Trading on financial markets is associated with a high level of risk and can lead to a loss of money deposited.Investors residing in Spain are warned that the Spanish Securities and Exchange Commission (CNMV) has determined that, due to their complexity and the risk involved, the purchase of FX products by retail investors is not appropriate/suitable.

The First Step

The first step to successful Forex trading lies in understanding the Forex market, its structure and its advantages and disadvantages.

  • Before you start you have to be familiar with the terminology of the Forex market.
  • Remember forex trading is very risky and it is not suitable for everyone
  • Understand what the spread is. The tight spread is your friend. The tighter the spread the greater the opportunity you have to maximize your profit
  • Decide what leverage to use. Most brokers offer their clients trading with leverage. The best way to explain how it works is through an example: Assume you have 100$ and your broker gives you leverage of 1:500. So, using this leverage you increase your buying power by 500 times and can place a trade worth 100x500=$50,000. You must keep in mind, that the use of leverage can provide higher profits but can also increase losses.
  • Fast execution is one of the most important factors. When you need to get in or out of a trade quickly the execution speed of your trades is crucial.
  • Consider which currency pair you are going to trade. For some traders the best pairs to start trading are those with a tight spread and consequently with the most liquidity.
  • NordFX CY offers you a wide variety of Deposit and Withdrawal payment methods. You can choose the fastest and easiest payment method that suits your personal needs.

The Second Step

In  this  step  you  implement  the  acquired  knowledge in practice, studying and using the Forex trading terminals, placing orders, deleting and modifying them, opening and closing positions and so on.

How to open a position:

  • Depending on your knowledge and skills open a Live or Demo account. A Demo account gives you the chance to acquire the experience without any risk to your investments. A Demo account does not require any funds.
  • Before entering a position always plan your entry and exit. To minimise losses you may use an initial stop loss when you place a trade even on your Demo account.
  • In the Forex market you can buy (go long) or sell (go short) currency pairs, so first assess and consider all the relevant factors and then place an order according to your sentiment or trading strategy. To educate yourself you can study the market basics, the fundamentals and of course technical analysis.
  • Practice until you get stable positive results. Do not forget to close a position when it reaches your initial target. You can do this by entering a take profit (TP) level after you place your order. Use of the stop-loss (SL) limits can protect you against big losses.
  • When you have sufficient experience you can open a Live account and make a deposit. NordFX CY offers you the most reliable payment systems, choose the one which suits your interests best.
Questions and Answers
This is a section where you will find not only answers to your questions but also a lot of other useful information
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Risk Warning: CFDs are complex instruments and come with a high risk of losing your invested capital rapidly due to leverage. 66.67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the risk of losing your invested capital. If you do not fully understand the risks involved, please seek independent advice. For a better understanding of complex financial products please click here.

NFX Capital CY LTD does not provide financial services to the residents of USA, Canada, Japan, Belgium and other additional jurisdictions.

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