Learn the basics of forex trading
The learning part here covers the fundamentals of forex trading. If you’re an American who plans to stay in Russia for good, you would have to learn the latter’s language. The same concept goes when you’re entering the lucrative forex market.
Make a decision on the type of currency you’d like to buy and sell
This phase would entail a little bit of analysis as you would have to consider several factors like economy, politics, trading position, and more.
When opening a forex brokerage account online, it’s important that you do some research and consider these important factors:
- Only consider brokerages with over ten years experience in the forex industry.
- Make sure the brokerage you’re interested in is regulated by a reputable oversight body.
- Check your brokerage’s offers. Those who trade securities and commodities often have a bigger client base and they can more likely be trusted.
- Try visiting the brokerage’s website and make sure it’s a professional-looking one. Links on the site should also be active.
Technical analysis would involve reviewing historical data and charts to forecast the movements of a certain currency.
Fundamental analysis would entail analyzing a country’s economic status, policies, and other fundamentals.
Sentiment analysis is a subjective type of analysis as you would have to mainly consider the mood of the market and decide if it’s bullish or bearish.