Modern Australian
Men's Weekly

.

5 Tips for New Forex Traders

  • Written by Diana Smith

Becoming a forex trader is a great way for you to improve your income. At first, you can start doing this as a part-time thing, a short-term investment for a temporary financial boost. However, if you discover that you have a knack for this and the money starts rolling in, you definitely wouldn’t be the first person to become a full-time forex trader. Still, you need to take baby steps when entering the industry, due to the fact that there are so many unfamiliar concepts, strategies and options out there for you to deal with. So, here are five tips that every new forex trader needs to hear.

Start by learning the terminology

You need to get familiar with the field before you can start trading, however, this is quite difficult if you lack the knowledge of the basic terminology. You see, there are a lot of great forex trading journals and learning materials out there that you could explore, but before you can start studying, you first need to learn how to read. In other words, start by learning the basic terminology and then compose your own list of learning resources that can provide you with valid and reliable information in the field.

Pick one currency pair

There are so many currency pairs out there and, for the time being, you would have to narrow down your field of interest. As a beginner, it’s best if you were to pick one currency pair and focus on getting to know it as best as you can. In order to make this even simpler, pick a pair with your own currency and another major currency that it correlates with. For instance, if you’re Australian, you should pick between USD/AUD, AUD/GBP, AUD/JPY or AUD/CHF.

Equip yourself with proper tools

The next thing you need to do is provide yourself with all the necessary tools to succeed in this field. We’ve already mentioned learning materials, however, the most important choice that you have to make here is the one of the platform to trade through. Picking a tool like Ever Forex is a particularly good idea, due to the fact that it is supported by all major OSs. What this means is that you get to use the tool on your smartphone, laptop and desktop computer alike. In the field such as this, where quick response is everything, having the proper tools is a key to success.

Consider all your options

Just because you have limited funds, this doesn’t mean that you’re restricted to trading with just them. Instead, you could use the concept of forex leverage and use funds that are 20, 50 or 100 times larger (1:20, 1:50 or 1:100) than what you have. Your initial fund is the so-called forex margin and if it gets depleted, you’ll get a margin call, which will prevent you from trading any further. Just keep in mind that both risks and benefits are much greater this way. You earn money more quickly but you also stand to lose it more quickly, as well. If you find yourself asking on what is margin in forex, make sure to read up on it first.

Set stop orders

Finally, in order to protect your assets, you need to learn how to set stop orders. By setting your stop-loss at about 1 or 2 percent and setting your stop-gain at 6 or 7 percent, you’ll be profitable with as little as 30 percent of successful trades. This way, you’ll turn your business into something a lot more organized and avoid taking unnecessary risks.

The very last thing you need to understand about the field of forex is the fact that the experience can’t be bought or borrowed – it will come to you in time. Sure, present-day platforms have a lot more beginner-friendly learning curve and a fact that you don’t have to go through a traditional broker is also a huge plus. Not to mention the advantages that come from the availability of so much information and learning materials. Still, this doesn’t mean that succeeding in the world of forex is easy or that your success is guaranteed.

Business

Building a Governance Model for Headless Content Management at Scale

Image by pch.vector on Freepik There's never been a better time to implement a headless content management system (CMS) to gain the flexibility and scalability necessary for developing digital experiences...

Understanding Trade Insurance: Essential Protection for Businesses

Image by Drazen Zigic on Freepik In the current economic environment, trade insurance is an important element for companies trading both locally and internationally. This is a type of insurance that reduces...

Navigating the Digital Landscape: Managed IT Solutions and IT Services in Townsville

As technology advances at an unprecedented pace, companies must adapt to embrace the transformation ahead. With an evolving technology landscape, managing technology effectively is a strategic priority for every North...

Maximising Operational Efficiency: Electric Winch Hire Australia and Hydraulic Power Pack Hire Solutions

Image by jcomp on Freepik From urban construction sites and remote mining operations to coastal maritime facilities, specialised equipment solutions are integral across Australia's varying industrial landscape to deliver project success...

Designing Secure Content APIs in Headless CMS Environments

APIs are what enable content to be delivered from a headless CMS to anywhere digital content can exist from websites and apps to IoT and more. Yet while the headless...

The Role of Mining Equipment Suppliers in the Industry

Mining is one of the most essential industries, driving the global economy by providing raw materials for manufacturing, energy production, and infrastructure development. Behind every successful mining operation lies an...

Refurbished iPads Are Better Than New Ones (Here's Why)

Image by rawpixel.com on Freepik Apple's refurbished iPad program has quietly become one of the best deals in tech. While everyone obsesses over the ...

Your Guide to Finding the Right GP: What Perth City Doctors Offer Today

Choosing a General Practitioner (GP) is one of the most important health decisions you’ll make. Luckily, Perth’s vibrant CBD now hosts a new ge...

Why Every Mining Operation Needs a Robust Safety Management System

Mining is one of the backbones of the Australian economy, particularly in Western Australia. Back in 2019-20, mining contributed 10.4% of Australiaâ...

Australian Classic Literature Enjoys Resurgence

Welcome back to the good old days of storytelling! As the modern world becomes increasingly more demanding, returning to childhood favourites offers...

How to Choose the Right Lawyers in Sydney for Your Situation

When faced with a legal issue, selecting the right legal representation can make all the difference. Whether you're dealing with a personal injury, ...

Building a Governance Model for Headless Content Management at Scale

Image by pch.vector on Freepik There's never been a better time to implement a headless content management system (CMS) to gain the flexibility and ...

Understanding Trade Insurance: Essential Protection for Businesses

Image by Drazen Zigic on Freepik In the current economic environment, trade insurance is an important element for companies trading both locally an...

Choosing the Right Timber for External Cladding

Timber cladding is one of those finishes that pulls double duty: it makes a building look warm and welcoming, and it quietly shields the frame from ...

Top Services Offered by Diesel Mechanics in Brisbane

Keeping a diesel vehicle running at its best takes more than the occasional oil change. When you invest in regular specialist care, you protect the ...

Top 5 Benefits of Hiring Professional House Removalists

Moving day should feel like the start of a new adventure, not the end of your patience. Yet once the settlement papers are signed and the champagne ...

Navigating the Digital Landscape: Managed IT Solutions and IT Services in Townsville

As technology advances at an unprecedented pace, companies must adapt to embrace the transformation ahead. With an evolving technology landscape, mana...

Types of Catering You Should Consider for Your Next Event

Choosing the right type of catering service can elevate your event from ordinary to unforgettable. Whether it’s an elegant wedding, corporate func...

Understanding the Benefits of Split System Installation for Your Home

Climate control is essential to maintaining comfort in your home, especially during the extreme temperatures that many regions face. Whether you’r...

Best Aluminium Window Sliding Designs for Natural Light and Airflow

Bringing natural light and airflow into a space is one of the most efficient ways to create a healthy and comfortable home. In Sydney and across Aus...

Maximising Operational Efficiency: Electric Winch Hire Australia and Hydraulic Power Pack Hire Solutions

Image by jcomp on Freepik From urban construction sites and remote mining operations to coastal maritime facilities, specialised equipment solutio...

Navigating the System: Your Guide to Support Finding Work with a Disability Around Melbourne

Image by freepik Finding the right job can be a challenge for anyone, but it can feel particularly daunting when you're also navigating life with a ...

Say Goodbye to Draughts and Hello to Savings: Your Guide to Perth Window Replacement

Image by prostooleh on Freepik Are your windows looking worse for wear? Are you paying a hefty power bill due to sneaky draughts and poor insulation...

How to Choose the Right Horse Trailer for Your Riding Needs

Many horse owners travel long distances for riding lessons, competitions, or to move horses between properties. Having a safe and reliable trailer i...