How to Forex Trading with signals for beginners

Hello there, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

Here at McDuck Trading, we focus on turning profits while facing everyday challenges that are presented to us on a daily basis by the market.

My name is Scrooge McDuck and as the head of this family, I will be your mentor.

Let's dive right into it, shall we? After all, you know what they say: “Time is money”.

Considering that not all of you (probably) are top of the line Forex Trading experts, we will start with a brief explanation.

What is Forex Trading?

Forex trading is when people buy and sell currencies with the purpose of making money on the difference between the two currencies. They will buy currency 'A' against currency 'B' in the expectation that, after some time, the price of 'A' would increase against 'B'. If the value of the currency eventually increases, they will finish their trade with a profit.

Nevertheless, if the value of the currency declines, then the trader may suffer a loss.

Is the Forex Market legit?

Of course! The foreign exchange or the Forex Market is the world's biggest financial market, encompassing more than $5 trillion a day of trades as it covers currency trade operations of numerous markets, companies, and banks around the globe.

Sounds good! How do I start trading?

I am glad you asked fellow trader-to-be! First of all, you need to find an online broker of choice before you can start trading. There are many of them, however, depending on the availability in your country there may be some limitations.

This week we are going to be focusing on the online broker called "Capex".

Why them? Well, CAPEX was founded in 2016 and has made a name for itself already. It is licensed across Europe and regulated by CySEC. This broker always takes pride in delivering top trading conditions with clarity and swift execution.

CAPEX aims to change the way people invest. Their primary goal is to provide customers with tools and resources so they can have access to an optimum trading environment.

In fact, CAPEX adheres to the strictest legal standards. In separate accounts, customer funds are stored, and they are transparent in reporting. You also get negative balance security for your account which is a major plus when it comes to forex trading.

Alright, sounds good, but I am a beginner and have no idea what to trade?

We got you covered there as well! While the Forex Trading is a very complex system it doesn't have to be that scary.

It doesn't matter if you are just getting into Forex Trading or you are a trading veteran, it is always smart to get guidelines from professionals, especially if you are not 100% sure about the trade you are considering to make. That is when trading signals come to our aid.

For this weeks video, we used a trading signal from a website called "Toolstrade".

The websites layout is quite intuitive, and they offer signals for many popular assets and currencies.

It is important to do research before settling for an asset or a currency and considering the economic and political events that have been happening in Great Britain and the United States we made an educated decision to trade the GBP/USD forex pair.

No matter what you decide to trade, you are going to be presented with a decision when getting a signal- Short term or Long term.

Both options are viable, however, depending on the current situation of the market, one might be preferable than the other.

Our choice was Short term for the GBP/USD forex pair, as there was a noticeable trend going on in the last 24 hours. Another important thing is that direction was bearish at the moment.

Taking all of the above in consideration, it would have been wise to enter the trade from a buying position, which the signal confirmed shorty after.

The signal provided us with important details such as Take Profit, Stop Loss and the Buy/Sell position.

In the video below you can see the whole process from obtaining a signal to entering and closing the trade with profit, thanks to the signal and research we did prior to entering the trade.

Trading signals can be a great way to get a broader picture of the trade you are interested in. No matter how reliable they can be though, you need to take into consideration many factors when making a trade.

In the following weeks, we will be covering different approach when it comes to trading, research before trading, tips and tricks, trading with signals etc.

Make sure to subscribe to the blog and the youtube channel so that you don't miss out on the weekly updates.

#forextrading #tradingsignals