Without necessarily being a Forex expert, you can grow your savings, for example, by earning money on fluctuating exchange rates. Not a bad idea. Many companies carry out foreign exchange transactions on a daily basis (investments in projects abroad, purchase of raw materials, proceeds from sales abroad, etc.), exchange rates are constantly changing.
Forex trading is speculation (Foreign exchange or FX) and refers to what is also called the foreign exchange market, or currency market, which is based on foreign exchange transactions.
In concrete terms, for example, euros are invested by buying dollars, which will then be resold and pocketed a profit if the value of the dollar has increased compared to that of the euro in the range.
The gains or losses are therefore closely linked to the chosen currency pair and theamplitude of the variation of their values. So let’s not improvise traders on this market reserved for professionals. However, it is possible to buy and sell using brokers of an online trading platform in particular.
The trading platform: gateway, partner and advisor for Forex
Choose recognized online trading platforms that allow you to train for free, use tools to get started without risk, and access the services of a reputable broker.
To get started and make your first experiences, you can create your “Demo” account, for example, and virtually trade Forex in a real market environment. This first contact is an opportunity to understand the importance of quality training and good sources of advice.
This type of platform also offers trading tutorial videos for beginners, online courses, and the ability to test seven platforms with a trading simulator. A precious help for those who intend to start with solid foundations.
How to get started in Forex in 2022?
As a general rule, it is essential to clearly establish the amounts you are willing to invest before starting. It will therefore be necessary to determine the profit target to be achieved as well as the time you want to dedicate to it.
Many detailed advice and best practices in this area are available on online trading platforms worthy of the name.
It only takes 100 euros and two minutes to open a Forex trading account. However, since the chances of winning do not owe anything to chance, you will need to inform yourself by all possible means to make the right decisions at the right time.
Trading on financial markets such as Forex is done using derivative products that are CFDs (“Contracts for difference”). Understanding the mechanics of these speculative financial instruments is essential, as they bet on changes (up or down) in the underlying assets you don’t own. Measuring high risks is also essential, as losing money can be rapid due to the induced leverage. It is therefore advisable to define the sums you are willing to invest based on how much you can afford to lose.
To start in 2022, the most popular currency pair is the euro / dollar, the reciprocal variations of which are continuous and sensitive to the economic context. If the variations are small, the mechanisms that influence them are clear to knowledgeable players such as trading platforms.
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