Forex trading was first established in the Netherlands almost 500 years ago. 300 years later it became a global industry. The invention of the telephone allowed smaller companies to get a piece of that pie, and dealing desks taking buy and sell phonecalls sprouted up on every continent. Then came highspeed internet and online forex brokers changed everything. The highspeed connections and advances in home computing opened a daily $5 trillion per day market to people of all walks of life. Suddenly, anyone with a laptop and Wifi could trade from home, and the suits in glass towers no longer had dominance over this lucrative financial opportunity.
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Where are we today?
In recent years, an incredible software release known as MetaTrader 4 (MT4) has emerged as the number one platform for online trading. With simple drag and drop, one-click trading, and a host of other time-saving features, the popularity of trading forex has grown significantly. People without any experience in the financial markets can make their first investment within minutes after they open a secure account. With MT4 WebTerminal making downloading no longer necessary, and Mobile platforms making trading on-the-go a reality, more and more people are turning to trading as an exciting and entertaining vocation that offers a secure way to pursue profits in their free time.
What you should know
Simply opening your trading platform and clicking buy or sell is NOT recommended. This is tantamount to gambling, which never ends well. In order to enjoy trading and actually see financial benefits, traders must first understand that like any business, time is the very first investment. Without education, a trader is driving in the night without headlights. There are two ways to illuminate the journey from newbie to professional.
Fundamental analysis
Traders check the economic calendar for financial and political releases. A good economic calendar shows the level of importance of the coming events.
Anything marked as important will likely affect the price of a currency dramatically. As an example, a release announcing a weakening of the US economy can lower US dollar prices, making a sell order a logical strategy for profiting from the bad news.
Analytic trading
This involves using indicators to predict price shifts that are not being affected by news releases. There are countless indicators that sit over graphs and make technical analysis easier.
MT4 has a wealth of indicators that can be dragged and dropped over any chart. When a downward trend makes a noticeable shift, indicators can help with early recognition, and traders can hit the “buy” button early to maximize profits.
Staying current
One easy method for choosing which currency pairs to trade is to follow a news site or trading blog. FX News has a team of professionals researching the markets on a daily basis. They are watching out for economic releases and applying indicators to charts to forecast volatility and profitable conditions for trading. Even tweets from US President Trump are factored into the analysis giving readers a unique and informative finger on the forex pulse. There are many other sites that offer professional observations and strategies, some more technical than others.
Take it for a test drive
Sign up with Exness and try applying the strategies that best suit the economic news. Add indicators to a demo account and see the results of your virtual trades. Once you’re ready to start targeting actual profits, you can switch to the real account. Exness also offers eBooks, tutorials, and free webinars to clients to help quickly expand understanding of the forex industry with the aim of trading like a pro.
Trading can be exciting as well as rewarding, but like everything, it takes time to master, so patience is key. It is said that learning is growing, and to improve your life you must first improve yourself. With Exness you’ll have all the tools and support you need to advance your knowledge and become more.
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