[Articles]: How To Start Trading Forex In Few Mins

The Forex market is one of the largest financial spaces in existence, with opportunities for both beginners and experts alike.

It provides offers for everyone to trade with foreign currency. Traders worldwide have an opportunity on it, due they know how the industry works – managing risks while making enough passive income from this financial market.

You may wonder how to start trading as soon as possible? What should you have to do to have a good starting point?

Well, we are going to introduce you to some steps on how to start trading forex in a few minutes. Let us begin now.

Forex trading basics

First things first – let us uncover what is trading on Forex at all. 

Forex trading is the process of buying and selling currency on a homonymous market. With 24/5 access to this global marketplace at any time of day, both people and companies can trade from anywhere and anytime they would like.

How to start trading forex?

We have picked out some important points that you should carry out to start trading on this great financial market as soon as possible. Here are them:

1. Select a forex broker and set up an account

Choose a broker based on such criteria as its regulation, leverage size, minimum deposit, and customer service level they provide. Once you choose a broker you can open an account to start your trading activities. See the list of CBN regulated forex brokers to get more information about brokers in Nigeria.

2. Select an instrument you want to trade

It is true that most traders use forex for trading instruments, but this does not mean they cannot invest in stocks or other assets. Choose the one you prefer most.

3. Select the strategy to trade

These days, with the unstable economy we live in and all of its implications on finances, a trading strategy is necessary to react to changes quickly. Pick out the suitable for you and for the instrument you trade – the options are enough.

4. Select a trading platform

There are many different forex trading platforms to choose from, but it is important not only to study their features. You should study their strengths in-depth and consider which platform best suits your needs and comfort in trade orders that will bring you success.

After you have done the steps above you can already open your first position to start trading. It is something like the first step in trading forex. Monitor the market and find good deals for you. Then, at the end of the day close your position.

Conclusion

Forex trading can be a great way to make money, and it is not as difficult as you might think. If you follow the simple steps we outlined in this article, you could be on your way to making your first trade in just 10 minutes.

Remember, forex trading is risky, so only invest what you can afford to lose. But if you take the time to learn about how the market works and use the tools available to you, you will reach profitable deals even faster.

So what are you waiting for? Start realizing the steps we mentioned in the article and trade! To start the journey, check out popular forex broker in Nigeria such as FXTM.

Author

George Rossi

George is the Chief Market and Broker Analyst at brokertested.com. Prior to being recruited by brokertested.com, I served SVS Securities as Chief Market Analyst for two years. Earlier, he joined Morgan Stanley in Nov 2013 as Research Analyst.

George is a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange, and commodity markets, and an independent trader.

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