If you are a beginner to Forex trading, these guidelines can help.
3 tips for currency trading novices, click here.
Tip 1; Choose a trusted trading broker who will provide you with reliable trading platforms.
It isn’t easy to find a great Forex broker. I normally choose a broker who is well-established and that offers maximum leverage. Forex.com is my preferred choice because you can have minimum capital for your live account starting at USD250. Forex.com offers many different trading platforms and tools like Wireless Trading, MetaTrader 4, Forex Trader and Forex Trader 4. Metatrader 4 I prefer, because it is easy to use and has stable connectivity.
Tip #2: Open a Forex demo Account to Start Currency Trading.
Demo account allows users the ability to use “playmoney” to practice trading live data. Forex traders need to be able to practice trading without losing their real money. Demo accounts can be set up for beginners to forex trading. Leverage is 1:200. Leverage describes the percentage amount you can borrow money from a Forex broker. The amount of your deposit demo should be equivalent to your future live balance. You can start demo trading with as little as USD250.
After you have downloaded MetaTrader 4 to your computer, you will be able to go into “File”, then click on “Open an Account”. To open your account, you will need the following information: You will need to enter valid email addresses in order for your account approval. After creating your demo, you will receive your login ID & password.
Trading is hard for a beginner. You can search online for information on currency foreign currencies. You will find numerous blogs and articles related to this subject.