Forex Trading: A Guide for Beginner Traders by OctaFX

April 6, 2023
3 min read

If you're new to trading, navigating the Forex market can be challenging. However, with thoughtful guidance and resources, you can overcome this hurdle and start your trading journey on the right foot.

According to the latest report by the Bank for International Settlements (BIS), the Forex market's daily trading volume reached $7.5 trillion in April 2022. This volume is 30 times greater than the daily global GDP and 14% higher than in early 2019. Retail trading has reached an all-time high in 2023. This alone speaks to the popularity and potential profitability of trading.

However, statistics show a significant percentage of traders are struggling to make consistent profits. Another study held by the European Securities and Markets Authority (ESMA) found that 70% of retail traders experienced losses in their trading accounts, with the average loss being substantial, ranging from $1,750 to $31,730. This shows the importance of equipping yourself with the right knowledge and resources to succeed in trading.

OctaFX, a leading international Forex broker, provides educational resources and tools for beginner traders. The company is hosting two upcoming webinars that can help you kickstart your trading journey and get the necessary knowledge.

The first webinar, titled ‘What you need to know before opening your first order’, will take place on 13 April 2023, at 6:00 PM Nigerian time. Tunmise Olaoluwa, an experienced trader who has worked in the industry for over a decade, will lead the webinar. In this webinar, you’ll learn the basics of Forex trading, including how to read charts, identify trends, and manage risks. By the end of the session, you’ll have a solid understanding of what it takes to make successful trades in the Forex market.

The second webinar, ‘Top 13 trading mistakes and how to avoid them’, will be held on 20 April 2023, at 6:00 PM Nigerian time. Tunmise Olaoluwa will also be conducting the lessons. In this session, you’ll learn about common mistakes that beginner traders make and how to avoid them. You’ll also gain insights into the psychology of trading and how to control your emotions.

Register on the website to receive reminders about the webinar. Moreover, after the webinar, all registered users will get a Trader’s Guide.

Here are a few tips on how to get the most out of these webinars:

  1. set aside time: make sure you have enough time to attend the entire webinar without any distractions
  2. take notes: keep a notebook handy to jot down key points and takeaways
  3. ask questions: feel free to ask the speaker questions during the Q&A session
  4. practice: apply what you learn in the webinars by practising with a demo trading account.

Forex trading can be a profitable and rewarding endeavour, but it requires the right attitude and preparation. Attending these webinars and following the tips will help you gain the confidence and skills necessary to become a successful Forex trader and achieve your trading goals.

OctaFX is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 21 million trading accounts. Free educational webinars, articles, and analytical tools they provide help clients reach their investment goals.

The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

OctaFX has also won more than 60 awards since its foundation, including the ‘Best Online Broker Global 2022’ award from World Business Outlook and the ‘Best Global Broker Asia 2022’ award from International Business Magazine.

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