What is Forex market?
Foreign Exchange Market (Forex) is about exchanging one currency to another. Over time, people have learned to earn on a difference in exchange rates and such speculation has become a great source of income for many traders. After all, exchange rates are very unstable that makes a purchase and sale of currency a really profitable business for so many people.
The currency pairs are the instruments used to conduct the trading process. (e.g. GBP/USD, EUR/USD, USD/JPY, etc)
To become a trader, you need a willing to start and to open an account with a reliable broker. JustForex company is one of the trustworthy world leaders offering different types of accounts with beneficial conditions.
Types of accounts. Which one to choose?
There are several types of Forex accounts and depending on the conditions, you can choose the most appropriate one for you.
If you have never traded on the Forex market, the most suitable option for you as a newbie is opening a Demo account. This account is absolutely free, as you use virtual money. It is created for you to practice trading and train your skills.
Cent is also a kind of a training accounts, but trading is performed with real money. The difference is that the sum is much lower (it can be $10-15) than on a Standard account and the balance is displayed in cents for greater solidity. Standard account is one of the most popular among traders and usually the minimum deposit sum is $100.
What to take into consideration while trading on Forex?
A very important skill for a Forex trader is an ability to analyze what is happening on the market. There are 2 types of analysis for this:
Everyday market overview - you monitor the market for key events that can affect the rate and take into account this information to apply necessary changes into your trading strategy.
Technical analysis - you analyze what happened in the past, because the Forex market has a certain cyclicality. There is a great chance that history will repeat, so you will be able to predict the future changes to get a profit.
A trustworthy broker is a key to success
Most brokers are interested in your ability to make money from Forex trading. But you need to choose a trustworthy brokerage company to start your journey to the world of currency exchange.
One of the world leaders on the Forex market is JustForex broker. The company has been working since 2012 and is trusted by millions of users from 197 countries.
Start trading with JustForex is very simple. All you need is to open an account on its official website. Once you have registered, you can download the trading platform Metatrader 4 for free and try to trade.
If you open Mini or Cent account with JustForex, there is no minimal deposit. So you can start with any sum you have and make a profit of it. Thus, Forex trading can be both your main source of income as well as an additional one.