How To Start Your Online Forex Trading Business
Before you can start your online forex trading business, there are some basic steps you need to take to ensure success in your online forex trading business.
They are as follows:
1. Choosing a forex broker.
2. Demo trading
3. training and retraining,
4. opening a real forex account & Go live
1. CHOOSING A FOREX BROKER
Before getting started with you online forex trading business, you need to first and foremost choose your forex broker, so what exactly is a forex broker?, Briefly, a forex, broker is a firm or company that deals with buy and sells orders according to the forex trader’s decisions. A broker makes money by charging fees or commission for their services. So before choosing your forex broker you need to
i. Check if they are Regulated: This entails finding which regulatory agency it is registered with, in the U.S. forex brokers should be registered with the (FCM) futures commission Merchant, (CFTC) commodity Future Trading Commission &NFA member. The CFTC and NFA were made to protect the public against fraud, manipulation, and abusive trade practices. You can visit NFA at www.nfa.futures.org/basicnet/.
ii. Nice Customer Services:
Since forex is a 24-hour market, a 24-hour support is a must! So check if you can contact this forex broker by phone, email, chat etc. Are their reps knowledgeable, fast and accurate in answering your question
iii. Online Trading Platform
Most, if not all, forex brokers allow you to trade forex over the internet relatively easy. The backbone of any forex trading platform is their ordering system. So trading software is very important. Get a feel for the options that are available by trying out a demo account a few online forex brokers.
Your forex broker’s layout should include;
a. The ability to view real-time currency exchange quotes
b. Account summary showing current profit or loss and margin available and any margin locked in open position.
c. A web based software hosted on your forex broker site that you can log in from any computer with internet connection anywhere.
d. A downloadable and installable client-based software program that can allow you to trade forex on your computer
v Don’t forget your high speed internet connection forex market is a fast moving market so it repairs a high speed internet connection (dial up does not work here).
v Bells and Whistles
Any forex trader which his salt should offer you real-time quotes and allows you to quickly enter and exit forex trades.
iv. Mini/Micro Accounts
Most forex brokers offer very small “Mini-accounts and even smaller “Micro-account for as little as a couple of hundred dollars.
These little cute accounts are a great way to get started and test your trading skills and gain Experience.
Before selecting an online forex broker, you should closely examine
v Their features and policies. They are as follows: Available currency pairs, Transaction costs, margin requirement, Minimum Trading Size Requirement, Rollover charges, margin account interest Rate, Trading Hours
v Summary of what to look for in an online forex broker /dealer: low spread, low minimum account openings, instant automatic execution of your orders, free charting and technical analysis, leverage.
2. Demo Trading
A demo account will provide you with a deeper understanding of forex trading principles. You will have access to all forex market instruments and latest quotes without a risk of losing your real money. You can open a free forex demo account for free with most forex brokers. This account has full capabilities of a “real” forex account. Why is it free?, It’s because the forex broker want you to learn the ins and outs of their trading platform, and have a good time trading without risk, so you’ll fall in love with them and deposit real money. The demo account allows you to learn about the forex markets and test your trading skills will zero risk.
YOU SHOULD DEMO TRADE FOR AT LEAST 2 MONTHS BEFORE YOU EVEN THINK ABOUT PUTTING REAL MONEY ON THE LINE.
‘’Don’t lose your money’’ declaration
Place your head on your heat and say…
‘’I will demo trade for at least 2 months before I trade forex with real money.’’
Now touch your head with your index figure and say…
‘’I am a smart and patient forex trader’’
3. TRADING AND RETRAINING
You should practice on your forex demo account very well so as to know when to long (buy) or short (sell) your position, and also know how to minimize your forex trading loss and maximize your profit. forex trading is an extensive course, you need to train very well, you can do this by training with a qualified forex teacher or professional try to implement the various forex expert trading tips and tricks you have learning to see which works best, and try to develop your own forex trading style and ideas. Master how to read chart and other indicators, and master which decision to take at what time.
4. Open a real forex account and go live
Opening a new forex online trading account with a forex broker can be done in three easy steps:
ii. Selecting an account type
iii. Activating your account
i. Registration: you will have to submit paper work in order to open a forex account and the forms will vary from one forex broker to the order. They are usually provided in PDF format and can be viewed and painted using adobe acrobat reader program.
ii. Selecting an account type: when you are ready to open a live forex account you have the choice of opening a forex trading account under your personal name or a business name. Also, you will have to decide whether or not you want to open a ‘standard’’ forex account or a ‘mini’’ forex account (or ‘mini’’ forex account if available). Inexperienced forex traders or traders with a small amount of capital to trade should always open a mini forex account only experienced traders with lots of money should open a standard accountAccount activation: once the forex broker has received all the necessary paper work, you should received and email with instruction on completing your account activation. After these steps have been completed, you will receive a final email with your username, password, and instruction on how to fund your trading forex account.
Trade forex on diverse forex trading platforms PDA,mt4,mt5 and tablets, Open a free forex trading account now and earn bonus up to 200%,high leverage, pip refunds and free deposits etc.