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Most forex traders start as a novice and make a lot of mistakes. They skip a very crucial step, i.e. reading about the market before trading. There are many such pitfalls. Here, we’ll help you overcome some of them by providing five essential but significant tips.
Note these tips and make sure not to commit any of them in your trading period.
5 Tip for Novice Forex Traders
Plan: Another crucial tip from us, make sure you have a methodology, to move further in your hand. Forex trading is not anyway related to gambling, prepare strategies and techniques to execute your trades. Without a plan, a trader shall not be in a position to know where he is heading.
You can record your transactions and list down the mistakes you did.
Use a Virtual Account: A demo account helps the trader in many ways. Firstly, it helps the user in developing his own style of trading. Second, the client will be able to experience real trading without costing anything. Third, he would have the time to understand the market before actually pouring in money.
Research & Learn: Research plays a crucial part in trading. The good thing about the forex market is that you can learn a new lesson every day. Some methods of researching the market and the products are books, article, videos, courses, and many more.
Also, make sure to keep your foundations and fundamentals healthy before moving to technical aspects. Moving to advanced tools or concepts without knowing basics is of no use. It might take time & a lot of effort, but it is worth it.
A trader can take the help of Oinvest’s education portal on the website to learn about different concepts of the trading and market.
Choose the Right Pair: The most crucial part of forex trading is choosing the right currency pair. A trader should choose a foreign exchange pair about which you have sufficient knowledge or can learn about it shortly. Usually, high liquidity pair are considered suitable for trading because they have lower and tight spreads.
Some of the major currency pairs are EUR/USD, USD/JPY, GBP/USD, and USD/CHF. Remember that other small currency pairs have low trading volume and thus, have comparatively higher spreads. Therefore, keep a check on the leverage on your trades.
Emotional Control: There’s a saying in the trade market that, you might be a winner without knowledge, but you can’t be a winner without discipline. Fear and greed are your biggest enemies in forex trading. And, it is more complicated than it sounds. A great way is to have a risk management plan which would help you lower your stress and anxiety level.
It usually happens when a trader suffers a loss. Thus, do not let your mind divert you.
Analyse: Keep track of your daily records and examine them daily. Another analysis can be of the market and the financial instruments. For instance, one can do a weekly review through charts, patterns, and tools for further course of action.
The analysis helps users with proper and rational decision making and better price predictions.
Find a Reliable Broker: A trader with a good broker has already won the half fight. The right broker helps the users by offering appropriate educational material, enough research tools, and proper trading platforms. The wrong broker would always look for ways to earn through you.
An excellent way to choose a broker is to look for safety and other features. For instance, Oinvest offers a wide range of tradable assets which includes stocks, forex pairs, commodity, CFD, cryptocurrency, and indices.
Oinvest broker regulates under the financial body of Seychelles, FSA.
How to Trade with Oinvest?
Step 1: Open an Account: The first step is opening an account with Oinvest. One can go to the website www.oinvest.com and find an OPEN AN ACCOUNT icon on the top right corner. Further, fill the required details and get yourself verified by providing subsequent documents.
Once verified, you would be eligible to trade with your credentials.
Step 2: Find the Tradable Asset: After opening an account with Oinvest, it’s time to choose the trading market and financial instrument to buy/sell. A trader has a number of options to choose from, and in total, there are more than 300 products.
Step 3: Invest: After choosing the market for him, the trader is now ready to invest. The real work doesn’t end, but it starts now. Keep track of all your investments and make a favourable course of actions.
The Final Say
Oinvest is a CFD trading website offering several tradable products such as stocks, indices, forex pairs, commodities, and cryptocurrencies. We offer three different account types, each one for a different kind of trader. The silver account is useful for beginners, and the gold & platinum accounts would be beneficial for advanced traders.
Apart from this, some other services include 24/5 customer assistance, secure deposit and withdrawal options, no commissions on trading, and smooth and straightforward user interface.
