Trading 101: A Guide for Beginners

In order to become a competent participant on the forex market, or a professional trader, it is necessary to become familiar with the basics of trading. The best way to acquire the necessary knowledge is to begin with demo trading, which Prime Whale makes as easy as possible. Being a novice trader does not mean you have to incur any losses. When you move on from your demo account to a live platform, you can start trading with any amount at low risk. Prime Whale does not limit trade volume. As you gain experience, you can increase the volume of your trading operations, taking more risk but making higher profits.

3 Important Steps

Step 1. Training on A Demo Account

The first step of the training process is opening a demo account. With a demo account, you can learn how to operate the trading platform and develop trading strategies for an unlimited period of time, absolutely free. Even if you have no forex market knowledge you can test your skills as a trader on a demo account. All trades on demo accounts are virtual, but they provide the same conditions as those on live accounts. On a demo account you can open and close positions as if you are trading on the real forex market. You can answer many of your questions about forex yourself, without risk, by trading on the demo account. You can open as many demo accounts as you would like, totally free.

Step 2. Opening a Live Account

Once you have some experience trading on the demo platform, you can try trading on a live account. Because micro lots are offered by Prime Whale, you can limit your risk: only you determine the volume of your investments. You will find that live trading allows you to hone your new skills even more than trading on the demo account. Trading with real funds, however minimal, gives you an even better understanding of forex market activity, and allows you to prepare for professional-level trading.

Step 3. Professional Work

Once a trader has developed the ability to understand and discern trends in the forex market, he or she can work independently, using trading strategies to profit from currency movements. A professional trader develops their trading style and chooses instruments that suit their strategies. Not every trader will reach this level, but Prime Whale ensures that our team will make every effort to help each client go forward and get professional support if any problems arise.