From time to time, how to play forex for beginners without capital is increasingly being cited as an easy and fast way to earn income online. However, actually investing in an online forex trading business is one business that requires a lot of basic knowledge and strategies, along with strong mental experience. Therefore, understanding what forex is is something that must be done to really invest in it.
Fortunately, there are many ways to learn what forex is and how to play forex for beginners without capital, so we don't have to spend a lot of money when we are in the initial stages. Besides that, everything can be done anywhere and anytime, provided we have an internet connection and an adequate device. How to? Well, on this occasion Forex Indonesia will present a review of what is forex, as well as tips on how to play forex for beginners without a penny.
What is Forex?
Forex is forex trading online without physical exchange. Forex is different from Money Changer where currencies are exchanged directly with other currencies in cash. In forex trading, currencies are traded in pairs, for example EUR / USD. Thus, the term "buy" in this pair in practice is "buy euros and sell dollars at the same time". Instead, "sell" means "sell Euros and buy Dollars at the same time". We as traders can join forex trading by registering through a forex broker, making transactions via the software provided by brokers, then if successful we can benefit from price increases and decreases.
Trading patterns like this make forex traders can get good profits when the value of a currency rises (strengthens) or falls (weakens). Unique, right? In addition, there are lots of forex advantages. Among them:
Forex trading is done online, using a PC, Laptop, or smartphone. So, we can trade anywhere, provided there is a stable internet connection.
Forex trading does not need to provide millions of funds, because forex brokers have provided leverage facilities. For example, for example if the leverage is 1: 100, then the trader only needs to provide funds of 1 dollar to trade 100 dollars. In fact, brokers are now trying to promote their services by providing free trading practice accounts. That is, we only need to register, then can play forex without capital at all.
Forex trading does not require certain academic qualifications or job background. No matter whether we are only high school graduates, graduates, or housewives, everyone can trade forex, provided they want to study forex diligently.
Basically, forex trading seeks to benefit from these movements. For example, if you estimate EUR / USD will continue to rise, then we click the Buy button and make an order. If the graph really moves up continuously, then we will benefit. Conversely, if you estimate EUR / USD will continue to fall, then we click the Sell button and make an order. If the graph really continues to fall, then we will profit.
However, the decision to Buy or Sell cannot be decided only with a hunch. Note that if the graph moves in the opposite direction, then we can lose. Therefore, included in the important agenda of how to play forex for beginners is to learn the basics of forex trading, technical analysis, and fundamental analysis. The basics of what forex trading will help beginners understand the terms encountered when playing forex, while technical analysis and fundamental analysis help to make the right estimate before the order Buy or Sell.
Learn Forex without capital for beginners
While still in the learning stage, you should take advantage of a demo trading account (Demo Account) provided by the broker for free. The steps:
Prepare a PC or laptop, and a good internet connection. If you don't have a PC or laptop at all, then you can use the cafe for a while. However, for the long term, it's better if you have your own device. Make sure you also have an active email address.
Visit the site of one of the forex brokers. In order to learn how to play forex for beginners, you can choose any broker.
Register or open a demo trading account (Demo Account). This is a trading account that contains virtual money (not real money), but allows us to see the real market conditions. Demo trading accounts are indeed designed as learning media for beginners, so registration is free and requires no conditions. Just click the register account demo button on the broker's site, then fill in the form provided. After registering, the broker will send a verification email and notification to your email. Just follow the process, to get a link to download trading software which is usually called Metatrader4 (MT4).
From the link provided by the broker, download and install the software to your PC or laptop. This is the reason why it would be better if you have your own device; because it will certainly be a hassle if you have to download and install it every time you change devices, right !?
Use the ID and password that the broker has sent to your email address, to enter the trading software. Well, after that you will immediately see how the currency pairs move up and down on the forex market.
Through the trading software, we see currency movements in graphical form. For example the chart on the EUR / USD currency pair moves up, so that means the Euro strengthens against the US Dollar. Whereas if EUR / USD moves down, it means the US Dollar strengthens against the Euro. Here you can understand what forex is by witnessing price movements on the international market.
How to Play Forex for Beginners Without Capital
Have you trained in Demo Accounts and want to try real trading? It's time to use the forex playing facility without the capital provided by forex brokers. However, because not all brokers provide this facility, it is necessary to search the internet first.
Usually, the only provider of forex playing facilities without capital is just a forex broker that is holding two types of this promotion:
No Deposit Bonus (No Deposit Bonus)
No Deposit Bonus is a real money fund provided by the broker directly after we register. However, these funds are available specifically to be used to play forex, so usually should not be withdrawn just like that. If we are already trading with these funds and getting a profit, then the profit can be withdrawn. Large brokerless deposits from brokers vary greatly, ranging from $ 1 to $ 100. It's very small, but it's pretty good for trial and error. How to register is usually the same as opening a normal trading account.
Demo Trading Contest is a competition to play forex on a demo account, so it does not need capital at all. We only need to register and then try to win the race. Usually, the top five ranks will get cash prizes that can be traded by the winners. Prizes range from $ 20 to $ 2000, so it is suitable as an alternative way of playing forex for beginners without capital. To enter the contest, we only need to open a demo account. After winning, then make Real Account.
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These two facilities are the best shortcuts among various ways to learn what forex is, because it doesn't need capital at all. It's just that, to be successful it still requires perseverance and perseverance. There are no instant success traders; all need to learn step by step and never give up even though at one time they experience a loss. Losses are a natural part of the study period. The key lies in capital management. If you are able to manage capital properly and learn continuously from mistakes, then the loss can sometimes be ignored because long-term profits will be able to exceed it.
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