Saturday, 28 December 2019

How To Trade Forex With No Risks (For Beginners)

By Deya Hroob

trade forex no risks

Trading Forex can be risky and complex especially for beginners who don't have any experience in trading. Forex, also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world. As a beginner, you can easily end up losing all of your cash if you don't know how to trade wisely.

To begin Forex trading with almost no risks at all, follow these few steps.

Step 1: Open a trading account with brokers who offer free bonuses without deposits.

There are different kinds of brokers when we talk about bonuses.

  1. Brokers give you welcome bonuses. ( you don't have to deposit to get your bonus).
  2.  Brokers give you bonus on deposit.( For example 30% on deposit)
  3. Finally, brokers don't give you bonus at all.

As a beginner, you should choose brokers number 1 in order to get familiar with Forex trading and learn trading skills without risking your own money. It gives traders a chance to study the basics of successful and effective trading.

Brokers who give bonuses with no deposit required.

  •  XM  broker: it gives you $30 real money immediately after you finished opining your account.

  • FBS broker: it gives you $100 real money immediately after you finished opining your account.

Step 2:  Start trading with a demo account.

It's a virtual account with fake money to test the water. Although, we get our real money bonus but we recommend first to use your demo account.

 Trading Forex productively requires an understanding of economic fundamentals , indicators and technical analysis. Hence, trading on a demo account gives you the opportunity to learn all these data and test different trading strategies so that when you're ready to enter the real market, you've had the practice you need.

Also, you can follow some experts recommendations on when to open and close positions.

Step 3:  Start trading with your bonus money.

After you get a little bit familiar with the market , you can start using your real account with the bonus you get and if you are lucky enough you can build up some profits which you may withdraw or build up your capital from zero money from your side.

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