Forex Trading Advice For Beginners

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Forexyard

When a new traders first enter the big wide world of Forex it can seem an incredibly daunting place, especially for somebody with no prior knowledge of foreign currency exchange markets. However, that is no reason for novices to be dissuaded from giving this fun and exciting investment method a go, which is why we’re offering some basic Forex trading advice for beginners to give you some starting tips to get you going.

Practice accounts: Before you start investing your hard earned money you should take a closer look at Forex trading by opening a practice account, which are available from leading online Forex brokers such as ForexYard. These accounts allow you to trade Forex using real prices and trading platforms but without risking any of your own money.

What to Trade: The EUR/USD is widely considered to be the best currency pair for new traders to trade, due to the high volumes of trades made every day in this particular currency pair. The busier a market is the more profitable positions it will offer.

When to Trade: The best time to trade Forex is when any two of the three major trading sessions overlap and therefore the most business is done, with the very best time believed to be at 3pm GMT as this is when the London trading session is drawing to a close and the New York session is getting into full swing. Remember that a stagnant market very rarely offers profitable positions.

Budget: Always set yourself a Forex trading budget, both overall and for each individual position that you open. As a rule you should only ever gamble with money that you can afford to lose and Forex trading is no different. Also, each trade should use no more than 5 per cent of your bankroll, which means that you can increase the size of your trades as your bankroll gets bigger.

Further Help and Advice: All good online Forex brokers, such as ForexYard, offer educational courses and advice workshops for new and experienced Forex traders, where you can learn many new skills and techniques to help you make a profit while trading Forex online. To find out more visit www.forexyard.com.