"},"modified":"2020-04-08T04:50:25","modified_gmt":"2020-04-08T04:50:25","slug":"a-beginners-guide-to-forex-trading","status":"publish","type":"post","link":"https:\/\/makemoneyinlife.com\/a-beginners-guide-to-forex-trading","title":{"rendered":"A Beginner\u2019s Guide to Forex Trading"},"content":{"rendered":"

Forex is a decentralized global market where people sell, buy and exchange trillions of dollars on a daily basis. With over $4 trillion in average daily turnover<\/a><\/span> and the largest number of participants in the currency trading process, it has become the greatest and the most liquid world’s market. First, it was limited to interbank activities on behalf of their clients exclusively. However, with the rise of the internet and sophisticated technologies, everyone interested in this kind of investment can become a Forex trader. Still, Forex is extremely complex and, as such, it requires you to build a solid strategy before you start off. Here are some basics you need to keep in mind.
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  1. \n

    Choose the Right Broker
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    As the world’s greatest financial marketplace, Forex requires some sort of an intermediary channel between a trader and an interbank. This medium is, of course, a Forex broker, whose goal is to help you plan and manage your trading practices. Since the number of Forex brokers is constantly rising, you need to conduct a thorough research before you choose one.<\/p>\n

    One of the most important factors in selecting the right broker is their regulatory compliance. This simply means that, if they are trustworthy, Forex brokers need to be certified by the licensing organization in their country. For instance, brokers based in the U.S need to be registered in the National Futures Association, while those who do Forex trading in Australia<\/a> need to be approved by Australian Securities and Investments Commission. Additionally, you should also pay attention to the currency of pairs they offer, as well as their trading platform and customer service.<\/p>\n

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    1. \n

      Know what type of Forex Trader you are<\/h2>\n<\/li>\n<\/ol>\n

      The constantly-growing Forex market embraces a plethora of traders, regardless of their monetary size. In order to buy or sell currencies, traders focus on a numerous strategies in order to enter or exit a trade. This is exactly what determines their main characteristics as traders. For example, when it comes to timing, people observe and assess different charts of time frames. In this respect, they can be classified into Day Traders, Swing Traders and Position Traders.<\/p>\n