When you first start Forex Trading, you have to open a forex demo account with Metatrader 4 or MT5 App and try out some demo trading. It will give you a good technical foundation on understanding basics
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There are many steps that people have to take in order to truly call themselves a Forex trader. Most of these steps are taken when people are trading Forex for the first time trading forex.
To summarize the whole beginner’s phase of starting to trade Forex for the first time we need to look at exactly 9 major steps that a beginner has to take.
1.Learning the basics (currency pairs)
2. Learn the software (MT4, MT5)
3. Learn with demo accounts
4. Find a reliable forex mentor
5. Use the mentor’s tools and guides
6. Learn about right strategies and try them
7. Create a plan for reading news and doing independent analysis
8. Keep weekly track of the progress
9. Start placing real trades
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