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As of today, forex is the largest market in the world. It has over 4 Trillion US dollars turnover every single day.
Trading forex allows you to use high leverage in order to trade large amounts of minimal investment capital. It is very important to follow the steps below otherwise you may lose a lot of money instead of gaining the profits.
Educate Yourself
Learn all there is to it. You won’t be able to trade forex without the basic knowledge of spreads, currency prices, indicators and ways to analyze the market. Keep in mind that learning forex is an ongoing process which is likely to continue through your trading career.
Trade with a Reliable Broker
You need a good, trusted broker to trade with; a broker that doesn’t trade against you and earns his living on your losses.
IMMFX offers transparency in forex dealing. We are an STP forex broker with zero conflict of interest. STP stands for Straight-Through-Processing, which means when you place an order with IMMFX we will simply pass this trade to one of our liquidity providers. These liquidity providers are the largest banks in the world, have deeper liquidity and they are the ultimate counterparty to your trades.
Start Small
There are lots of currency pairs you can trade, however it might be a good idea to stick to just one pair in the beginning. Focus on the pair, learn which technical and fundamental factors causes the pair prices to change and how.
Choose Trading Platform
The process of trading platform is closely related to the selection of the broker. Each broker offers trading platforms with certain features and trading conditions. You need to figure out which platform suits you the best. Some of the main features to consider are:
- Download vs web-based
- Metatrader or in-house (broker designed) platform
- Accurate trading prices
- Reliable order and transaction execution
- Accurate market analysis and news
- Strong security protection
- Minimal system downtime
- Allows different trading styles including, swing, hedging, and swap-free accounts
At IMMFX, you can trade with the most popular and flexible MetaTrader 4 trading platform which also comes for your pocket devices. Our Prices are accurate and we don’t play with the price of any instruments since we an NDD broker. You can also perform Swing trading, Hedging or Scalping with us. IMMFX also offers Swap-Free accounts for traders with the Islamic faith. Therefor, IMMFX could be the right choice for your trading career.
Have a System and a Plan
You need a plan to follow. Compose a system that provides you with an indication of when to enter and when to exit trades. Test it on demo accounts and carefully invest it into your daily routine. Discipline and consistency are the main keys to your online trading success in forex.
