Forex for beginners: how to trade, what to trade, when to trade

As a beginning trader, you would want to grab the opportunity to earn lots of money and of course, start a trading career in Forex. The Forex market is the largest and the most liquid financial market in the world. Unlike the stock market and other financial markets, Forex has no centralized location as it operates 24 hours a day at different locations around the world. Trades in this financial market are done through an electronic network.

In the past, because of the high financial requirements, Forex was only limited to large multinational corporations and financial institutions, such as banks. However, as communications technology advanced and since high speed internet appeared, Forex became available for everyone who is interested in trading by means of it.

Forex trading, for a beginner, is simply the buying and selling of different currencies of the world. This may seem simple enough for everyone, but you should also consider that a lot of inexperienced traders and some experienced traders have suffered huge financial losses in Forex.

You should always keep in mind that besides the fact that Forex can give you a great money-making potential, Forex also has equal risks. Therefore, before you enter this market and trade, you should first consider a few things in order for you be successful in this money making venture, as well as critically evaluate your knowledge and skills.

First of all, you have to know how to trade currencies.

 

In order to start Forex trading, all you need is a personal computer with an active internet connection, a funded Forex account and a Forex trading system.

There are numerous websites that offer Forex trading. In order to start trading, you have to open and fund an account first with your chosen website. After that, you can now start trading in the most liquid market in the world.

Important: you need to have a fast internet connection in order to keep up with the updates and price movements and prevent yourself from slippages.

Another thing you have to consider is that you should register in a Forex website that offer dummy accounts so that you can practice your skills and strategies in Forex trading. Do it ASAP!

Now that you know how to trade in the Forex market, the next thing you need to know is what to trade. The Forex market involved different currencies from all over the world. It is also traded in forms of currency pairs. Here are the different currency pairs that you should consider trading in the Forex market:

                                     •    EUR/USD

                                     •    USD/JPY

                                     •    GBP/USD

                                     •    USD/CHF

                                     •    AUD/USD

                                     •    USD/CAD

                                     •    NZD/USD

                                     •    EUR/GBP

                                     •    EUR/JPY

                                     •    GBP/JPY

                                     •    CHF/JPY

                                     •    GBP/CHF

                                     •    EUR/AUD

These are the most commonly traded currency pairs in the Forex market. It is up to you to determine which currency pair you want to trade depending on market conditions. If you do it right, you can be sure that you can earn a substantial amount of income.

The next and last thing you should consider is when you have to trade in the Forex market. Since the Forex market is open 24 hours a day, you can trade whenever you like. And, since it is the most liquid, you can get out whenever you like. It is just a matter of knowing if the market condition is ralling or if it is falling.

Forex traders are mostly speculators who try to predict which currency is going to increase in value and which currency will decrease. Speculators use Forex charts to spot a trend and determine when a particular currency will increase or decrease in value.

One thing you should always keep in mind is that sometimes you can always suffer from losses, and it is unavoidable. Be prepared and never lose your inspiration. This is why it is better to both have substantial amount of money and a good motivation to trade in Forex.

How to buy a Trading Robot, a Magazine or a Book in MetaTrader Market?

You can buy any product (robots, indicators, magazines and books) in MetaTrader Market only through the MetaTrader 4 and MetaTrader 5 trading platforms. The list of products with their description is given on the MQL5.com website. After you press the "Buy" button, your client terminal will be launched.
Payments are made via our payment system, you can find more details in this article.

How to start

Find the Market tab in the platform. You can find it in the Toolbox window in MetaTrader 5, and in the Terminal window in MetaTrader 4.

Here you can find the list of the most popular (but not all) products by categories: applications, magazines and books. Since these items are purchased more often than others, it is surely a good place to start exploring the Market. You can find the remaining products in the tabs at the top of the window.

The list of applications of each category can be sorted by popularity, price and date which allows you to quickly find the required product. And, finally, if you are looking for the product with an exact name, you can use the search bar.

Variety of choice

Each product of the MetaTrader Market has its own features, description and screenshots. This information is given on the page with the detailed description, there you can choose the required product

Just click on the chosen product icon, and you will get a profound information about it. In the left column you can find: size of a file, author/editor, publication date, current version, language, number of activations and the product price.
The right part is filled with the product details by seller. Here you can find trading robots algorithms, contents of the latest issues of the magazines, abstracts and extracts from books - all to answer the question "why do you need to buy the product?"

The Screenshots tab on the top of the window will show you how the product works. Charts with the analytical instruments, trading and testing reports can be found in the applications. Pages from the magazines and books help to evaluate their quality and usefulness.

The most important: applications are available in free demo-versions, books are stored with their preview. You can evaluate the product before purchasing it. Demo-version is a light version of the application which can be launched only in the Strategy tester. In other words, you can check characteristic features of the application without spending a penny.
A preview in a book - is first few chapters of the book, which can be downloaded free of charge in PDF (you can also download from the mql5.com webpage). It helps not only to evaluate the quality of the book but also to understand the issues it covers.
These tools allow us to compare products in the Market and make the right choice.

The process of purchasing

Everything starts with the Activation in the Market. When you buy a product you do not actually get the product itself but the right to use it an unlimited number of times, but on a limited number of computers. This parameter is set for each paid product individually and it is disabled for free products.

After one activation you can use the product on a computer without any restrictions. You will not be able to download the copy of the product on another computer. If you installed the file manually, you will not open it either. Number of activations can be found on the page with a detailed description of the product in the column with its specifications (described above).

For example, you have decided to buy Stock & Commodities 05/2014 magazine, you can activate it 10 times. It means, that you will be able to read it on any 10 computers. You can open it any number of times.

Even if you have lost the file on any of these computers, you can download it free from the MetaTrader Market. Just go to the Market - Purchases. However, if you want to read your magazine from the 11th computer, you will have to pay.

How to buy the product?

You have chosen the product and know how everything works. What's next? It's easy, you just need:

• Account in the MQL5.com
• Add money to your account in any convenient method (PayPal, Webmoney, Qiwi Wallet, Neteller, credit card or bank transfer)
• Enter your account data in the terminal

From now on you can easily and quickly buy apps, magazines and books. The "Buy" button is on the page with the product description at the up right corner.

After you have pressed the button, the amount of money will be withdrawn from your MQL5.com-account and you will immediately get your product. You can use the product an unlimited amount of times, and you will get free updates of your applications.
Everything is easy, fast and safe. Are you ready to buy your first product? Let's do it then!