Many new forex traders come to this field of trading with the dreams of a luxury lifestyle. But they are far from the reality. They go for magic holy grail trading systems that falsely advertise about getting rich quick. The truth to become a successful trader is quality forex education.
Without adequate experience, the forex market can prove deadly for your hard earned capital. So, you also need proper experience besides quality education. The forex is the forex currency exchange, where currencies are traded against each other.
The forex is the largest trading exchange in the world with a volume of over 5 trillion USD is traded every day. The forex market is open 25 hours a day, and five days in a week. Due to the shift in supply and demand, a currency or a commodity appreciates in value. So, you need to be aware of when you can buy a currency or sell it. For this, you need to focus on the fundamental aspects of the currency pair.
Besides, fundamental analysis, you also need to be aware of the technical analysis, which deals with price action analysis using the charts. Hence, you will look for potential high probable low risk entries to profit from the market. Currencies are traded in pair such as the EUR/USD, GBP/USD, etc. To start trading in forex, first you need to open a demo account with a forex broker, and then after practice, you can switch to a real trading account.