Where to Start?
One can learn about currency trading in different ways: from friends, from mass media and so on. We offer some basic rules of trading for beginners. Adherence to all the recommendations below helps you to understand the working principles of the market.
First Piece of Advice: Practice
The demo account was designed to introduce the dynamics of the market to those who are interested in it. In the process of demo trading you should learn at least how to place a market order to enter the market, stop and limit orders to lock the profit or protect your position, the CCA and “If Done” orders to perform more advanced trading strategies.
Second Piece of Advice: Master the Theory
Forex traders use fundamental and technical analyses and also their combination for their trading decisions. The technical analysis is the study of graphs of currency moves to predict the future direction of exchange rates on the basis of their past moves. TLVD Financial Group has developed a site that offers a market analysis and a large number of educational materials which will be useful both for beginners and experienced traders.
Third Piece of Advice: Manage Your Account Wisely
One should take into consideration the balance of the account while opening a position. If you believe that a long-term trend is developing on the market and you want to take advantage of it, first you must determine whether you have enough money to maintain a margin and withstand potential short-term rate moves against your position. We advise you, before placing each position, to ask yourself the following questions:
- How much am I willing to risk?
- What is my potential from the rate moves up and down?
- What are the conditions of the market? Is it volatile or calm?
- What is the logic behind entering the position?
- Will I consider the bases for entering into the position correct after the conclusion has been reached?
Before placing an order it is necessary to determine the points of entry and exit. One of the most common mistakes often made by novice traders is letting emotions interfere in trading strategy.
Fourth Piece of Advice: Stay Tuned
Although the market moves every day, it is impossible to monitor market developments around the clock. If you do not have an access to your computer and your account, you can use our mobile services and a system of market signals which can notify you of key events in the market that may affect your position.
Fifth Piece of Advice: Open a Real Account
If you feel ready for trading in this market, download the application form and send it to us. The level of your emotions may be higher than in the demo trading, so it is important to develop an effective strategy in the demo account and commit yourself to adhere to it in real trading.