Forex trading Singapore
Self-education is the key to success in trading on the foreign exchange market. It will be useful to study the blogs of specialists, on which they share their opinion about events in the world that affect the fluctuations of the currency market. It is also essential to read topical literature and master fundamental knowledge. This will allow a future trader to understand the impact of various factors and events on the currency market. As well as to distinguish the opinions of professional traders from those of amateurs. A trader, whose goal is profitable trading, must necessarily engage in self-education and continue to study in the background all the time. The information is fully available on the Internet, and it is much harder to find true Forex trading professionals who are willing to share their knowledge openly.
Start Forex Trading
Among successful traders, public personalities are developing a personal brand. It is important to find such a trader to learn how to analyze based on expert opinion. Many traders quote well-known information, and it is great luck to meet someone ready to share common trading strategies, specific levels of closing and opening deals. There are also signal services, which allow copying the trading activity of a trader in the market.
Before investing real money in Forex, it is worth to thoroughly learn the basics, practise on a demo account with a virtual deposit. It may take several months, but there is no risk of losing real money. Due to a lack of knowledge and experience, eight out of ten newcomers to the market lose their money, so you should not enter into trading without prior preparation.
Reading books helps you understand the fundamental laws of the market. But the information presented in the books may be useless in some cases. For more relevant and applicable in specific situations, it is better to refer to expert blogs, reviews of forex brokers. Then, based on the professional traders' reasoning, you should try to apply techniques on a demo account, see what the result will be. Thus, in case of positive effects of trade deals, it is worth to choose a so-called "mentor", i.e. an expert whose advice and recommendations most often lead to profit, i.e. to profitable deals. Following the recommendations of the "mentor", it is necessary to develop your trading style in parallel, to test different trading strategies with caution.
Start amount when logging in to Forex
In determining the initial deposit amount, it is essential to be prepared to lose this amount of money painlessly. It is worth investing only the amount of money, the loss of which will not affect the welfare of the family in any way. Forex can bring a considerable income, but also carries a high risk. Thanks to the leverage, you can earn 100, 500, 1000 times more than the starting amount of the deposit. Different forex brokers have different leverage sizes.
It is easy to earn big money on a demo account, as the size of the initial deposit is virtual and can be as big as you want. The situation is different in real trading. The deposit is relatively small, with the opposite order movement of the market, you can quickly lose everything. Several unsuccessful deals can withdraw all the money from the account. The smaller the amount in the account, the higher the risk of staying with nothing when the market "drops".
The minimum amount of money to start trading on Forex - a few thousands of dollars. Less - does not make sense. In this case, all transactions should be short-term and conducted with a minimum amount. Here we are talking about the standard Forex market, there is also mini Forex, where the size of lots is dozens of times lower.
How to choose a broker?
When choosing a broker, you should be guided by several criteria—first, the reliability of the company, its reputation. You can trust the money only to companies that have been proven and working in the market for many years. Secondly, acceptable conditions: the size of commissions, the provision of a convenient terminal, its analytics, quick money withdrawal, instant execution of orders. Thirdly, the availability of a license. It is better if the broker has a license issued in Britain, as there are strict standards for issuing a permit. A permit is a guarantee of protection of clients' rights and interests.