New to Forex? Need to polish up on your knowledge? The JKonFX guide helps you learn how to trade the Forex market.
Forex is a short name for the Foreign Exchange markets. It’s the world’s largest market with over $5.3 trillion being exchanged daily. Every country uses currency to buy and sell goods. The rates between currencies change depending on the local economy.
How to Trade the Forex Market?
Firstly, you will need a trustworthy forex broker. This will allow you to setup an account that can buy and sell the currencies online. You can start off with a Demo account, trading "paper so you can learn how to use software, without risk your real money. However, you should move to a Live account (with real money) as soon as possible so you don’t become complacent with Demo trading. Trading real money is quite different from trading monopoly paper money.
Grab yourself a Demo account and get started!
This forex guide will help you find out what trader you'll become and the different strategies you can use to be profitable.
How Much of This Guide do I Need to Learn Forex?
If you’re brand new to trading, then you should read all this guide to learn Forex step-by-step. It walks through each section in a methodical and friendly way and provides helpful examples so you can really understand and grasp the concepts. The guide builds on your knowledge piece-by-piece, so you won’t come across any terms that have not been mentioned previously.
Work through step-by-step
If you’re here just brushing up on your knowledge, then you can dive straight into the particular section you are looking for at the bottom of this page.
What is The Best Way to Use This Guide?
We recommend starting at the very beginning and working your way through each section (front to back). Your knowledge will build up as the guide progresses. After you have completed each section, you should use relevant materials to pratice what you have just learned. This will help you remember and give practical experience. The best traders put into action what they learn and try to find historic examples. You will find that a lot of patterns often repeat themselves, so it’s a great exercise.
Repetition and finding examples helps you to learn
At the end of each page, you may come across a questions section that will test you on what you have just learned. Take your time and don’t rush through.
Each section of this guide is important to understanding the most effective practices of trading forex.
Written by Joel & JKonFX Staff