How to trade on Forex? Where to become a trader? How much money would it take? Let’s consider how to start Forex trading – five basic steps that will turn newbie into a trader by Justorex. https://justforex.com

1. How to Trade on
Forex – 5 Steps for
Beginners

2. Step 1
Start Forex trading with
Forex education

3. It may sound boring, but Forex begins with education. Trading requires minimal understanding of the market
functioning mechanisms. Novices often omit this step, relying only on their success and intuition. But Forex is not
gambling, it has own laws. Success is possible when trading blindly, however it is short-time.
You can learn how to trade on Forex in different ways:
Paid Free
In-class Online
&
&

4. How to learn Forex trading individually and free
You can learn Forex basics individually – assiduity, patience and time are required. Books, thematic resources, blogs
of the successful traders, forums, video tutorials and webinars are the main educational materials. It is important to
find easy-to-understand source that will not confuse even more.
The following books are considered classical:
● Alexander Elder “Trading for a Living: Psychology, Trading Tactics, Money Management”;
● George Soros “The Alchemy of Finance”;
● Warren Buffett “The Essays of Warren Buffett: Lessons for Corporate America”;
● Erik Nayman “The Small Encyclopedia for Trader”;
● Jack D. Schwager “Market Wizards”.

5. “Market exchange
has no idea about
your existence.
You have no
chance to
influence on it.”
Alexander Elder

6. “One of the jobs of a
good trader is to imagine
alternative scenarios. I
try to form many different
mental pictures of what
the world should be like
and wait for one of them
to be confirmed.”
Jack D. Schwager

7. Authoritative Forex resources are listed below:
Investing
Investopedia
Dailyfx
Babypips
Books form a certain knowledge base, but do not teach successful deals. Reading of specialized literature is useful
along with video tutorials, webinars and demo accounts. Look for applied information from insiders at forex resources:
thematic sites, forums, blogs, communities.

8. Digitalcashpalace
Earnforex
Forextips
Donnaforex
If you like to learn new information and get to the truth, an individual Forex education is for you.
Most traders hold active discussion and share their experience on the following forums:

9. Online courses from brokers
Distance learning gains popularity. Forex brokers use online courses, webinars and mentors` services to teach their
clients. The most available form of learning are webinars, i.e. online seminars. Any trader with Internet can take part in
such online events.
Webinars are popular due to:
● simplicity and availability;
● opportunity to put questions to the webinar presenter via chat;
● visual materials – video, screenshots, presentations, screen sharing;
● participating is usually free.

10. Free Forex education is possible
-apply for online courses
-recourse to a mentor
-take part in webinars

11. Forex courses – in-class learning
Forex brokers often hold learning courses locally. Classes are led by professional traders. The course usually consists
of lectures and practical trainings. Forex-coach shares his experience, gives advice, analyzes trades. Forex courses
are considered to be very effective teaching method, assuming a real professional teaches you. High cost and location
dependence are its main disadvantages.

12. Step 2
Choosing a broker

13. Brokers are intermediaries between a trader and market. Unfortunately, you cannot start forex trading without them.
Therefore, try to choose a reliable and honest company. How to do it? Look for independent ratings of forex
companies, read reviews on forums. Be careful – reviews and ratings are often made-to-order. Moreover, both positive
(bought by broker) and negative (paid by competitor). Do not trust only one source.
The following parameters tell about the broker more objectively:
● Reputation. The experience of the forex broker demonstrates its stability and reliability. But do not write off
young companies – their trading terms are often more loyal.
● License. Any company, providing financial services, should be certificated. If the broker is not subjected to one
of the regulators, think carefully before signing up.
● Trading terms. Look what trading accounts and terms are offered: leverage, spread, commission and initial
deposit.
● Software. Which trading platforms can be used in the company. Do they have mobile and browser versions? Are they
easy-to-understand for beginner?

14. ● Support. Contact support team via chat or email to make sure of their courtesy, competence and awareness.
Multilingual and around-the-clock support is always a priority.
● Security and reliability. How to check it by yourself? Look at the URL address in your browser: HTTPS protocol
is a good sign. If you use Chrome or Mozilla, the green lock to the left of the address bar is a proof of secure
connection with the site (the site has a valid TLS/SSL certificate). This requirement is obligatory both for
password entry and payment pages etc. Of course, it doesn`t guarantee broker`s integrity, but at least no one
will intercept your data. It would be great, if the financial operations and password reset are supported by
two-step authentication. Ask the support team to provide you with information about another client, as if he is
your friend or relative – what will they answer?

15. Things that are to be considered
while choosing a broker:
1. Trading terms
2. Software
3. Support
1. Reputation
2. License
3. Security and
privacy

16. Step 3
Trading on a demo
account – virtual Forex

17. Educated trader is good, but isn`t enough. You need practical experience. Where to get it for free? Open a demo
account – forex trading simulator. You choose a broker, open a demo/practice account, install trading platform and
start forex trading with virtual money. Demo trading is similar to the real. You trade under broker`s trading terms, make
deals for the same quotations, learn the platform without investing your own funds.
1. With registration – you open a demo account on the main page of the broker`s official website only after
registration.
2. Without registration – you open a demo account directly from the trading platform, or on the official website without
registration.
Open several demo accounts and compare trading terms of different brokers to be sure you find the right one.

18. “Open several demo
accounts and
compare trading terms
of different brokers to
be sure you find the
right one.”

19. The reverse side of a demo account
Many traders don`t recommend demo trading. What are their arguments? The trader does not accept virtual money
seriously and does not feel the emotions appropriate for the real trading. Imagine: you trade on a demo account, trade
with profit, a large sum of money is already on your account. Go to a real account and all is lost – instead of profit you
have a loss, instead of the deposit – big fat nothing.
The fact is that the price of virtual money is low, so we bear losses easily. The trader keeps calm and continues to
trade even at unprofitable transactions. When real money is at stake, such emotions as greed, fear and excitement
take place. In most cases, it is the reason why trader fails. How to reduce the risks?
● trade on a demo with a sum, which you will trade on a real account;
● use the same trading terms;
● make deals reasonably;
● keep trading journal, correct mistakes;
● do not stay on a demo account for a long time;
● do not make trades of high volume on real accounts, even if you trade on the demo successfully;
● follow money management rules.
Remember, successful demo trading does not guarantee success in the real trading. If you want to transfer
successfully from a demo-account to a real one, read following the link.

20. Demo account rules:
Real trading terms Real deposit amount
Trades journal
Money management
Mistakes analysis

21. Step 4
Opening a trading
account

22. When beginner`s training is behind, it’s time to start forex trading in real mode. To do this, you need to open a trading
account on the broker’s website. The buttons and links for account opening are usually located in the most
conspicuous places.
The account opening procedure is often combined with the registration. At this stage, the future customer should provide
personal information. At least – name, email, phone number, address. Some serious companies may require even income level
information. On one site you should provide minimum data, so you can start trading immediately. On the other site account
should not be opened until you do not send a copy of the identity card and deposit your account with a certain amount.
If you are ready for serious trading – indicate correct personal information. The confirmation code/link may come to the email
address or phone. Brokers do not process the withdrawal without the documents confirming person`s identity and place of
residence.
You will understand the procedure in the course of registration. Everything should be intuitive. If not – write to the support desk.
Trading account should be deposited, otherwise you can`t trade. The only exception is a non deposit bonus, which is regularly
given by brokers in order to attract new customers.

23. There's no need to
leave your
fingerprints, but ID
will be definitely
required.

24. Step 5
Installing the platform

25. You need a trading platform to start forex trading – software that connects trader with exchange market. If you have
been trading on a demo, you have already installed it. Forex offers a variety of terminals. There are most popular:
What`s worth special attention when choosing a trading platform? Good terminal should combine:
Metatrader 4
NinjaTrader Group
ZuluTrade
● multifunctionality – analytical tools, indicators; the possibility of algorithmic trading;
● security – protection from unauthorized access;
● availability – compatibility with operating systems and browsers;
● mobility – mobile applications and browser-based versions of the platform;
● speed;
● user-friendly interface.
These settings can be tested only empirically.

26. All trading terminals can be divided into 3 groups:
Traditional desktop platform – the most convenient and functional. A trader downloads
terminal and installs it on the computer. But you may have difficulties with some operating
systems.
Mobile applications – a stripped-down functionality on the screen of the smartphone or
tablet. The main advantage is mobility.
Browser version of the platform (Web platform) – the most unpretentious variant. You can
trade directly in the browser without installing any software. Nevertheless functionality is
limited.
Use all three versions to keep abreast of your trades.

27. You need to overcome 5 steps to become a trader (some of them can be ignored):
1. Learn forex theory: read books and articles on the forex resources, communicate on forums,
watch video tutorials and webinars, visit forex courses;
2. Choose a reliable broker: make personal ranking of brokers and compare their trading terms;
3. Practice on a demo account: virtual trading will help to learn platform`s functionality, test trading
terms of each account type;
4. Open and deposit a trading account;
5. Install the platform and start Forex trading.

28. The beginning of Forex trading is a painstaking process. BUT – long way to Fuji
starts with the first step. Some will start Forex trading easily, while others should pull
their socks up. Many will give up and stop trading, someone will get a new hobby,
and someone will quit work and dive into Forex. At last, the main idea is to enjoy the
process.

29. Thank you for
watching
the presentation!