GETTING STARTED WITH FOREX

 As an aspiring trader, one of the first things you want to consider is the choice of a broker. Choosing a good broker among the numerous we have around can be such a tricky task. But you don't have to worry as FOREX MVP will guide you in choosing a tested, trusted and certified BROKER. 

You can signup here for a free demo account

So who is a BROKER   

A broker is like an agent who gives you access to the forex market. Without a broker there's no way private individuals like you and I can trade forex because it's capital intensive

The next thing you want to do is get familiar with basic forex terminologies, which can be referred to as forex language. The few commonest ones you need to get started are listed below 

BUY  OR SELL: These two simple words are often substituted with other pairs like Bid or Ask, Long or Short, Up or Down, Call or Put e.t.c

LOT: In a layman's language, lot means amount you're willing to stake usually measured in currency units. There are standard, mini, micro and nano lot sizes

PIP: This is the smallest unit of change between two currencies

SPREAD: This is basically the difference between Bid and Ask price or Buy and Sell price

LEVERAGE: Leverage is more or less like a loan offered by your broker to increase your purchasing powers. With leverage, you can purchase an order higher in value than your deposit

STOP LOSS: Just like it sounds ,stop loss is the method of minimizing your loss just in case the trade goes against you, set only if you can't monitor your trade physically. Once the price hits your stop loss, the trade ends automatically.

TAKE PROFIT: Just like stop loss, it is set to end your position automatically once the price hits it to take your profit out of the market in your absence. 

CHARTS: Chart is the general outlook of demand and supply in the market. It shows the direction of market price. There are three major types of charts

LINE CHART: This is depicted by line from one closing price to another

BAR CHART: The bar chart depicts the open and the close of price as well as high and low within a particular timeframe

CANDLESTICKS CHART: The candlestick chart is more like the bar chart but easier to read and understand. Most professional traders prefer the candlesticks chart

 

There are two main types of forex; Binary options and Main forex

BINARY OPTIONS: This is a derivative of main forex. As the name implies, it's about taking either of two options with pre-set duration, stake and timeframe

So friends, these are basically all you need to know to get started. Once you signup for a free demo/practice account, I'll take you through the complex aspects of forex as you learn with your simulator account. 

So hit the signup button below as I introduce you to a tested and trusted broker

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After you must have signed up, kindly watch this youtube video subscribe to the channel for more video tutorials. Contact me on the following numbers for free training materials and strategies 

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