In trading, we can rely on a bunch of different entry signals.
Learning how to trade: a guideline for newbies
2023-04-03 • 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.
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.
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.
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.
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.
The useful materials
FBS offers a great number of educational materials that will make your learning process fast, easy and enjoyable.
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!
A triangle chart pattern is a consolidation pattern that involves an asset price moving within a gradually narrowing range.
Trading has several levels of complexity, starting from the easiest, like buying and selling random assets, to a more comprehensive one, with deliberate risk management, timing, and objectives.
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 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 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.