Learning how to trade: a guideline for newbies

Learning how to trade: a guideline for newbies

2021-06-23 • Updated

You opened an account at FBS, but don’t know what to do next? You are wondering what you need to learn to become a trader? Here we have gathered the hints that will allow you to become a Forex professional in no time!

The elements of trading

To trade Forex, means to buy or sell currency pairs and profit on the changes in their exchange rates. This business consists of several important tasks.

Trading

As a process trading involves opening and closing orders in the trading terminal called MetaTrader. An order is a command to buy or sell a currency pair. The basic knowledge you should obtain is how to open, modify and close orders in MT, how to use different functions and features of the software and customize the charts. You can find detailed instructions on how to acquire these skills from our series of videos devoted to MetaTrader.  

Market analysis

To make a trade, you need to know what to do. Analysis helps to decide which currency pair to trade and how to trade it. Moreover, it allows you to find the best moment to enter the market.

There are 2 main types of analysis. Firstly, you need to learn how to analyze charts – distinguish trends, find important levels where a price may reverse or accelerate. Secondly, you will have to understand how important economic events influence the Forex market. You will need to explore the economic calendar – a schedule of economic releases of the world’s major countries. With its help, you will be able to trade on the beneficial news as well as avoid the unwelcome events that may affect your trade. 

Consult our text tutorial about market analysis and follow daily market analytics and trade ideas on our website.

Risk management

Risk management helps to ensure yourself against negative outcomes and organize your finances in a way that will let you stay in the market for a long time and have multiple opportunities to trade. This is an essential element of your trading. Get to know the main rules of risk management that will help you to limit your losses and maximize your gains.  

Psychology

Soon after you make your first trade, you will understand that this process is stressful and you need to get into the right mindset for successful trading. This may turn out to be more complicated than it sounds, but don’t worry: we have gathered psychological tips from experienced traders in this article.

pic_1.jpg

The useful materials

FBS offers a great number of educational materials that will make your learning process fast, easy and enjoyable.

You can watch the video tutorials and then deepen your understanding by going through the text materials in Forex guidebook.

For further learning, we recommend such books as Daily Trading & Swing Trading the Currency Market by Kathy Lien and Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder.

FBS also offers free live educational and analytical webinars both for Forex beginners and for those who already have some experience. At these lessons, you will be able to ask all your questions to professional analysts and trading experts. Check the webinar schedule to see which webinars are coming soon.

Good luck with your trading and may the profit be with you!

TRADE NOW  

Similar

Fear & Greed Index or How to Beat Crowd
Fear & Greed Index or How to Beat Crowd

“And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful…

Frequently asked questions

  • How to open an FBS account?

    Click the ‘Open account’ button on our website and proceed to the Personal Area. Before you can start trading, pass a profile verification. Confirm your email and phone number, get your ID verified. This procedure guarantees the safety of your funds and identity. Once you are done with all the checks, go to the preferred trading platform, and start trading. 

  • How to withdraw the money you earned with FBS?

    The procedure is very straightforward.  Go to the Withdrawal page on the website or the Finances section of the FBS Personal Area and access Withdrawal. You can get the earned money via the same payment system that you used for depositing. In case you funded the account via various methods, withdraw your profit via the same methods in the ratio according to the deposited sums.

  • How to start trading?

    If you are 18+ years old, you can join FBS and begin your FX journey. To trade, you need a brokerage account and sufficient knowledge on how assets behave in the financial markets. Start with studying the basics with our free educational materials and creating an FBS account. You may want to test the environment with virtual money with a Demo account. Once you are ready, enter the real market and trade to succeed.

  • How to activate Level Up Bonus?

    Open Level Up Bonus account in web or mobile version of FBS Personal Area and get up to $140 free to your account.

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera