HOW DO I START FOREX TRADING
HOW DO I START FOREX TRADING, A good place to start is to find a Broker that offers a practice Account, this way you can practice and learn the art of Trading without losing your own money!
Picking a Broker.
Deciding which FOREX Broker to use can be hard work, however my Site offers only recognized and Reputable Brokers for you to choose from. They have easy and fast platforms, tight Spreads, and great deals which you would be unwise not to take advantage of!
A Trading Platform is the Software provided by the Broker, its used to make Trades through their System, and for taking care of your account.
Opening a FOREX Account.
So you are ready to open an Account, you have chosen your Broker, decided on where to Trade, and perhaps practiced with a Demo Account
OK so opening a FOREX Account is similar to opening a Bank Account, you have to establish your Identity with your FOREX Broker, so they know you are who you say you are!
Here are some questions your Broker will ask you when opening an Account. Your Address, E Mail, Phone Number, Account Currency you wish to trade in. Employment Status, D.O.B. Also, they will ask, Your Income, Net Worth, and Trading Objectives.
Because most Brokers are regulated, they need to know who Trading is and why, and if you have the Finances to trade. This is because they do not want Traders going over their heads and Trading when they cannot afford to lose.
Once you have provided all the information, generally the Broker will present you with a Risk Disclosure, this reminds you that FOREX Trading is risky, and you could lose your money. Opening an Account is a bit time consuming, but it is worth it, remember as the Industry becomes more Regulated so will the Application Forms become more detailed.
Caution when Trading.
You can make some good money Trading FOREX, but take it slowly, especially to begin with. Use your head not your heart when making Trades. Do not jump in and think you can make big money straight away. Take your time and a good rule of thumb is not to spend more than 5% of your Capital with each Trade.
Free Incentives, Tools, and Bonuses.
Most of the Sites that I recommend have free Tutorials, and give away, such as Live Currency Indicators, EBooks, Trading Alerts, and much more. So happy Trading! Whist I recommend some Sites, and the advice I give is purely my own opinions. Trading Forex is risky, and you must be aware of the risks involved and your Capital could be Lost.