Follow these guidelines to get your Forex trading started as a beginner.
Three tips for beginners to currency trading at FXCM Markets.
Tip 1 Choose a trusted brokerage that can provide you reliable trading platforms.
It is hard to find a good Forex brokerage. I look for a trusted trading broker, one that has a good reputation and offers maximum leverage. Forex.com offers minimum capital entry and live accounts for as low USD250. Forex.com offers many trading tools and platforms such as Wireless Trading, MetaTrader 4 or Forex Trader. Metatrader 4 is my personal favorite because it’s simple to use and has a steady connection.
Tip 2 Open a Forex demo to start currency trading.
Demo account allows users to practice trading using live data. Forex traders should have this option to practice trading without losing money. Start a demo account to learn forex trading online. The leverage is 1:200. Leverage can be described as a percentage of the money you can borrow at a Forex broker. The amount you deposit should be the same as your future account balance. Demo trading can be started with a deposit amount as low as USD250.
After you have downloaded MetaTrader 4 onto your computer you can click on “File” and then “Open an Account”. To open the account, you’ll need to input your pertinent information. Your account will only be approved if you enter an email address. Your login id, and password can be obtained immediately after creating your demo account.
Tip #3: Master the basics of Forex trading.
Trades can be difficult for beginners. It is possible to research currency foreign exchange online by searching Google or by reading books or ebooks. This will give you some insight regarding technical analysis and fundamental analysis. There are many blogs and articles about this.