People think Forex is just buying & selling currencies from your mobile App from anywhere in the world but they come out of this dream when they have to bear heavy losses. Like any other field of medicine or engineering, Forex trading requires consistent learning and practice to achieve the desired results. This learning process can take years to master. It is difficult to give a specific time to learn Forex Trading but we can share with you the basic road map of Forex Trading which you can follow to master the skills of Forex Trading.
Learning Basic Concepts (Developing Strategy)
The first step to learning Forex Trading is to study the basic concepts of trading. You must know the fundamentals of supply and demand which causes prices to move up and down of any currency, stock, commodity, or metal. You can increase your knowledge by a short course on economics. Trading and trading markets are part of the economy and forex like all other markets is inter-linked with the world economy. As forex is a global marketplace, therefore, any change in economic, political, or environmental can affect the forex market.
Demo Account
Practice, practice, and practice is one key aspect of successful training. Have you ever researched how many hours every day a good athlete practices before facing the opponent? Athletes who won medals in the Olympics practice for years to reach a level where they are unbeatable. Thanks to the latest revolution in the internet and computer technology it is now very simple to make a Demo Account for Forex Trading. A Demo Account is a trading account where you can start trading with fake money and experience and practice exactly like a real account. We recommend you trade at least 6 Months on Demo Account before switching to the real account. Most of the international brokers have the facility of Demo Trading. The links of Demo Account available by different brokerage houses are below. You can just click the below link and make a Demo Account for real-time trading. It is important on the Forex Demo Trading Platform you develop a profitable trading and risk management strategy. You should apply trading psychology during your transaction on the Forex Demo Trading Account.
Switching to Real Account
Now you are all set to go. You have understood the basics of trading, you have become familiar with Forex trading, Forex Markets, and Forex Trading platforms and you are doing trading on a demo account from at least 4 to 6 months with a profit of around 5% on your total investment (dummy account). If you are complying with all these points then it is the perfect time to go with your real account. Select a broker as per the broker selection criteria mentioned in our Broker Selection Guidelines.