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How To Get Started In FOREX Trading
The foreign exchange market (FOREX) offers many advantages to investors. But you need to know where to begin. This short guide will give you the FOREX basics, so you can quickly start participating in this fast growing market.
In the past, foreign exchange trading was limited to large players such as national banks and multi-national corporations. In the 1980�s the rules were changed to allow smaller investors to participate using margin accounts. Margin accounts are the reason why FOREX trading has become so popular. With a 100:1 margin account, you can control $100,000 with a $1,000 investment.
A Learning Curve
FOREX is not simple, though, so you�ll need some knowledge to make wise investment decisions. Although it is relatively easy to start trading on the FOREX, there are risks involved. Your first move as a beginner should be to find out as much as possible about the forex market before risking a dime.
Find A Forex Broker
FOREX traders usually require a broker to handle transactions. Most brokers are reputable and are associated with large financial institutions such as banks. A reputable broker will be registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud and abusive trade practices.
Open an Account with a forex borker
Opening a FOREX account is as simple as filling out a form and providing the necessary identification. The form includes a margin agreement which states that the broker may interfere with any trade deemed to be too risky. This is to protect the interests of the broker, since most trades are done using the broker�s money.
Once your account has been established, you can fund it and begin trading.
Many brokers offer a variety of accounts to suit the needs of individual investors. Mini accounts allow you to get involved in FOREX trading for as little as $250. Standard accounts may have a minimum deposit of $1000 to $2500, depending on the broker. The amount of leverage (how much borrowed money you can use) varies with account type. High leverage accounts give you more money to trade for a given investment.
Trades are commission-free, meaning that you can make many trades in one day without worrying about incurring high brokerage fees. Brokers make their money on the �spread�: the difference between bid and ask prices.
Paper Trading Forex Market
Beginning traders are strongly advised get accustomed to FOREX by doing "paper trades" for a period of time. Paper trades are practice transactions that don�t involve real capital. They allow you to see how the system works while learning how to use the various software tools provided by most FOREX brokers.
Most online brokers have demo accounts that allow you to make free paper trades for up to 30 days. Every new FOREX investor should use these demo accounts at least until they are consistently showing profits.
FOREX Software
Each forex broker has its own set of software tools for making transactions, but there are a few tools that are common to all FOREX brokers. Real-time quotes, news feeds, technical analyses and charts, and profit-and-loss analyses are some of the features you can expect to see on most online brokers� web sites.
Almost every broker operates on the Internet. To access a broker�s online services you�ll need a reasonably modern computer, a fast Internet connection, and an up-to-date operating system. Once your account is set up, you can access it from any computer just by entering your account name and password. If for some reason you are unable get to a computer, most brokers will allow you to make trades over the phone.
There are lots of ways to make money. FOREX trading is just one more potential stream of income � if you are prepared to learn and practice.
From http://www.forex-articles.net
Some Quick Forex Information
foreign exchange risk
The Forex market is perhaps the biggest financial market in today�s world. According to the latest stats, today more than 85% of all daily transactions involve trading of the Majors, which include the US Dollar, Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar and Australian Dollar. A true 24-hour market, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, London, and New York. There is so much to learn about this highly competitive, volatile and fragile market that we may find it a daunting task to learn it inside-out, so we do need some sort of forex training or education to equip our self to perform better in the market.
forex chart
Forex charting is not just a tool but also an insight. The secret of successful trading is to take a step back from the market. Trade with the big picture in mind at all times and don't follow the day-to-day market movements that are temporary in nature. Daily market talk can misguide you and sometimes can hypnotize you if you follow it too deeply. You have to see the forest for the trees. That's why you need charting Software that shows you historical trend data as well as current intraday trend data.
More info on a great Forex system
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If you take the time time to learn the art of forex trading you can potentially earn $3,000 or more per month by working about 4 hours per day. Forex trading can be the best home based business you can dream of.
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posted by The Broker @ 9:11 AM
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