In Forex trading, experience is pretty much everything. It’s very rare that a new trader can start out and make instant profit and keep it sustainable. The reason for this? Well, the less knowledge you have, the more of a gamble each trade is. If you look at it this way: You are completely new to forex trading and you literally have no idea about what you are doing. Someone teaches you how to log onto your account and how to execute a trade, but that’s it. You start doing trades at random, without doing any form of analysis or evaluation. Could you really call that trading? Basically, what you are doing is just buying a currency, hoping that it will increase in value instead of decreasing, just like you would hope for the ball ending up on black in roulette. There’s no thought behind it.
What’s good about Forex trading, however, is that you can learn a whole lot in a short period of time if you stay attentive and hungry to learn. My suggestion is that you sign up to broker offering a good demo account which gives you access to their trading platform so that you can practice before you start trading with real money. AVATrade is a good example of such a site. They offer not only a demo account but also a whole section dedicated to teaching new traders about the forex market. This is the sort of thing you want to get into when you are new on the trading scene – And this is also when forex trading becomes fun! I promise you, it’s way more fun being on a trading platform where you actually know what you are doing rather than just randomly purchasing currency while hoping for the best. If you would like to read a review of AVA Trade, try visiting forextrading.pm, which is an online forex portal where you can find tons of information on goo brokers.
Another forex broker that I would warmly recommend to both new and experienced traders is the less known Sunbird FX. They are a fairly new broker that was established in 2011, but they have already earned their reputation and are constantly increasing in popularity all over the world. Just like AVA Trade, they offer new traders all the information they need in order to profit from trading currencies. Sunbird FX has a website that is very easy to navigate through, and it’s clear that they have put effort in to making the website suitable for new traders, so that all the different features on the website are thoroughly explained.
Of course, there are several other brokers that would suit a new trader, these are just my personal tips. I remember when I first started out, I was wishing there was an article giving me a few easy tips to start off with, so that’s what I wanted to do in this article – and hopefully help a few people out!