You have to first open an online trading account with a forex broker guide to get started trading in the currency markets. Normally identification such as your passport of drivers license is required to begin the process.

You really do not need a lot of money to start in Forex compared to other markets such as the stock market. Some brokers allow a minimum deposit of as low as $250 and some brokerages have no minimum deposit at all.

Deposits can be made in various ways including online payments systems such as Paypal, checks, wire transfers and even credit cards. Since brokers are so flexible offering many options to fund an account it is relatively easy to get started trading right away.

It is important to check what are the withdrawal policies of the forex broker you are using. It is a good idea to make a small withdrawal upon funding your account so you are aware of how long the process takes and how it works.

Almost all forex brokers offer demo accounts for free so you can check out their platform. It is always suggested to first trade under a demo account before trading live so that you understand what you are doing and gain confidence in your trading.

After you do begin with your real account it is important to begin using very low leverage. The most important focus of a forex trader should always be being mindful of risk.

While learning forex trading pay close attention to the importance of good money management as it is what separates the winners from the losers. Take your time and do not be in a rush to trade a real account until you understand how to make money.

Since there are no limits on demo trading you can take your time trading under a simulated environment for as long as you like before you open an account with a broker. Trade for at least three months of making consistent profits before making the jump to a live account.
 





Leave a Reply.

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    June 2010

    Categories

    All

    RSS Feed