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How to Trade Forex for Beginners

If you are a beginner in forex trading, then you need to understand the basic forex market terminologies.

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How to Trade Forex for Beginners

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  1. How to Trade Forex for Beginners

  2. Index • Forex Trading for Beginners • How to Trade Forex for Beginners • Forex Trading Tips For Beginners

  3. Forex Trading for Beginners • Forex trading is the leading market in the globe, is where currencies are traded or exchanged, 24 x 5 from Monday to Friday. • Over USD 5.3 Trillion are traded every day in forex markets, thus earning the name of one of the most liquid markets across the globe.

  4. If you are a beginner in forex, you have to shell out about $50 to open a micro account and get started. • However, you first need to understand the basic forex market terminologies like the following:

  5. How to Trade Forex for Beginners • If you are a beginner in forex, you have to shell out about $50 to open a micro account and get started. • However, you first need to understand the basic forex market terminologies like the following:

  6. PIP • Pip is the lowest price change in a particular forex market when trading. • It’s normally exchanged in increments of 0.0001 (1 Pip).

  7. Cross Currency Pair • It refers to the pair of currencies exchanged in the market without including the US Dollars.

  8. Currency Pair • The pricing format and the quotation of the currencies exchanged in the market is known as the currency pair. • A currency’s value is decided by comparing the value of another currency.

  9. Base Currency • Base currency also referred to as the accounting currency or the domestic currency is the initial currency cited in a currency pair on forex.

  10. Quote Currency • This is the next currency, after base, cited in a currency pair on forex. • This currency is also called the counter or the secondary currency.

  11. Forex for beginners can be very interesting once you understand the basic terminologies of the market and learn the know-how of trading forex for beginners.

  12. Forex Trading Tips For Beginners • Here are a few tips that help you as a beginner: 1. Interacting with other forex traders will help you learn faster. 2. Trying and looking at everything realistically will help you have a profitable strategy.

  13. 3. Getting emotional will not help, so try to keep your emotions under control. 4. Choosing a methodology and following it consistently will help. 5. Focusing on your goals and learning to accept small loses is important.

  14. Thank You

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