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You've decided to finally take the plunge and become a forex trader. But where do you begin? You've done the online demos and you've read the literature, but what now?
Companies, like Forex Club, allow you to apply to via an online or fax application. When you sign up for a forex account, be sure to check if there is a minimum deposit required to open the account and determine which trading platform you are most comfortable with. If you are a beginner, be sure to use a more simple platform to get started.
If you're in need of help when applying for a forex account, remember you can always contact customer service at your brokerage.
Forex Club is a great place to learn or expand your trading skills, and you can open an account for as little as $10.
Three trading platforms are offered; an easy to use platform for new traders, an advanced one for more seasoned traders, and a mobile platform for professionals who don't stay glued to their computers all day.
The site, FXclub.com, includes a wealth of information for traders at all levels, and a forum for interaction between club members.
One of the best ways to become an expert Forex trader is to learn to forecast the market trends and moves.
There are many platforms that provide historical charts and graphs that you can use to construct your own forecasts, or you can purchase a forecasting system, such as the one offered by Intelliforex.
Intelliforex's forecasts are based on artificial intelligence, and are subscription-based.
One term that "newbies" to the world of Forex will hear is "scalping." What is "scalping?" Scalping refers to the practice of opening and closing a position in seconds - or minutes at the longest.
If done right, scalping reduces exposure risk, even though it is done at higher rates of leverage.
Most brokerages do not like scalpers for a multitude of reasons - however, there are many of them and they do profit from this technique.
A Forex trader is an investor who trades in foreign currencies to earn money through the changes in value of one currency in relationship to another.
Just 10 years ago, Forex traders were mostly large banks and institutions, as the barriers to entry for the Forex market were high.
These barriers have dropped, and now anyone with the inclination and interest can trade in the lucrative Forex market.
If you want to trade in the lucrative Forex market, but just don't have the time to study in order to be successful, a managed Forex account may be the ticket for you.
Minimum investments in managed accounts are high, and usually run around $10K. However, you have the security of knowing that a seasoned Forex trader is handling your money.
|Sheri Ann Richerson|