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When you decide to start actual trading, you’ll need to find forex broker, open account, invest money and start trading. At first invest smaller amount of money and trade with it. Some forex brokers offer demo accounts for training purposes where you can trade with virtual money and see if you are able to generate profit from forex market. Many experts are against demo accounts as it is possible that results are not realistic.
Most forex brokers offer a wide range of leverage options, but you should avoid brokers with higher leverage than 300:1. Also pay close attention to spreads of forex brokers. The spread is the difference between the price at which some currency can be purchased and the price at which it can be sold at any point of time. The spreads are calculated in pips and they allow brokers to earn money. You should choose forex brokers with lower spreads as it will save you money.
Forex brokers should be regulated by globally recognized institution that oversees OTC market and must be able to provide registration/license number. OTC means Over The Counter market and refers to exchange market where traders trade over the phone or electronic network (Internet) and there is no central exchange or meeting place.
Before choosing any online forex broker, you should be advised to obtain a clear understanding and be fully aware of all the associated risks. In case of any doubts, you should seek advice from financial expert.
One of the brokers you can use for forex trading is Easy Forex™. Easy Forex™ is completely web based forex broker and you don't have to download any software. Registration is free and you can start trading with only $50. Deposits and profit withdrawals are made via Credit Card, or PayPal. Easy Forex™ also offer free live forex training as soon as you register your account. Visit Easy Forex™ website for more information.
Thread carefully in forex market and always invest only what you can afford to lose. Also avoid using high leverage, especially in the beginning. Small leverage (up to 10:1) won’t bring you much profit, but it will also prevent you from losing much money. When you become better in trading you can trade with higher leverage, but even then, you should never go beyond 100:1. Greed is one of the main downfalls in forex trading. Better slow profit than a quick loss.
- File Size:502 KB
- License: Giveaway Rights
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