Trading Forex from scratch
Many people know that Forex is an international market, where currency is bought and sold, where currency exchange happens around the clock. But many of us do not even realize that trading Forex without investing your own capital is real!!!
Most people think that in order to start trading forex you need an impressive amount of money to get started, but you don't! There are ways to start Forex trading from scratch without spending a single penny.
However, to get started you will require some basic knowledge.
To Learn the Basics of Forex Trading
You don't have to jump right in with a bang, but start with the basics. Study and analyse the literature on Forex. There is a lot of information on the Internet, watch the video on youtube on the theme of "Forex trading from scratch".
You need to choose a broker.
You have already mastered all the theory, the techniques, then you need to choose a Forex broker.
So, a Forex broker, or brokerage companies, are those companies which are intermediaries between the market and the clients. In other words, they provide access to trade in the international foreign exchange market.
Absolutely all trades of all traders come through an intermediary - a broker, without it you cannot trade. A good brokerage company has to have a license to work on the market.
So, what you should pay attention to when choosing a broker.
The most important thing is that it should be reliable because there are cases when you might get cheated and abscond with your money in an unknown direction, so the first thing to do when getting acquainted with a broker is to check the special license, its validity period as well as look through the customer reviews.
You should take into account the percentage of commission set by the broker for its services.
Convenience and quality of the platform. It is important to have an easy and understandable interface of the trading terminal, free use, understandable charts, availability of news.
Open a forex trading demo account
When trading forex for beginners the most important thing is not to risk personal money. You may start by simply opening a practice forex trading demo account, which is no different from a real one. Then you have to try trading, as if to check your system, make adjustments, if necessary, make sure you have selected the right broker. It is easy to open such an account and it is absolutely free.
Improve your trading strategy
You should not start trading forex without a proper trading strategy. You should start by learning at least a couple of strategies.
All strategies can be divided into types:
Long-term (a couple of weeks to a couple of months). Medium-term (a few days or even weeks). Short-term (from a few hours to several days). (several hours to several days) ● short-term (several hours to several days) ● scalping (for up to two hours) Pipsing (short-term from one to five minutes).
Necessary to open a real account.
Opening of a real account is a serious event for many beginning traders. When trading with real money you start to feel nervous and worried about your hard-earned money, so be prepared to realize that trading with real money, as opposed to the demo version, may not give you the desired result straight away, even though the trading strategy is the same. Don't get upset, it happens to all beginners; psychology is the main thing in Forex trading.
Trading Forex without any investment
There are ways to earn on the currency exchange without any investments of your own capital:
Affiliate programs are one of the most popular ways to earn money on Forex without any investment. It works like this: you have to register on a brokerage company's website and attract new clients, and when they start trading you will receive your income as a fixed rate or in the form of interest. Then you can start your Forex trading without any investment or you can simply withdraw your funds in a convenient way - become a partner of a brokerage company
There is a method of earning money by participating in different competitions. This way you can earn substantial funds without worrying about your own capital. The idea is that you can compete with other participants in trading efficiency and the one who is the best is the winner. The amount of reward for the victory in the traders' contest may reach tens of thousands of dollars.
● No deposit account. Sometimes brokerage companies organize campaigns and provide the so-called welcome-bonus to all traders who have opened an account at the moment. There will be a minimum amount of money on it that cannot be withdrawn without executing a certain number of lots. The advantage for you is that you can gain experience in the Forex market and hone your skills in real trading. If you succeed, you will be able to withdraw your earnings from your account.
● Special forums. You will be rewarded for every post you make: the more such posts you make, the higher your earnings.
So, trading Forex without investing your own capital is quite possible. To succeed, you need to carefully learn all the strategies and refine your trading techniques, because Forex is a great place to make some serious capital in a variety of ways.