Let's check what you need to know before starting trading on Forex. We consulted the analysts of the TrendsTurbo.com company.
Of course, in the 21st century, one of the main assistants of an active private investor is a trading platform. They are widely represented on the market and can be accessed through your professional broker.
Beginners should start their immersion in the IT part of trading by studying the indicators and analytical charts. Those tools are located in the interface of the trading terminal. They are easy to read and can help you understand the basics. Then, there are two serious levels: software for professionals and software for automated trading (by the way, it is better to choose the one where the investor can analyze and change strategies).
TrendsTurbo broker offers three options to use its trading platform (software):
You can download a trading terminal to your personal computer and store some of your data offline;
You can trade with web platform;
Or download an application for a smartphone and get the opportunity to manage your account whenever you want.
Surely, everyone is familiar with the concept of "bulls" and "bears" concerning the exchange. However, not everyone knows that these are the two main strategies of traders.
Bulls are traders who expect a rise in prices, enter into a contract to buy assets, and wait for a new rise to sell more expensive and receive the difference as income. You don't need to be a mathematician to understand that bulls stimulate asset prices to rise (there are purchases - higher demand - higher prices).
Bears, as they say, play on the decline, enter into buy contracts and wait for the decline in asset prices to buy as cheaply as possible. Bearish actions are pulling prices down.
However, this is not the only classification that traders' strategies suggest. First of all, bulls and bears stand out in leveraged trading. At the same time, at different times the same trader can be both a bull and a bear.
There are several types of trading, among which seven are most often found.
TrendsTurbo.com broker tip: Scalping is a trading in which a trader makes a small profit from each price movement. It requires constant and painstaking work of the investor since it is necessary to work on the shortest timeframes (for example, minute).
TrendsTurbo broker tip: Trading in the medium term is the most optimal option for novice traders, calm and less risky than scalping. Profit/loss is formed from price movements for periods equal to an hour, several hours, days. During this time, you can soberly analyze the data and choose a strategy.
TrendsTurbo broker tip: Trading on long-term timeframes (week, month) is based on the analysis of economic processes, external factors, market movements. As a rule, he is chosen by large capitals - corporations, banks, other financial institutions.
Trendsturbo.com broker tip: Instant trading is a rare type when an investor combines trading on different timeframes.
TrendsTurbo broker tip: Technical trading - a trader trades on any timeframes based on technical analysis, that is, predicting the likely price changes based on how they have changed in the past in similar circumstances (trend analysis).
TrendsTurbo.com broker tip: Fundamental trading - a trader trades in the medium term using fundamental analysis, that is, analysis and forecast of the issuer's market value based on the performance of companies.
TrendsTurbo broker tip: High-frequency trading is trading that is carried out not by people, but by complex powerful computers that perform up to several million computational operations per second to close a deal with the maximum profit. It is a new and evolving instrument that is nevertheless susceptible to attacks and periodically damages the global stock markets.
In addition, as noticed by analysts of TrendsTurbo Forex trading can be customized in terms of goals, assets, speed of transactions, etc.
When a novice investor sits down at a computer and opens a trading platform, he often feels like a stock exchange tycoon at the control panel of super-profits. This is a deceiving and insidious feeling. Trading is not a game or entertainment, it is work with a busy schedule, high nervousness, requiring knowledge, skills, analysis skills and courage in making decisions. Sooner the trader understands that, the better.
Therefore, be sure to decide on goals, time and a professional assistant like TrendsTurbo Forex broker who will accompany you on your way to the stock market. In this case, success is accompanied by reasonable.
If you are ready to connect to the TrendsTurbo.com platform and start working with your savings, you are a beginner trader. And as a novice trader, you should know the basic things about trading and strategies - in order not to make mistakes yourself and not fall victim to scams. All that is a subject of first few consultations with your personal manager, which company provides you with from the very beginning. Even with small experience you can still gain some additional income if you learn to read the charts, find out how to use right tools on the platform and gain knowledge of risk management measures.
I have been trading Forex for more than 5 years, mostly with manual and automatic trading. I set up advisors for round-the-clock automated trading. I'm sure I can help to establish your trading skills....