A few years back when people, like me, wanted to trade in derivatives market, they had to read books, fish articles in magazines or take bumpy rides down the experience lane.

There was no comprehensive guide available for us. The knowledge was either too precious or was owned by too important people who could not share it easily. That really left us mostly on our own; it was hard to get access to the select and premium group of Forex traders.

However, getting access to the right guide should not be a problem for the beginners anymore. There are many free Forex trading guides and other information available freely online for the beginners.

However, some of the more premium knowledge in this regard comes at price, such as advanced trading strategies. The general steps in which such guides are available are as follows:

1. Beginners are encouraged to open a demo account with whichever broker they prefer. However, they are also encouraged to use Meta trader 4 platforms for their demo account. The reason for this is simple. A Meta trader 4 platform provides easier and far superior charting facilities for a trader that really come in handy down the road.
2. The next thing beginners need to do is find all the sequentially laid out basic information or courses for technical and fundamental analysis, as well as various strategies for trading at the beginner’s level. While doing so, beginners should put to test their understanding of the key elements of the working knowledge of derivatives trading.
3. Once beginners are done learning the basic knowledge, they should proceed to acquire advanced knowledge about Forex trading. They should put this acquired knowledge to test as well, just like the basic knowledge. Beginners can register themselves with various brokerage websites who offer advanced and basic lessons in Forex trading.
4. The final thing a beginner needs to do is, develop a trading system. This system should be the best fit of the knowledge acquired by him or her, the beginner’s risk appetite, the asset portfolio of the beginner or the preferred analytical mediums and assumptions. The recurrent part of this step is to try as well as test this system repeatedly under various circumstances. That is because no system is perfect to run successful trades 100% of the times. The results of such testing must be carefully followed up and addressed.
5. One additional thing beginners are often advised to do is, they are encouraged to learn from the experienced traders. Beginners should form PR and contacts with experienced traders and find out their views on various aspects of Forex trading. This way, one is able to learn what these traders have gotten through experience.
6. After following all these steps to a degree of reasonable comfort, beginners should proceed to open a live trading account with their own funds or with broker’s funds, availing the offered bonus schemes.

Forex trading requires that traders be constantly on their feet, with their eyes and ears open to make the right decisions at right time.

Therefore, a trader, particularly beginners, must scan relevant news items and analytical articles consistently, and stay abreast with latest developments.

Author Bio:

Intellitraders.com offers you an opportunity to try Forex trading for free, with best Forex broker. Visit the site for more details.

Photo credit: Midhama