How to start with forex

Posted by Deb | Guest Post | Sunday 12 August 2012 12:29 am

You might be wondering how to start with forex. For a long time now, you might be considering the idea of trading forex, because someone (an experienced forex trader, no doubt) has talked to you about how the forex markets are open almost continuously, somewhere or the world. Or how there forex market is enormously liquid, and trading pretty much any currency in the world is simple, or how the volatility of the market can generate amazing profits. Maybe you’ve heard that you can leverage your trading. Maybe you’ve heard all these things and wondered if you couldn’t be a forex trader yourself.

Well, the first step is the hardest, and that is developing the self-confidence that will allow you to look in the mirror and say to yourself, “Trade forex? I can do that!” Done that part? Good, then you’re on your way to becoming a forex trader. As long as you’ve got the will, desire and self-confidence (three very important intangibles) then the only tangible things you’ll need to start forex trading are cash and a computer. Got those, too? Good, you’re headed in the right direction.

First things first: in order to understand the market and to learn forex trading you need to find yourself a trading platform. There are hundreds of them out there in the cyber world, and not all of them are good. Spend a little time to investigate a few that have come highly recommended, either by peers or by the forex experts, and find the one that fits your needs best.

What are your needs? Consider how much money you have to invest, which will help you discern the type of account you want. Consider whether you need a forex platform that gives you access from any computer you might be working on (some are only downloadable platforms); a web-based platform will give you the ability to monitor your status, check market conditions, or change the terms on a trade. Consider how readily you can reach customer service if you need a little hand-holding. Consider the types of extras that the platform provides; if you’re a math geek you will appreciate good charting capability.

Once you’ve found a trading platform that works for you, register as a user, and initiate your trading account deposit. With very little fanfare, you’re good to go. So you don’t have to wonder any longer how to start with forex trading, because truly, it’s as easy as that!



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    Making a decision on which broker to use is personal for each trader. Some brokers offer certain options that some traders will thrive on, while other traders will hate the broker for those same options. It is important to review and compare the options of each broker closely and choose the one that makes you feel most comfortable.
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