The terms ‘Forex trading’ is become a buzzword among the internet users now a day. It is a popular aspect to invest and way to make money online. Individuals and organizational investors love it to maximize their wealth from home. But they should maintain and follow some steps to invest forex safely. In this post I will try to give stage by stage guidelines about how to invest forex.
- First of all find resource about forex trading from everywhere if you can.
- Learn, what forex really is? Its advantages and disadvantages?
- Try to understand the basic phrase and terms about Forex trading.
- You may get some basic ideas, news, tips and tricks from financial newspaper and magazine.
- Join Forex seminars in your local area.
- Collect and read up the EBooks or research papers about forex trading.
- Join Forex forum to learn more about forex.
- Find out the success stories which may help to increase your inspiration.
- Try to communicate experience investors who can help you to teach the basic terms.
- Beware about scams.
- Don’t hurry in your learning and spend at least 2-3 months at this stage.
- Learn the technical and fundamental system and process about forex.
- See, what are the technical requirements to trade forex are needed?
- Understand the money management system and portfolio management.
- Know about the risk of forex trading.
- Know the risk management systems.
- Learn about demand and supply.
- Study about macro economy.
- Learn about how to diversify risk.
- Improve your excellence in statistical components to analyze your portfolio.
- Find a forex Broker: There are three kinds of forex brokers.
ü Lite forex: Lots of money needed to start. Generally good for organizational or group investors.
ü FX cast: you can start trading by investing little 1 dollar. It is better for Individual investors.
ü FX Open: Better for Islamic Investment.
- Read the review about brokers posted by other expert investors.
- Read carefully the FAQ and Terms and conditions of Brokers.
- See, what are the deposit and payment option and their fee?
- See, is your local banks are supported by Forex Brokers?
- Take decision about brokers which is suitable for you.
- Download different forex trading software which is friendly user interface.
- After completed stage 1 to 6, open a forex account.
- In sign up process give all the requirements like passport copy, credit card number, address, bank detail etc.
- Build yourself by demo trading. Demo trading will develop your trading technique and experience.
- Invest the minimum amount into your real account. Don’t invest big amount at this stage.
- Start real account trading.
- Pick one currency and strategy to become an expert.
- Evaluate your earlier trading.
- Try to view forex trading as a long term business and not a quick way to get rich.
- Unfortunately if you lose all your investment, try to evaluate things first before going at it again.
- Your ultimate goal should be wealth maximization not profit.