Alpari, a leader in online financial trading, has released a beginner’s guide to Forex to help those just getting started in the market to become more familiar with it and avoid common pitfalls. The guide, which features a Q&A with Alpari’s team of industry experts, outlines the need-to-know information when people decide to dip their toes into the world of Forex.
The experts discussed the importance of research when trading Forex. “Provided you have done lots of homework, understand the market environment and have a strategy which you have tested, you might then tip the odds in your favour. Investing time in building your own knowledge, whilst making the effort to hone your trading skills, can also help improve your chances at success in FX markets,” they said.
The guide also outlines the risks associated with trading, and emphasises the need to understand which currencies are the ‘safest’ for newcomers. Some of the key mistakes the team had seen new traders make included making large trades without any experience, taking risks they were unable to afford, and trading without a plan or based on emotion.
Alpari also reiterated that Forex trading has inherent risks associated with it, with a staggering 70% of traders losing money when trading Forex. “Given that there is a relatively high likelihood that a trade will result in a loss, rather than a gain, one of the main focuses of the guide is to reinforce the importance of not rushing into making any trades and, instead, taking the time to thoroughly research and understand the currencies people are hoping to trade, and the market demand for those currencies,” they said.
Alpari’s beginner’s guide to Forex provides a comprehensive overview to those looking to get started in the market, and outlines the importance of doing your research and understanding the risks associated with trading.
For more information on Alpari, visit https://alpari.com/en/company/news/127528_20042023/.
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