• Read reputable books. To obtain theoretical knowledge which is important to understand the financial markets.
• Join as many groups as you can and start a conversation.

What is leverage in Forex trading

In a simple word, leverage is a kind of loan that a broker gives you. When your account don’t have that money, leverage will simply boost your account to make trading. It is giving you access to the larger volumes than it is possible with your initial capital.

Things you have to do

• Open a margin account with your broker.
• A standard lot is 100.000 currency units. If you want to trade mini or micro-lots, this deposit size would allow you to open micro-lots. That is 0.01 of a single lot or 1.000 currency units with no leverage set in place.
• Set a stop-loss when the price goes down to a particular percentage or number of pips to exit the position.
• Choose the currency pair that you know well. By focus on one currency pair, you can recognize trading signals.