Have you finally decided to venture into trading financial markets online? Is your choice Forex? If yes, here are a few hints on starting on the right foot.
Choose a Reliable Brokerage Service.
When choosing a reliable brokerage service, you need to pay attention to the following important aspects:
- Trading conditions
- Customer support in your luggage
- Compliance with regulations
- Variety of trading accounts
- Variety of trading assets
- Demo account trading
- Educational materials
In other words, when choosing your broker, make sure the customer support is professional and readily available via multiple channels of communication.
Secondly, carefully read the trading conditions and understand all the ins and outs of trading processes. To understand the trading conditions, it is ultimately important to educate yourself with the help of many online free training materials in ebooks, tutorials and so on.
All reliable brokers offer this service. The broker you want to go for must be duly regulated in your country. Finally, the more trading account types and trading assets it offers, the better your trading experience.
To choose the right fit for you, make sure to read broker reviews such as HubbleBIT review and see if the specific broker fits your trading profile, needs and expectations.
Technical Analysis, the Secret to a Good Start in Forex?
We usually think of the stock market when we talk about the financial markets. Its advantage is that a company generates a balance sheet and an income statement behind each share. It is, therefore, possible to carry out an in-depth analysis of the economic health of each company to define future projections.
Everyone will agree that it is much more difficult to estimate the future value of a currency pair in Forex than that of a company. In addition to having less material, there are many more parameters to consider: economic calendar, geopolitical problems or even central bank decisions.
These tools include all the platforms that make it possible to carry out quality technical analysis.
Technical analysis is simply the art of defining, by analyzing past curves, the direction the market will take. To trade well on Forex, it is essential to be trained on the subject to master them well.
There are many different indicators, the main ones being: the Moving Average Convergence Divergence (MACD), the Fibonacci curves or the Bollinger bands.
Technical analysis platforms offer a myriad of different indicators. But don’t worry, you don’t have to know them all! The three mentioned above and a few others for your specific needs will do the trick.
The secret is, above all, to try to combine the different technical indicators. A single indicator provides only partial information.
But if technical analysis and reading charts provide useful first indications, other very useful tools should not be neglected. The economic calendar, which we have previously discussed, plays an essential role and can permanently mark several Forex sessions.
Finally, the last tip, reading the economic and geopolitical news, will give you indications of the basic trends of each country’s economy.
