How to get started quickly for foreign exchange novices If you are a foreign exchange trading novice, there must be such doubts. In fact, getting started in foreign exchange is not difficult, but it requires novices to learn and accumulate experience.
Below, I will introduce 5 quick start methods for foreign exchange trading.
- First create a simulated account, play with simulated funds, practice how to open and close positions, set up stop-profit and stop-loss pending orders, and be familiar with the K-line charts of various time periods, as well as some basic concepts such as spreads and overnight interest!
- Understand the foreign exchange products and choose one or two products that you are more interested in. Learn about the factors that affect the fluctuation of this variety. For example: national economy, politics, war, employment situation and even natural disasters can affect the trend of foreign exchange.
- Foreign exchange is a margin transaction. Learn about the relationship between margin and leverage, the profit and loss that fluctuates by one point, and the ratio of liquidation. You must always understand your account balance and prepayment ratio to prevent liquidation! Otherwise it falls short!
- Find a trading method that suits you. Most people make transactions based on their mood. To put it bluntly, they are buying and selling! No rules! Good luck in this way of trading may allow us to make some money temporarily, but luck will not go far! You still have to have your own trading system. For example: Under normal circumstances, how many points are set to set stop loss and how many points are set to take profit.
- Maintain a good attitude. Carrying orders is a taboo, but most people will carry orders. After all, human nature is like this, and they want to carry losses back. Most of the exchanges from carrying orders to the end are liquidation. At the beginning, it is recommended to trade short-term wet positions.
I think that if you want to do a good job in foreign exchange trading, you must learn often. If necessary, you should conduct a thorough analysis. The key point is the analysis of the line graph. At the same time, we must combine the factors that affect foreign exchange to observe the whole situation. Novices must first learn the basic knowledge, and then participate in simulation operations, and at the same time learn more operating skills, so that they can make profits more easily.
Three tips to teach you a quick start to foreign exchange trading
Novices should conduct foreign exchange transactions quickly, and some basic foreign exchange knowledge must be mastered. Usually, they should also simulate operations on their mobile phones. Practice more. If necessary, sum up more experience. You can wait until the simulation users are proficient. operating. Let’s take a look at how to get started quickly in foreign exchange trading.
- Commonly used basic knowledge of foreign exchange trading
What is foreign exchange: a means of payment for international settlements expressed in foreign currencies.
The most important foreign exchange currencies and the most commonly used settlement currencies: US dollars, euros, British pounds, Japanese yen, and Swiss francs are the most commonly used.
What is a point: The smallest unit of exchange rate change, the last digit of the decimal point.
- We must understand in time what are the factors that affect the exchange rate
- Disasters and military disasters sometimes occur in some areas
- National policies, some news just released, major issues, and decisions about stimulating the economy.
- Economy: Many aspects of the international economy will affect the exchange rate
Three: How to analyze the trend of foreign exchange
The trend of foreign exchange is not static and often changes and diversified. We can learn and analyze according to our own situation, understand the bar graph, understand what each line means, and proceed to the next step.
If you want to do a good job in foreign exchange, you must always learn, and when necessary, comprehensive analysis. The focus is on the analysis of the line graph. At the same time, you must also observe the overall situation in conjunction with the factors that affect foreign exchange.