Are you a for beginners? Do you want to get started with forex trading?
It is not as difficult as you think. All you need is a good and reliable broker, he will arrange for the trade to be conducted on your behalf. With him, you are only a few clicks away from actually making money.
Now that you are a trader, you will need to open an account. There are a lot of brokerages, you can go to that offer accounts. Here are a few common ones that we could mention.
The first one is known as an order desk. The broker you will use for your forex account should be a place where your orders are placed and executed. That means he will be managing your account and will make sure your orders are executed as soon as possible. He is also responsible in sending your trades to your accounts as and when you have completed them.
Secondly, there is the Electronic Execution Market (EEM). This is the place where you will conduct your trades. It is more of a typical brokerage. You’ll use the broker’s internet site to set up your trading account and start trading.
Thirdly, there is the Forex International Trade Center (FITC). Here, your trades will be managed by the Forex Exchange Company. FITC does not provide any online services, but it is still preferred because of the higher level of expertise you will get from them.
Fourthly, there is the Forex Trading House (FTH). This is where you would conduct your trading through live reports, so you can follow your profits. But it is not as convenient as FITC and EEM, so this is not recommended for those who are still new in forex trading.
However, if you are interested in trading with US dollars, you will need to use one of the currency pairs known as the Euro USD or the British Pound GBP. However, all trading pairs are managed by brokers. The most popular ones are EUR/USD and GBP/USD.
Remember to select the broker that you are comfortable with. Some brokers offer trial accounts with dummy money, which will give you a chance to familiarize yourself with the broker’s system.
After you have opened an account, you can start working on it. It is a good idea to maintain the account and do your regular trades as your account will become your living.
Once you’re established with forex trading, it’s now time to grow your account to earn money. Make sure to study forex trading methods to master your profits and to learn forex trading strategy.