Surviving in the Forex Market is not that easy. Our researchers have found that most beginners come to trading with great enthusiasm, but they leave in the end after experiencing a huge loss. Studies also show that 95% of the investors leave the market in six months and 98% of them end their trading career in the 4th year of their investment.

This type of pathetic scenario can be observed as beginners are not very serious about their goal. Taking some effective measures, an investor may make CFD trading as their main source of income. Today, some proven tips will be provided for beginners to survive in the trading business for a long time.

Tips for the beginner FX traders:

1.      Study

If you are not very accustomed to study, now, it is the perfect time to get acquainted with it. Every platform has some secret sauce which must be tested before jumping there with all bag and baggage. Experts know the importance of study and for this reason, they get busy reading various type of business-related books. There are some investors who create a library at their homes and fill up it with the up to date books regarding the perfect investment. In this case, we should not forget the name of Warren Buffet as this multi-billionaire passes his leisure time in his own library reading books.

Beginners must gain basic knowledge by reading varieties of trading related books. This may seem very boring in the beginning, but continuous execution of this activity will make you a professional in the end.

2.      Demo account

After the study, one must utilize his learned knowledge in CFD demo account to gain practical experience. A demo account belongs all the necessary features like the real account and the only difference we find here that the transactions are done using the virtual currency. That means a trader in a demo account does not have to face loss when executing of the trades here. Simultaneously, they will not get any real money from here if he makes any profit.

Experts utilize the demo accounts which help them to sharpen their strategies. At first, they do some fundamental analysis and after that based on the research, they apply their new methods in the demo account. Being successful from here, they apply the discovered method to their real FX trading to buy financial assets.

3.      Broker selection

Broker selection is considered as the vital point since trading success mostly depends on the right environment. A broker is very important to retail traders like us, as no one can trade FX directly from an individual account. Investors must log into this platform using a brokerage account and for that reason, selecting the right broker is vital.

To choose the best brokerage house, a beginner must check their licensing from the NFL and FCA. These two organizations work as the regulatory authority for brokers and to perserve the rights of traders. If you are not sure what makes a good broker, you can see the premium features of Saxo. They are one of leading brokers in the world and truly care about their clients.

After choosing a broker one must see how much deposit can be made in the broker’s account and what the minimum rate is. Generally, some of the brokers offer at least a $10 deposit for beginners and most of them even provide no deposit scheme facility. Using this opportunity and taking the facility of leverage from the broker, anybody may start an FX trading from the comfort of their home.

To conclude, it can be said that newbies must be careful about the points discussed before making investments in the trading industry. It is not possible to become a professional in a single day but regular activity will surely help you to succeed in trading.