1. Select a trusted trading broker who can provide you with a dependable trading platform.
Because of there are thousands of them, it is not easy to select a good Forex broker. The best trading brokers out there should have qualities like well established and also allows maximum leverage. My picks are Forex.com, MIG or Interbank Fx. At forex.com, you can enjoy lower investment entries for the live account for as low as 250 USDs. Further more, forex.com offers a lot of different trading platforms and tools like as Forex Trader, Wireless Trading or Meta Trader. Amongst these platforms, I select to use Metatrader 4, because it is very much user friendly and has a constant connection.
2. Open your Forex Trading demo account to start your trading, before you enter to the real game.
Demo accounts allow users to use fake currency to practice trading with live data. This is so much important to a beginner to Forex trading so that they can perform trading without losing (and gaining :-) ) real money. As a beginner in online Global Currency Exchange, one can start a demo account with leverage 1:200. For those who don’t know what leverage is, it’s a percentage amount of money that you can borrow from the Forex broker. Leverage of 1:200 means that you can borrow 200 USDs from the broker for every single dollar you deposit. Your demo account should be parallel to your potential live account, so start to use as low as 250 USDs to begin your demo trading.
3. Learn the basics of Forex.
It is not like a walk in the park for a beginner to be familiar with how to trade. You need to do some online researches on Foreign Currency Exchange by searching on any search engine you use, or reading some books or e-books on FX trading and collect some knowledge about basic analysis and technical analysis. There are a lot of articles and information sites on this.
Anyway, a good FX trading course can speed up your learning curve, and a qualified trainer would be able to guide you towards Forex trading mastery.
1 Comments
Good tips you have about forex, but where is the Sri Lankan part ?
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