Anyone willing can easily become a forex trader, all thanks to a plethora of trading platforms available, countless educational resources, advanced computer systems, and an ultra-fast technology.
Our Forex Signals
1 - month
Subscription
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratiomonth
3 - month
Subscription
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratiomonth
Most popular
6 - month
Subscription
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratiomonth
Lifetime
Subscription
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratioSeparate Swing Trading Group
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratiomonth
1 - month
Subscription
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratiomonth
3 - month
Subscription
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratiomonth
Most popular
6 - month
Subscription
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratiomonth
Lifetime
Subscription
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratioSeparate Swing Trading Group
Up to 15 signals daily
76% success rate
Entry, take profit & stop loss
Amount to risk per trade
Risk reward ratiomonth
3 Providers that match your filters
Payment methods
Trading platforms
Regulated by
Support
Min.Deposit
Leverage max
Currency Pairs
Classification
Mobile App
Rating
Total cost
$ 0
Commission
3.5
Min.Deposit
$100
Spread min.
Variables pips
Leverage max
100
Currency Pairs
40
Trading platforms
Funding Methods
Regulated by
FCA
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Average spread
EUR/GBP
-
EUR/USD
-
EUR/JPY
0.3
EUR/CHF
0.2
GBP/USD
0.0
GBP/JPY
0.1
GBP/CHF
0.3
USD/JPY
0.0
USD/CHF
0.2
CHF/JPY
0.3
Additional Fee
Continuous rate
Variables
Conversión
Variables pips
Regulation
Yes
FCA
No
CYSEC
No
ASIC
No
CFTC
No
NFA
No
BAFIN
No
CMA
No
SCB
No
DFSA
No
CBFSAI
No
BVIFSC
No
FSCA
No
FSA
No
FFAJ
No
ADGM
No
FRSA
71% of retail investor accounts lose money when trading CFDs with this provider.
Rating
Total cost
$ 0
Commission
0
Min.Deposit
$100
Spread min.
- pips
Leverage max
400
Currency Pairs
50
Trading platforms
Funding Methods
Regulated by
CYSECASICCBFSAIBVIFSCFSCAFSAFFAJADGMFRSA
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Etfs
Average spread
EUR/GBP
1
EUR/USD
0.9
EUR/JPY
1
EUR/CHF
1
GBP/USD
1
GBP/JPY
1
GBP/CHF
1
USD/JPY
1
USD/CHF
1
CHF/JPY
1
Additional Fee
Continuous rate
-
Conversión
- pips
Regulation
No
FCA
Yes
CYSEC
Yes
ASIC
No
CFTC
No
NFA
No
BAFIN
No
CMA
No
SCB
No
DFSA
Yes
CBFSAI
Yes
BVIFSC
Yes
FSCA
Yes
FSA
Yes
FFAJ
Yes
ADGM
Yes
FRSA
71% of retail investor accounts lose money when trading CFDs with this provider.
Rating
Total cost
$ 0
Commission
0.1
Min.Deposit
$50
Spread min.
- pips
Leverage max
500
Currency Pairs
40
Trading platforms
Funding Methods
What you can trade
Forex
Indices
Actions
Raw Materials
Average spread
EUR/GBP
-
EUR/USD
-
EUR/JPY
-
EUR/CHF
-
GBP/USD
-
GBP/JPY
-
GBP/CHF
-
USD/JPY
-
USD/CHF
-
CHF/JPY
-
Additional Fee
Continuous rate
-
Conversión
- pips
Regulation
No
FCA
No
CYSEC
No
ASIC
No
CFTC
No
NFA
No
BAFIN
No
CMA
No
SCB
No
DFSA
No
CBFSAI
No
BVIFSC
No
FSCA
No
FSA
No
FFAJ
No
ADGM
No
FRSA
71% of retail investor accounts lose money when trading CFDs with this provider.
However, as much as forex is only a click of the button away, only folks with the right knowledge and skills have the potential of becoming profitable from their trades.
Therefore, a serious and structured approach is needed to ensure that, as a trader, you come out of the market at the end of the day with a smile.
So, how and where do you start?
Once you’ve decided to get into the forex market, there’re some top steps that you need to follow to kick-start your forex trading journey as a newbie to becoming successful.
One thing to note is that all the steps require time and effort, but once taken seriously, the results are worth the effort and the wait.
- Research
Remember, you’re diving into a new market, which you have absolutely no idea about. The last thing you’ll want is to risk your hard-earned money on something you know little or even nothing about.
Therefore, the first step should be doing a lot of studies and learn everything about the forex market and trading in general.
Start by understanding technical as well as fundamental analysis and the various approaches used in trading forex. Interestingly, there’re several educational resources that you can get all the knowledge required about forex.
Moreover, you can opt to follow a trading trainer or mentor for guidance. Knowledge about the forex market is crucial to becoming successful.
- Choose the Right Broker
After learning the basics, you should move on to find the right forex broker. The broker you choose is the one that offers excellent trading conditions.
The broker has to regulated, and you can go a mile to confirm their financial strength by looking at their financial statements.
Also, look at the reviews of other traders to ascertain the broker’s reputation and credibility. Brokers offer the trading platforms; hence, you won’t want to go wrong in choosing your broker.
- Choose the best Strategy and Backtest
After the broker, find a trading method that suits you and start backtesting. At this stage, you should remember that no one perfect system exists, but it’s all about what you feel comfortable with while trading.
The system you choose should be the one you understand the most. As you get familiar with the most trading methodology, patterns, habits, some may be making sense to you while others may not. Check the efficacy of the system you pick with the old forex data online.
The system you want should be the one that has already achieved a consistent and relatively stable profit over an extended period- aim at roughly 200 trades as the benchmark.
- Demo Testing
Once you’re done with your system, next is testing it out with virtual money.
Open a practice account with the broker you’ve already chosen. Make several trades using the methodology you selected.
It’s recommended that you first attempt to be profitable for a minimum of 2 months and preferably up to 6 months before you invest real income.
With the demo account, you can learn and apply all the knowledge you gained from the start, such as risk and money management.
Learn and practice using the stop losses and all the skills required while trading.
- Time to go Live
After at least two months of life in a demo account, it’s about time now to go live; you’re ready to get into the real world of forex trading. Finance your account with real money.
This is the most critical point whereby most traders fail as all the careful planning is thrown out the window, and fear sets in. Ensure that you always stick to the tried and tested principles, no matter what happens. Always stay calm and stick to the plan.
Eightcap - Regulated Platform With Tight Spreads
- Minimum deposit of just 250 USD to get lifetime access to all the VIP channels
- Use our Secure and Encrypted Infrastructure
- Spreads from 0.0 pips on Raw Accounts
- Trade on the Award-Winning MT4 & MT5 Platforms
- Multi-jurisdictional Regulation
- No Commission Trading on Standard Accounts
The Bottom Line
Understanding the basics of forex trading is the best route to becoming successful in trading forex.
However, it requires patience and effort. With these five top steps, you stand a chance of becoming profitable at the end.
If things get out of the plan as you never expected, you can go back to step three and select another system, but before that, ensure that you always stay calm and be patient.
