Free money to trade forex

Reading charts: the ability to understand and read the charts is very essential to trading.

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How to Start Trading Forex (4 steps), free money to trade forex.

Depending on your approach, you can choose between a line, bar or candlestick charts and trade accordingly (for example trading based on candlestick patterns). ( read more how to read forex charts) step 2. Learn forex basics

How to start trading forex (4 steps)

Welcome to the world of forex. There might be many reasons why you are reading this article. It could be that your friend or acquaintance mentioned about how they trade and perhaps even make a living by trading forex. Whatever your reasons may be; this article will give you an overview of the forex markets and how to start trading forex … and perhaps make money for yourself.

Step 1. What is forex?

Step 2. Learn forex basics

Step 3: find a forex broker

Step 4: start trading

Step 1. What is forex?

Forex, or foreign exchange is an unregulated market, also known as OTC (over-the-counter) and is the biggest market with average daily turn-over that runs into billions. It is even bigger than the US stock markets. Although due to its OTC nature, no one can really give the correct numbers as to the forex turnover. But nonetheless, forex is indeed a big market and thus allows many market participants. From your neighborhood bank to specialized investment companies, to your friend; the forex markets always offers a piece of the action whoever you are and wherever you are (even from your home).

The basic concept of trading forex is very simple. You trade or speculate against other traders on the direction of a currency.

So, if you believe that the euro is going to rise, you would BUY the euro, or SELL the euro if you think the euro would fall. It’s as simple as that.

Step 2. Learn forex basics

Before you get ready to deposit your funds and start trading there are some important points you must understand, each of which are outlined below.

Forex brokers: in order to start trading forex, you will need to trade with the help of a forex broker. There are many forex brokers out there today who allow you to open a forex trading account for as little as $5. The forex broker is the one who facilitates your buy and sell orders and also allows you to research into the markets (also known as technical or fundamental analysis) to help you make more informed decisions… and of course allows you deposit more funds or withdraw your profits when you want to. ( click here to see our forex brokers rating )

Trading platform:you need a trading platform from which you can place your trades, which are then sent to the broker for settlement. Also, a trading platform is essential for you to conduct your technical analysis and also to see the current market prices. Most retail brokers offer the MT4 (short for metatrader 4) trading platform, which is free of cost. You can also open a demo trading account and practice trading with virtual money to gain the experience required before trading with real money.

Forex trading hours:while you might have heard that the forex markets never sleeps, it actually does. Firstly, you won’t be able to trade on weekends (saturday and sundays). But for the rest of the week, the forex market operates 24 hours a day. This is due to the fact that forex trading is global. At any point in time, you will always find an overlap of a new market session while the previous market closes. What time of the day or which market session you trade plays a big role if you are an intra-day trader or a scalper. This is another vast topic, which we will cover at a later stage. ( click here to learn more about forex trading hours . )

Now that you have a basic overview of the forex markets, here are some final pointers to remember before you start trading for yourself.

What is a pip?:pip is a measure of change in a currency pair’s value and is the 5 th decimal. For example, if EURUSD changes from 1.31428 to 1.31429, the change is denoted as 1pip (1.31428 – 1.31429 = 0.00001). When you trade, the more pips you make, the more profit you have. Ex: buying EURUSD at 1.31428 and selling (or closing your trade) at 1.31528 would give you 100pips in profit. ( read more about forex PIP )

Reading quotes: forex quotes are presented in a bid and ask price (both of which vary by a few pips and from one broker to another). The bid price is the price at which you can buy and the ask price is the price as which you can sell. So, a EURUSD quote would look like this 1.31428(bid)/1.31420(ask).

What is a spread?: spread is nothing but the difference between the bid and ask price. So in the above example, for 1.31428/1.31420, the spread would be 8 pips. ( read more about forex spread)

What is a leverage?: leverage is the amount by which you can request your broker to magnify (or increase) your trade value. Leverage is often quoted in ratios such as 1:50, which means that when trading on a 1:50 leverage, your $100 is magnified to $50000. Leverage is a big topic in itself and it is recommended to read this article to learn more. Leverage is important both in terms of making profits as well as managing risks and therefore, your trades.

What is a lot?: A lot is a unit by which you place your trade. In financial terms, a lot is also referred to as a contract. There are preset lots (or contract sizes) that you can trade. For example a standard lot is nothing but 100,000 units (known as 1 lot). ( read more about lot)

Reading charts: the ability to understand and read the charts is very essential to trading. Depending on your approach, you can choose between a line, bar or candlestick charts and trade accordingly (for example trading based on candlestick patterns). ( read more how to read forex charts)

Placing orders (how to buy and sell): in forex trading, it is possible to either buy or sell any currency pair. Most trading platforms, give you this option. You buy when you think that price will go up and you sell when you think that price will fall. There is a common terminology used in forex trading, which is buy low, sell high; which is an important point to remember. ( read more how to place orders with MT4 )

Order types: besides buy and sell, another point to remember the types of orders. There are two basic order types: market orders and pending orders. When you click on ‘buy’ or ‘sell’ you are basically buying (or selling) at the current market price. A limit order on the other hand tells the broker that you want to buy or sell only at a particular price. ( read more about types of forex orders)

Step 3. Find a forex broker

As mentioned, there are many forex brokers today and therefore it can get confusing on how to choose the forex broker that is right for you. To briefly summarize, remember the following points while choosing a forex broker:

Look for a forex broker that is regulated

See if the forex broker offers a minimum deposit amount

What is the leverage that the broker offers

What is the minimum contract size that you can trade

Bonuses and the terms and conditions (see on our site list of forex deposit bonuses and forex no deposit bonuses)

Deposit and withdrawal types as well as the terms and conditions

Trading methods that are allowed by the broker

We can also help you choose a forex broker by reading our article how to choose forex broker

Step 4. Start trading

Finally, now that you have selected a forex broker to trade with it is recommended to first open a demo trading or a practice account. Most forex brokers offer unlimited demo trading account (but will be deactivated if not used for 30 days). This is a good way to get acquainted with the forex markets and also help you to understand your trading style (scalper or intra day trading, swing trading, etc) and approach (fundamental or technical analysis). You can search for various trading methods and systems or you can develop one yourself when you have a good understanding of technical or fundamental indicators.

Conclusion:

Forex trading is one of the most active and dynamic ways to trade the financial markets. At the heart of everything, it is the basic fluctuations in currency values which drives everything else. Learning to trade forex and understanding the forex markets can give a good foundation to trading other markets such as derivatives or equities.

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You must stop living in dreamland where the idea of making money from trading feels A LOT better than putting in the work, effort and money (and losses) to learn and take risks to become the ideal trader you have a picture of in your mind.

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How to trade forex in nigeria? (updated for 2021)

Forex trading in nigeria has become easier to get involved in during the past decade, which have also mostly seen strong economic growth and rising disposable incomes for many nigerians despite post-2014 economic problems.

Nigerian forex traders can learn here how to get started trading forex, the correct approach to learning how to trade and deciding upon a profitable trading strategy for use, and which forex brokers are most suitable.

Nigeria’s financial situation

Nigeria is home to over 186 million inhabitants, making it the most populous country in africa and the seventh most populous in the world. The population is anticipated to exceed 250 million by 2050, while the country is already home to the third-largest youth population as well as the twentieth largest economy in the world.

A good measure of nigeria’s increasing prosperity is the fact the gross domestic product per capita (per person) increased from $352 in 2001 to $3,222 in 2014 – an increase of approximately 900%! However, the figure has fallen sharply since 2014 to a little less than $2,000.

Despite nigeria’s position as a relatively prosperous african country, most nigerians would agree that getting by is neither easy nor simple. When you combine these challenges with the fact that it is not impossible to get some spare cash together, you can see why forex trading continues to become more and more popular in nigeria. Despite this plus the fact that forex traders in nigeria are believed to trade positions worth as much as $1.25 million daily on average, very few international forex / CFD brokerages maintain a presence in nigeria, so nigerian forex traders are in need of more impartial guidance, which can be found in this article.

How to start forex trading in nigeria

The essential requirements to get started are the same as in any other country. Traders need to have a computer or mobile device, a stable internet connection, trading capital (more on how much you will need later), and an account with a trusted forex broker. Reliability of internet connections and electricity supplies have become considerably more reliable in recent years, especially in urban areas, which makes forex trading easier. However, these factors mean traders in nigeria should be careful to never execute a trade without inputting a hard stop loss, to prevent catastrophic losses in the event of a lost connection which cannot be re-established quickly.

Later sections in this article will discuss the practicalities of getting set up as a forex trader. At this point, I emphasize that there is no point in trading forex until you have a profitable trading strategy which you are psychologically ready to execute. You will not succeed in forex with positive psychology alone, but a lack of psychological preparation can ruin the ability to successfully execute even a winning, profitable trading strategy. The lack of a sound trading strategy reduces forex trading to gambling, with the odds stacked against the trader, and the eventual loss of the entire trading account.

The most proven trading strategy which has been proven to succeed over the years is a strategy which trades only in the direction of a strong trend, cuts losing trades short, and lets winners run. However, even with such a good strategy, there will be losing trades and losing periods, which the trader must be psychologically ready to accept as inevitable. By keeping risk small, a forex trader can ensure survival through the losing periods and coming up ready to profit when the market turns profitable again.

It is important not to assume that forex trading is easy money. It requires mental work and dedication.

Is forex trading legal in nigeria?

It is clear that forex trading is legal in nigeria if you trade your money for your personal benefit alone. This mirrors retail trading regulations in most countries. Raising capital from third parties for their benefit without a proper license to do so is illegal and, tempting as it may be, can get you into trouble if the third parties become dissatisfied and complain. Forex trading where you are managing other people’ money is extremely challenging psychologically. For these reasons, please trade only with your own money where losses are not catastrophic to your ability to pay your essential costs of living.

How much do I need to start trading forex in nigeria?

There are some forex and CFD brokerages which require no minimum deposit and accept nigerian residents as customers, so in theory at least, you can trade forex in nigeria with as little as $1. The problem is that due to issues of leverage and currency exchange with most forex brokers not accepting deposits directly in nigerian naira, it is impractical to trade forex with much less than $100 or its equivalent. Even $100 can be problematic due to trade size and leverage issues, so it is certainly true that something close to $500 will work better.

One forex broker with expertise in serving nigerian resident clients is FXTM, which, unusually for a major international forex brokerage, has a physical presence in nigeria. FXTM requires a minimum deposit from nigerian residents of only ₦2,000.

Forex brokers in nigeria

The nigerian forex market went through a boom-and-bust cycle between 2004 and 2010, and a wave of ponzi schemes swept the country during this period. This atmosphere prevented interest in forex trading in nigeria from taking off, but the picture has improved considerably since 2010 as a calmer financial environment and generally increasing prosperity began to prevail.

FXTM is the sole international forex / CFD broker with a physical location in the country. Adding to its appeal is the naira trading account, which makes it very simple for traders to manage their portfolios as no currency conversion are required in order to execute deposits and withdrawals to and from an FXTM trading account. The acceptance of bank wires from nigerian banks is a further improvement to the services offered by FXTM to nigerian resident traders.

While there are a few local nigerian forex brokers currently operating, if I were a nigerian resident forex trader, I would strongly prefer to open an account with an international brokerage instead of a local solution.

Other international forex / CFD brokerages which service nigerian residents include avatrade, pepperstone, and IC markets. Unfortunately, none of these brokers offer naira accounts. Nigerian forex traders will have to ensure that the brokers provide a payment processor catering to nigeria, as currency conversions may pose a challenge.

Happily, the forex market in nigeria continues to strengthen and become a more attractive venue for international business, with the central bank of nigeria (CBA) and the securities and exchange commission (SEC) developing a stronger regulatory framework in recent years. More international forex brokers are anticipated to follow FXTM into nigeria, widening the choice for nigerian forex traders.

Best forex trading platforms in nigeria

The best forex trading platforms for nigerian resident traders are those offered through the forex brokers mentioned in the previous section. The metatrader 4 platform is available at every broker mentioned, while the metatrader 5 and ctrader platforms are also available at some of them.

Forex training in nigeria

There are several institutions in nigeria which claim to be able to train aspiring forex traders for trading success and profit, in return for a fee covering the provision of this apparent education.

Although a few of these institutions may be sincere in their intentions, and the attempts of aspiring traders to invest in a proper trading education laudable, the fact remains that paying for forex training in nigeria is not be recommended. Simply put, you can find everything you need to know to become a successful and profitable forex trader for free on the internet.

Aspiring nigerian forex traders will see a better return from time spent reading through this site and searching through google for good material than they will see from investing in nigerian forex educators.

When you do find material on forex trading strategies, ask yourself whether any supporting historical data is shown to support the claims made. If not, ask yourself why not.

Best time to trade forex in nigeria

One advantage that can be enjoyed for free by everyone trading forex in nigeria is the time zone. Nigeria is one hour ahead of london, the global center of forex markets.

The best time to trade forex is the time during which there is the most volume and liquidity in the market. Studies have shown that the highest volume and liquidity in the forex market occurs during the overlap between the london and new york sessions, with both remaining relatively high until new york closes for business at the end of its day. Happily, this means that the best time to trade forex is between 2pm and 10pm nigerian time. This is convenient for most nigerian forex traders, as it means it will be easy for most to be awake during this period, and most of this time is after normal working hours, meaning that nigerians do not have to give up their normal day jobs in order to day trade forex successfully during peak market hours.

Is forex trading legal in nigeria?

Forex trading is clearly legal in nigeria, as long as you are trading your own money for your own benefit.

When can I trade forex in nigeria?

As nigeria is one hour ahead of london, and the best time to trade forex is widely agreed to be during the new york/london overlap, followed by the later new york session, the best time to trade forex in nigeria will usually be between 2pm and 10pm local time. In any case, the forex market is open in nigeria from very early monday morning until late friday night.

Which forex broker is the best in nigeria?

FXTM is one of the very few international forex / CFD brokers which not only has a physical presence in nigeria, but also accepts deposits in nigerian naira. FXTM requires a minimum deposit of only ₦2,000.

How do I start trading forex?

Work out how much capital you have to start with, which should be at least $120 if you use a broker offering micro-lots of $12 if you use a broker offering nano-lots. Then use our guide to find the best forex broker for you to choose the best broker fitting your personal circumstances.

Is forex trading profitable in nigeria?

Data suggests that while about 72% of retail forex traders fail to generate profit, the 28% who are profitable achieve this by using leverage carefully and by utilizing proven, profitable trading strategies in a disciplined way.

Adam lemon began his role at dailyforex in 2013 when he was brought in as an in-house chief analyst. Adam trades forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with merrill lynch.
Learn more from adam in his free lessons at FX academy

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How to make money trading forex

How does forex trading work?

In the forex market, you buy or sell currencies.

Placing a trade in the foreign exchange market is simple. The mechanics of a trade are very similar to those found in other financial markets (like the stock market), so if you have any experience in trading, you should be able to pick it up pretty quickly.

And if you don’t, you’ll still be able to pick it up….As long as you finish school of pipsology, our forex trading course!

The objective of forex trading is to exchange one currency for another in the expectation that the price will change.

More specifically, that the currency you bought will increase in value compared to the one you sold.

Trader’s action	EUR	USD
you purchase 10,000 euros at the EUR/USD exchange rate of 1.1800	+10,000	-11,800*
two weeks later, you exchange your 10,000 euros back into U.S. Dollar at the exchange rate of 1.2500	-10,000	+12,500**
you earn a profit of $700	0	+700

*EUR 10,000 x 1.18 = US $11,800
** EUR 10,000 x 1.25 = US $12,500

An exchange rate is simply the ratio of one currency valued against another currency.

For example, the USD/CHF exchange rate indicates how many U.S. Dollars can purchase one swiss franc, or how many swiss francs you need to buy one U.S. Dollar.

How to read a forex quote

Currencies are always quoted in pairs, such as GBP/USD or USD/JPY.

The reason they are quoted in pairs is that, in every foreign exchange transaction, you are simultaneously buying one currency and selling another.

How do you know which currency you are buying and which you are selling?

Excellent question! This is where the concepts of base and quote currencies come in…

Base and quote currency

Whenever you have an open position in forex trading, you are exchanging one currency for another.

Currencies are quoted in relation to other currencies.

Here is an example of a foreign exchange rate for the british pound versus the U.S. Dollar:

The first listed currency to the left of the slash (“/”) is known as the base currency (in this example, the british pound).

The base currency is the reference element for the exchange rate of the currency pair. It always has a value of one.

The second listed currency on the right is called the counter or quote currency (in this example, the U.S. Dollar).

In the example above, you have to pay 1.21228 U.S. Dollars to buy 1 british pound.

When selling, the exchange rate tells you how many units of the quote currency you get for selling ONE unit of the base currency.

In the example above, you will receive 1.21228 U.S. Dollars when you sell 1 british pound.

The base currency represents how much of the quote currency is needed for you to get one unit of the base currency

If you buy EUR/USD this simply means that you are buying the base currency and simultaneously selling the quote currency.

In caveman talk, “buy EUR, sell USD.”

You would buy the pair if you believe the base currency will appreciate (gain value) relative to the quote currency.

You would sell the pair if you think the base currency will depreciate (lose value) relative to the quote currency.

With so many currency pairs to trade, how do forex brokers know which currency to list as the base currency and the quote currency?

Fortunately, the way that currency pairs are quoted in the forex market is standardized.

You may have noticed that currencies quoted as a currency pair are usually separated with a slash (“/”) character.

Just know that this is a matter of preference and the slash may be omitted or replaced by a period, a dash, or nothing at all.

For example, some traders may type “EUR/USD” as “EUR-USD” or just “EURUSD”. They all mean the same thang.

“long” and “short”

First, you should determine whether you want to buy or sell.

If you want to buy (which actually means buy the base currency and sell the quote currency), you want the base currency to rise in value and then you would sell it back at a higher price.

In trader talk, this is called “going long” or taking a “long position.” just remember: long = buy.

If you want to sell (which actually means sell the base currency and buy the quote currency), you want the base currency to fall in value and then you would buy it back at a lower price.

This is called “going short” or taking a “short position”.

Just remember: short = sell.

Flat or square

If you have no open position, then you are said to be “flat” or “square”.

Closing a position is also called “squaring up“.

The bid, ask and spread

All forex quotes are quoted with two prices: the bid and ask.

In general, the bid is lower than the ask price.

What is “bid”?

The bid is the price at which your broker is willing to buy the base currency in exchange for the quote currency.

This means the bid is the best available price at which you (the trader) can sell to the market.

If you want to sell something, the broker will buy it from you at the bid price.

What is “ask”?

The ask is the price at which your broker will sell the base currency in exchange for the quote currency.

This means the ask price is the best available price at which you can buy from the market.

Another word for ask is the offer price.

If you want to buy something, the broker will sell (or offer) it to you at the ask price.

What is “spread”?

The difference between the bid and the ask price is known as the SPREAD.

On the EUR/USD quote above, the bid price is 1.34568 and the ask price is 1.34588. Look at how this broker makes it so easy for you to trade away your money.

If you want to sell EUR, you click “sell” and you will sell euros at 1.34568.

If you want to buy EUR, you click “buy” and you will buy euros at 1.34588.

Here’s an illustration that puts together everything we’ve covered in this lesson:

Follow the smart money in forex trading вђ“ the 4 best economic indicators

Most traders will say that they are purely technical traders and then use that as an excuse to avoid following fundamentals. Such ignorance can be expensive. Forex traders who know how to follow the smart money and understand how to read the clues the markets and the professional market participants provide, can make much better trading decisions.

The following 4 economic indicators and market tools provide insights into financial activity of professional investors and smart money.

COT вђ“ forex trading following the professionals traders

The forex spot market is a decentralized financial market which means that there is no keeping track of trading activity as a whole. However, when trading currency futures through an exchange, it is possible to see who is trading, what they are trading and to which extent.

The COT (commitment of traders) report comes out weekly and it shows the activities of different market participants. Especially the forex trading activities of the non-commercial traders, which are large speculators, hedge funds, banks and alike can be very interesting for forex spot traders. Non-commercial traders, which are large speculators, hedge funds, banks and alike can be very interesting for forex spot traders.

The screenshot below shows the non-commercial trading activity of US-dollar futures at the bottom. The green line represents the long positions, the red line shows short positions and the thick blue line is the net trading activity (long вђ“ short positions). Remember that the US-dollar is the second currency in the EUR/USD forex pair which means that when the US-dollar strengthens, the EUR/USD forex pair goes down.

The circled area marks a sudden jump in net long positions on the US-dollar futures and the net long positions surged as well. What followed was a sell-off in the EUR/USD, accompanied by a steady increase in US-dollar net long positions as the blue arrow indicates. Knowing what the professionals and the smart money did and how they are positioned can be of great value. And even though the COT report shows the activity of the past week, it can still foreshadow market expectations.

GDP and unemployment

Many traders are aware of the importance to the вђњfamousвђќ economic variables such as GDP and unemployment rate. However, most forex traders just watch the initial report and the release of the numbers and try to trade the news, and afterwards forget about it again. The professional traders use those numbers to determine the long term trend and the overall market sentiment.

Especially the unemployment rate can be a great вђњpredictorвђќ for longer term trends. When the economy is doing well, more people will have a job and unemployment goes down. This typically also leads to a higher GDP and positive economic data leads investors to believe that a raise in interest rates is likely in the future because of increased spending activity.

Interest rates are arguably the most important factor when determining currency rates and rising interest rates typically lead to an appreciating currency because of increased demand for that currency.

The screenshot below shows that, first, the unemployment rate declined (blue line marked with 1) which was followed by a rally of the US-dollar (red line market with 2). During the next cycle, unemployment rose (blue line marked with 3) and the US-dollar then started to fall (red line marked with 4). Each time, the unemployment data shifted first and the US-dollar followed afterwards. Even if you are not a fundamental trader, knowing about such market dynamics can be of great value as the charts suggest.

Bonds вђ“ assessing risk sentiment

Most forex traders never pay attention to government bonds and the fixed income market which can be a big mistake. As traders, and especially as forex traders, you have to pay attention to the flow of money and government bonds can tell you a lot about that.

When risk in the financial markets is perceived as high (in terms of political instability or a contracting economy, for example), investors will unwind their stock positions and look for вђњsaferвђќ and less volatile alternatives to вђњparkвђќ their money. Investors looking for safe-havens typically invest in currencies such as the swiss franc or the japanese yen, or government bonds. The risk that the US or the euro-zone wonвђ™t be able to repay their debt is very low вђ“ although it is possible.

When investors pile out of stocks, the prices of stocks fall, bond prices rise and the bond yields fall.

Bond yields and currencies usually move in the same direction. When the yield goes up, it becomes attractive to invest in that country to get a higher return on your money. And when bond yields fall, in times of uncertainty, the currency of that country tends to fall as well since the demand for that currency is going down and investors are looking for alternatives.

The screenshot below shows the BUND (the german government bond) as the blue line and the EUR/USD in red. Early 2014, the BUND price started to rise, indicating a higher demand which leads to falling bond yields. The rising bond prices foreshadowed a shift in risk sentiment and the EUR/USD followed a few months later, declining sharply.

US-dollar index for US-dollar forex pairs

Forex traders who trade forex pairs that include the US-dollar should monitor the US-dollar index, or at least know what the US-dollar index is currently doing. The screenshot below shows why it pays off the monitor the US-dollar index.

While the EUR/USD showed a breakout of the range and even closed outside the range, the US-dollar index just barely made it to the support area (on a candlestick chart the US-dollar index just showed a small wick that penetrated the support area slightly). The next two resistance touches on the EUR/USD showed similar behavior. EUR/USD attempted a breakout, while the US-dollar index did not come close to the support area.

Multi-dimensional forex trading

The examples above show why it can pay off to follow the macroeconomic variables. Knowing what the smart money does, how the big players are positioned, when risk is perceived as high or low, knowing where the money flows and how the economy does is essential for forex traders.

Amateur traders often believe that itвђ™s all about technical analysis and although it can be a great part of your trading, the professional always understands the bigger picture.

Fxdailyreport.Com

For beginners, the forex market can be hard to navigate. There is a lot of jargon that you have to wrap your head around in order to be able to make any reasonable profits. The problem is, it takes a lot of time to master all the crucial skills that are required to qualify as a professional. Often times, many novice traders give up without making a dime.

But do you really have to trade to make money on forex? What if there was a way to invest profitably without actually having to trade? The good news is, there is a way. It is called forex copy trading.

What is copy trading ?

As the name suggests, copy trading is a form of forex trading where you copy or replicate the trading patterns of other traders. This is a trend that emerged in the early 2000’s and has over the years proved to be a real savior for inexperienced traders. With copy trading, also known as mirror trading or sometimes social trading, you can make profits as a forex trader even with minimum skills.

The only skills you require is to understand the whole concept of copy trading, that is mostly, how to choose a good trader to follow. You should, however, keep in mind that forex trading, in general, is risky and high returns are not guaranteed. Although copy trading gives you an opportunity to make profits without investing in research and having to understand the ins and outs of forex, the risk is still there and a lot of caution is required.

In most cases, forex copy trading can backfire because of a poor choice of traders to follow. That is why it is important that you carefully analyze your potential “masters” using the stats provided by the copy trading platform of your interest to make good money.

Below are a few tips on how to find a good trader to follow.

How to find A good trader to follow

The following tips will help you land the perfect trading pro:

Discover the most followed traders

The number of followers often point to the credibility and prowess of that particular trader. If a potential professional is followed or copied by many traders, it usually means that they have consistently recorded outstanding performance.

Analyze their followers/copiers

Sometimes followers can be fabricated. That is why you should critically analyze the followers to ensure that they are real humans. Another reason for this is to ensure that the follower base is consistently growing. If the number of traders copying your potential professional grows and suddenly drops, it may mean a drop in good performance. However, if the followers are ever increasing, you should add that investor to your list.

Should have consistent monthly performance

Your search for the perfect trader should not end with the most followed. Sometimes, they might have a lot of traders copying them, but the balance between profits and losses is not promising. That is why it pays to dig deeper and unearth trading gurus who have posted good and consistent monthly performance.

Number of trades and time on a platform

Traders who have been on the platform for a long are most preferred. They are usually more experienced and know their way around trading. The number of trades conducted is also another indicator. The person you wish to follow should have done a good number of trades with consistent profits.

You might not find the perfect trader to follow, but as you gain more useful skills, you will be able to make more constructive analysis and choose wisely. The type of copy trading platform you choose also matters. A lot of seasoned traders use credible forex brokers and you will hardly see them on new platforms or those with a bad reputation.

Benefits of forex copy trading

Copy trading presents a lot of good opportunities for both those who copy others and those who are copied.

You gain invaluable trading skills from professionals you follow

There is a lot of transparency as the trading history of the trader is publicly disclosed to followers

You can make passive income without actively trading

You don’t have to understand all the aspects of forex trading

With forex copy trading, you can make good money without having to actively trade. The point is to choose the right trader to follow by carefully analyzing their profiles and utilizing the stats provided by the various platforms.

Best forex robot free download in 2020

How to download a forex robot for free?

Looking for a free forex robot to download with no strings attached?

You’re at the right place! Scroll to the bottom of this page to receive a free forex robot download link.

Or you can read this post and understand what is a forex robot and how to use it. Having access to the forex autopilot trading robot free download will help. And how you can get even more than just a single free forex robot download link.

Have you ever thought about having a complete forex trading software that can give you everything you need to trade successfully? Including free trading robots, backtesting strategies, and more?

Forex trading doesn’t have to be difficult. More importantly, you should have all the tools and knowledge you need to make informed decisions. And to have your actions automated by a robot that has all the features you want.

Forex robots today come in all shapes and sizes, but as you go through them you may find that they’re not a good fit for you or the trading strategy you want to implement.

In this case, you may be better off creating a forex EA robot that has all the rules you want. Or something that’s been created by a like-minded trader.

What is a forex robot?

A forex robot can help you with some of the tasks associated with forex trading. It’s a tool that traders use if they want to buy or sell a certain asset and within a set time frame, for example.

Think of a forex robot as a digital assistant you can rely on.

When you’re away from the computer, sleeping, or on vacation you can let the trading software run by itself and it will complete actions on your behalf.

That way you won’t miss out on certain events as compared to manual trading alone.

Not all forex trading software is the same, though. You will need to do your research before buying one. Because chances are that it will have a different ruleset than what you’re used to.

As there are dozens or even hundreds of parameters, it may take some time for you to find the best forex robot free download.

And if you don’t have the right software to use, you won’t ever find them.

The good thing about technology is that everything is made easier. More accessible, and it’s the same with forex robots.

You won’t need programming skills or coding knowledge to trade forex autopilot. You won’t need to rely on other people to make the perfect trading app that you want.

Also, you can simply make your own forex EA, with a specific set of rules. Without having to spend hundreds or thousands on it.

Can you create a free forex robot?

The short answer is yes, you can create a free forex EA using a forex strategy builder software called EA studio.

Creating a free forex robot in EA studio

It’s an all-in-one trader’s platform that empowers beginner traders and seasoned veterans alike.

There’s a lot you can do when you get EA studio to help you in your trading journey. Even better is the fact that you can try it out 100% free for 15 days.

The robot you create can help like-minded traders make more money on forex. You can sell it or begin trading with it and not have to worry about spending too much on overpriced forex apps out there on the web.

It’s perfectly okay to try EA studio for 15 days and download all the forex trading autopilot robots you need for your cause. There are no strings attached and you’re not forced into anything.

If you like the experience you can get a license and continue using world-class forex trading software that’s used by thousands of people around the world.

How to create your own forex robot for free?

EA studio is the tool you need when you’re looking for a forex robot free download.

It’s a comprehensive forex strategy builder unlike any other. For one, you’re not tied to a single strategy that the experts ‘recommend’, or restricted to buying a forex EA robot you won’t use.

You can come up with your own depending on your style of trading.

Better yet, EA studio allows traders to test out their theories and future strategies in a safe environment. Backtesting is allowed, even encouraged in order to keep things fresh.

You’ll feel a genuine sense of fulfillment knowing that a plan you came up with worked and is bound to do the same in real life.

Moreover, there’s a free course on how to use EA studio and a 15-day free trial so you can try it out risk-free.

Doing this increases your trading knowledge and prepares you for the exciting world of forex autopilot trading.

Forex beginners, take note – you can learn the ropes and get a forex robot free download at the same time. After the course you’ll learn everything there is to know about EA studio and can move with confidence in making your own forex autopilot trading robot.

During the 15-day trial, you can perform as many free forex robot downloads as you want.

Install the free forex EA robots on the metatrader platform, try out their functionalities, and test them in real-world settings.

You’ll be bound to find one that works according to your strategy.

In those days you’ll mostly have an idea of the kind of forex robot you want for your own. If this is the case then you can create a free forex robot by feeding the program with your rules and export it to working software.

Is the 15 days not enough to get the best forex trading automation software for your particular needs? You can get a license for a low cost and continue enjoying the features and benefits EA studio provides.

Forex trading can be difficult and has a high learning curve. Beginners will have a shortcut to getting what they need quickly and most of all, a working free forex EA robot that can complete trades on their behalf.

Therefore, it makes sense to enroll in the EA studio’s free trial so you can save time and money. More importantly, you can get a free forex EA autopilot trader in the process.

A free forex robot download can guarantee the following benefits:

Free

They say that the best things in life are free, and that’s true for forex software. Nothing beats free especially if it’s one that can make you money to live comfortably.

EA studio is free to use for 15 days. During that time, you can explore the platform and see what it’s all about. Once you have a basic grasp you can then head to the forex robots section and check out what’s available.

You can get a forex robot free download if you make or download one within the 15-day limit. If there’s a certain strategy you use, then you can put in the rules and export it for free.

Otherwise, you can download many free forex EA robots and choose from the one that suits you best.

Also, you can continue trading with the trading robots when your trial account expires.

Don’t pay for what you won’t need

Why waste money on trading software you won’t need after a few days or a week? That money can be spent on other things, such as acquiring more assets, investments and the like.

Forex trading apps aren’t cheap, and everyone wants to make a quick buck. The best forex robot isn’t one that’s made by others, because chances are that they’d put in all the things they want which won’t help your cause.

More, they were created for other brokers, and not for the one you use. Something essential that many EA buyers don’t understand.

Forex robots on metatrader platform

Making money is the top goal in forex trading, and saving money wherever you can is key to trading successfully. When you eliminate the tools you won’t use then that’s money you can use somewhere else.

Convenience

A forex robot also referred to as expert advisor, is like your very own trading assistant that can make the right decisions and act on your behalf.

This means you won’t have to be tied to your desk for two, five or eight hours, constantly checking on the market to see if there’s anything worth trading.

That said, a forex robot adds to your convenience because it frees up your time spent trading for the more important matters. At the start of the day, you can boot it up and leave it running throughout.

The EA trading robot will pick up on market trends and actions and depending on its ruleset, buy, sell or do nothing. All you need is a computer, a stable internet connection, and EA studio.

Automation

Automation makes work easier. A forex trader’s success mainly lies in making the right decisions day in and day out. Having software that’s grounded in rules can be more reliable than traders themselves because of one factor – emotion.

Automation takes guessing out of the picture because its movement is based on the parameters you set. This means that when you tell it to buy stocks when a certain asset reaches X amount or to sell when it drops down to X numbers.

Conclusion

You won’t have anything to lose by trying out the 15 day free trial offer on EA studio. Head on to the site and make sure to brush up on the free course before exploring the ins and outs of the forex trading software.

Within the free trial period, you can download free robots and try them for as long as you like. Afterward, you will need a license to continue but the benefits far outweigh the price.

Remember, a forex robot guarantees perks such as convenience and automated trading done for you. This means you can make money even when you’re not actively trading as long as the forex robot is running.

Try it now and see for yourself!

Enter your email address to receive the free forex robot download link.

Which is the best forex robot?

Many traders look for the best forex robot and they never find it. The most profitable expert advisor is the one that is created for your trading broker and your trading style.

Can I download a free forex EA robot?

On many websites, there are free trading robots. However, you always need to test them on a demo account to be sure that they work properly.

What is the forex autopilot trading robot?

The trading forex robots execute the positions for the traders automatically. This is why they are said to be autopilot trading robots.

Does forex trading robot software really work?

The forex trading robot software is a program that helps the traders to automate their trading strategies as robots. Such programs are EA studio and FSB pro. If your strategy is profitable, such software will help you build the robot for the strategy.

FREE GUIDE: how to trade forex

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What does the guide include?

Everything you need to know about trading forex including:

What is forex trading

Best brokers for trading forex

What forex pairs to trade

Different types of forex orders

Risks of trading forex

Trading forex around economic figures

Technical analysis versus fundamental analysis

Managing risk when trading forex

Video discussion on forex trading

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Free money to trade forex

Welcome to IQ forex, a simple and easy trading game to learn how to trade with binary options on forex and cryptocurrency. You are free from financial risks and legal risks while enjoying binary options trading. Here you can check your winning rates and your rank among others. The best part is the chart is based on real market signals.

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Currencies are a popular investment class that allow for speculation on price movements, just like bets on other asset classes. Foreign exchange, or forex in short, is a decentralized global market where currency pairs are traded.

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So, let's see, what we have: how to start trading forex: what is forex, learn forex basics, find a forex broker, start trading at free money to trade forex