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Trading for beginners

Where to start trading on the Forex market?

Forex is one of the largest world markets. At the same time, the bulk of its participants are private traders who profit from changes in exchange rates. Simply put, the universal principle of trading “buy cheaper, sell more expensive” also works here. Everyone can become a Forex trader. Neither the level of education, nor the degree of employment, nor well-being are practically irrelevant here.

There are many subtleties in currency trading, but there are no insurmountable obstacles. Let’s look at some general principles of trading in the financial markets, and then move on to the decision of buying and selling, as well as how to limit possible losses.

When trading Forex, you need to constantly learn, improve your knowledge and, most difficult, be able to make decisions by analyzing your successes and mistakes, even if you work with a broker.

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Read special literature

Many books have been published on how to get started in Forex. Many of them were written by practitioners – successful traders who once, like you, started from scratch. In addition, there are many articles and blogs on the internet about trading for beginners. This will give you an overview of how the international foreign exchange market works, what analysis and strategies are, and how to increase your chances of success.

Understand the language

Strong command of the most frequently used Forex language will greatly simplify your entry into the market. Here are some words and phrases that you will hear again and again:

Base currency

Base currency is that currency in a specific currency pair, the price of one unit of which is always measured in units of another (quoted) currency.

Quoted Currency

The quoted currency is the currency in which the price of one unit of the base currency is expressed. When denoting a currency pair, the base currency is always written first, and the quoted currency is always written second.

Bid Price

Bid - the bid price, the highest buyer's price at which he agrees to buy currency, securities, and other assets.

Ask Price

Ask is the price at which the seller agrees to sell the asset./span>

Spread

Difference between the offer price and the sale price. This is just a broker's commission.

Pip

Pip - the minimum change in the indicator, when there are no smaller changes for this indicator. One point corresponds to a single change in the most recent published figure of the indicator. In points, fluctuations in prices, quotations of securities and currencies on exchanges are measured.

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