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. TunmiseOlaoluwa, 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. TunmiseOlaoluwa 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:
- set aside time: make sure you have enough time to attend the entire webinar without any distractions
- take notes: keep a notebook handy to jot down key points and takeaways
- ask questions: feel free to ask the speaker questions during the Q&A session
- 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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FAQs
OctaFX offers a demo account with virtual funds, allowing beginners to practice trading without risking any real money. This is an excellent way to get familiar with the platform and test out different trading strategies.
How to start OctaFX for beginners? ›
First, you need to pick the instrument ('Symbol') you'd like to trade. Then, select the volume of your position and press Buy or Sell to open an order. Congratulations, you placed your first order! You can view and manage all your orders in the 'Orders' section.
Is OctaFX legit? ›
Octa is authorised by one Tier-1 regulator (Highly Trusted), one Tier-2 regulator (Trusted), zero Tier-3 regulators (Average Risk), and zero Tier-4 regulators (High Risk). Octa is authorised by the following Tier-1 regulators: Regulated in Cyprus and in the European Union via the MiFID passporting system.
Do people really make money on OctaFX? ›
Profit Potential of OctaFX Copy Trading
As mentioned earlier, copy trading involves risks, and traders should not expect to make significant profits overnight. However, with proper risk management and a thorough understanding of the platform and its features, traders can potentially earn consistent profits over time.
Does OctaFX pay real money? ›
All your profit and loss is real money. Demo account has simulated funds but real market conditions.
What is the minimum amount to start OctaFX? ›
The OctaFX minimum deposit is $25 for both commission-free trading accounts, but OctaFX recommends $100 as a starting minimum. Explore additional up-to-date info about OctaFX, in our OctaFX broker review. The OctaFX minimum deposit requirements are: OctaFX MT4 account (OctaFX minimum deposit of $25, NDD/STP account)
How much does it cost to open an OctaFX account? ›
How much does it cost to open a live trading account? Nothing. Creating and maintaining an account with Octa is free: we do not charge deposit fees. But we have a minimum deposit amount: from $25, depending on the payment method.
Is $100 enough to start forex? ›
Overall, while it is possible to start trading forex with just $100, it is important for traders to approach it with caution and to have a solid understanding of the market and their own risk tolerance.
Is $500 enough to trade forex? ›
This forex trading style is ideal for people who dislike looking at their charts frequently and who can only trade in their free time. The very lowest you can open an account with is $500 if you wish to initiate a trade with a risk of 50 pips since you can risk $5 per trade, which is 1% of $500.
Is $1000 enough to start forex? ›
In conclusion, $1000 is enough to start trading Forex. However, it's important to have a realistic trading plan and manage your risk carefully. A $1000 Forex trading plan should include setting trading goals, determining risk tolerance, and choosing a suitable trading strategy.
Octa acts in full compliance with international legislation and regulation standards and guarantees funds security and negative balance protection to their clients.
Is OctaFX legit in USA? ›
Answer: Yes, Octa is a legally established international company which has been serving millions of clients around the world for over 12 years. The broker possesses multiple internationally recognised licenses, including licenses issued by FSCA in South Africa, CySEC in Cyprus, and MISA in the Comoros..
How do I get my money from OctaFX? ›
Select the account you want to withdraw money from on the main screen. Then press Withdraw. You will see a full list of payment options available in your region. Pick the one that suits you best and press Next.
How much do you need to start OctaFX? ›
The OctaFX minimum deposit is $25 for both commission-free trading accounts, but OctaFX recommends $100 as a starting minimum. Explore additional up-to-date info about OctaFX, in our OctaFX broker review. The OctaFX minimum deposit requirements are: OctaFX MT4 account (OctaFX minimum deposit of $25, NDD/STP account)
Which is better forex or OctaFX? ›
Is FOREX.com better than Octa? In our analysis of 23 international regulators across 62 of the best forex brokers, FOREX.com is considered Highly Trusted, with an overall Trust Score of 99 out of 99. Octa is considered Average-Risk, with an overall Trust Score of 70 out of 99.
Which is better than OctaFX? ›
Best Broker Alternatives for OctaFX
Interactive Brokers - 9.9/10 Overall. Saxo - 9.7/10 Overall. CMC Markets - 9.6/10 Overall. FOREX.com - 9.4/10 Overall.
