Forex for beginners | Guide and tips for 2021

How to invest in Forex? Tips for beginners

December 4, 2020
11 months ago

Forex (an abbreviation of Foreign Exchange) is a global market where currencies are exchanged. Traders can buy and sell the myriad different international currencies. For example, if you were to travel to London, you could exchange your euros for pounds sterling or the other way around and if the other currency rises later, you make a profit on the change back.

When you participate in the Forex market you speculate like this with currency pairs: they are exchanged for each other in search of profit because of rises and falls in value.

There are many Forex operations that are carried out daily from banks, funds, governments, traders ... thus creating the Forex market. Billions of dollars move every day. It is one of the world's largest financial markets.

The main currencies exchanged are US dollar (USD), Euro (EUR), Japanese yen (JPY), British pound (GBP), and Australian dollar (AUD).

If you want to invest in the Forex market "seriously", these tips can help you:

  • Train yourself in trading, learn the financial terminology and trading techniques so you have a solid knowledge base to start from. You can start with the free 2-hour basic course offered by Bolsa para Torpes , for example, and continue developing with the rest of the more specialized courses.

  • Start trading with a demo account (https://canaltrader.com/en/social-trading-platform) or even copy traders who operate well**. In this video, we explain how social trading is done. For greater visibility, we recommend using a computer and not operating from your mobile. Forex is an open market from Monday to Friday, 24 hours a day. Therefore, the access time to operate is very wide.

  • Start operating moderately, with small investments and look for the platform that best suits you (in this post we explain the platforms and apps we recommend the most). But above all, investigate how the market behaves and learn fundamental terms of the Forex vocabulary - such as the spread, crosses, exotic pairs, and mathematical probabilities in intraday movements.

Investing in Forex is not easy, nor are benefits obtained quickly and immediately, the key is to understand the market and make decisions based on your developing knowledge and day-to-day experience.

To learn more about trading subscribe to the Trader Club and our YouTube channel where you will find strategic tools to help you train to become a financial professional.

CANAL TRADER

Comments

THE SOCIAL TRADING REVOLUTION

Learn about Social Trading

Social Trading is a new system that gives everyone access to the world's best traders. You can follow top traders and automatically copy their trades. You make money when they make money with no trading expertise required. This is the Social Trading revolution.