If you are anything like me, you probably imagine that it is difficult to become a foreign currency trader. Perhaps there are rules, regulations and other hoops that have to be jumped through. Maybe you need large amounts of cash in order to get started.
No.
Becoming a Forex currency trader is incredibly simple!
As I beginner I'd suggest you sign up with Oanda. Not only do they have a good reputation but they offer other advantages for a beginning trader as well:
You can sign up for a live account with very little initial capital.
You can execute trades of just about any arbitrary (small) size.
Of course, you can start with a free demo account before getting a live account. Just about everyone will recommend you do so, including me. However, at some point you need to trade with real money to learn about the psychological aspects of trading.
So, that's what I did. I started with $100 in my account and was off to the markets. Sweet, I'm a forex trader!
If you have a demo account, enter some trades. See what happens. Then, after the results come in, search for information about what happened. You'll find some helpful advice in blogs, such as mine, as well as various tutorial and forum sites. I would suggest that you buy a book or two on forex trading, technical analysis and perhaps something concerning the attributes of successful traders.
However, with a few dollars on the table, I realize that now the more difficult process starts. Now that I have a few dollars on the table I'm ready to start learning the lessons of the trade. Frankly, I won't be able to trade realistically if I am not actually risking my own money, so I have to do it this way. Of course, for most people, $100 is not a big enough sum of money to be a hardship if lost anyway.
So, I'm just blathering because the markets are currently closed for their regular weekend respite. I'm sitting in a precarious position because I have some open trades on my account and there is no telling what shape the market will be in when Sunday evening rolls around. I may be lucky and end up way ahead or I may be unlucky and lose my initial $100 payment. Another potential lesson is looming...
Oh, I should mention, these days Forex trading with a reputable company is quite safe. While there are large risks and large rewards, my risks are essentially limited to the capital that I have put into my account. With wise strategies I can limit risks further, but as a beginner it is comforting to know that I can't lose more than I let sit in my account no matter how foolish a beginner mistake I might make.
I should stress that you could lose all the capital you put in your account, so do not start out with a large account with the idea that you will only conduct small trades. At the very least, create some sub-accounts and keep the majority of your capital out of harms way until you have blown up your play money account, learned a few lessons, and know how to protect your capital.
Tags : currency forex trader trading / currency trader / currency trading / forex currency / forex currency traders / forex trader / how to become a currency trader / how to become a forex trader / how to become a futures trader |
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