eToro is widely popular globally and boasts a user base totalling 20,000,000, making it the best trading app for beginners. It has an app for iOS and Android devices and lists nearly 50 forex pairs across the exotics, minors, and majors categories. Yes, you can use MetaTrader for technical analysis. MetaTrader, particularly versions 4 and 5, are widely recognised for their sophisticated technical analysis capabilities. These platforms offer a variety of tools, including advanced charting functionality, a wide range of technical indicators, and the ability to create custom indicators and scripts. This makes MetaTrader ideal for traders looking to analyse market trends and make informed trading decisions. The most patient traders may choose the forex position trading, which is less concerned with short-term market fluctuations and instead focuses on the long term. Position traders will hold forex positions for several weeks, months, or even years. The aim of this strategy is that the currency pair’s value would appreciate over a long-term period. for more info.

how old do you have to be to start trading forex

Starting small will ensure the losses are always in accordance with your risk appetite and preserve the account balance. Start small is the key phrase here. The finest Forex trading strategy must be tailored to the person. Afterwards, it's important to learn about trading strategies, traders psychology and risk management.

The most popular trading platforms are MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader and TradingView. Additionally, MetaTrader no longer sells licenses for MT4 so you can only offer MT4 if you get a white label license.