Here are some guidelines that will get you started in Forex trading.
There are three things beginners should know about currency trading, discover more here.
Tip 1. Choose a trustworthy brokerage that provides reliable trading platforms.
Good Forex brokers are hard to come by. It is difficult to find a reliable Forex broker that can offer the highest leverage and has a solid reputation. Forex.com provides live accounts with a minimum deposit and allows for capital as low as USD250. Forex.com features many trading platforms including Wireless Trading, MetaTrader4 and Forex Trader. Metatrader 4 was my favourite because of its simplicity and steady connection.
Tip 2 Start currency trading by opening a Forex demo.
You can trade with real-time data using a demo account. If you are interested in forex trading, this account is a good option. For forex trading online you should open a demo. The leverage rate is 1.200. Leverage is simply a percentage of what you can borrow from Forex brokers. Deposits should not exceed your future account balance. A deposit of USD250 is enough to start demo trading.
When MetaTrader 4 has been downloaded to your computer, click on “File”, then “Open an Account.” Your information will be required to open your account. You will not be able to open an account unless you provide your email address. Once you create your demo account, the login id and password will be available immediately.
Tip No. 3: Get familiar with the fundamentals of Forex trading.
It can be challenging for novice traders to make trades. Online research is available for foreign currency exchange. You can either search Google, or you can read ebooks or books. This will allow you to gain insight into both fundamental analysis and technical analysis. These topics are covered in numerous blogs and articles.