Forex trading starts with finding the right broker to trade with. Even if you are an expert at analyzing currency markets or you have discovered the holy grail for trading, you may end up being another forex trading failure story because the forex broker that you are trading with doesn’t provide you a favorable trading environment in terms of spreads, execution time, slippage and etc…
Find the Best Forex Broker For Your Style
I have been trading forex for last 15 years and have founded this web site to help you to find your ideal forex broker among over a thousand brokers out there. Please check my review list to see if one of those suits well with what you expect and need from a forex broker.
Open a Forex Account and Validate It
Let’s say you have decided on the broker that you are going to trade at. Next step is to open an account. In this article, I explained how to open a forex account in detail. It is straightforward and usually takes no more than one or two days once you uploaded the required documents in order to validate your account. After your account is opened and validated, you will need to fund your account to start trading. Forex brokers accept a variety of methods for depositing or withdrawing funds into/from your forex account. Bank transfers, credit card, Neteller, Skrill are few of those methods.
Login to Trading Platform
Now you have a forex account with funds deposited and are ready to start forex trading. MetaTrader 4 is the most popular trading platform followed by cTrader. Some brokers have their own platform as well. Log in the platform with account number and password provided you by the broker.
Forex Brokers Advantages
You are now connected to the forex market and should benefit the great advantages such as leverage up to 1:500, high liquidity, 24 hours a day functionality, low commissions compared to banks and exchange offices, easy access to wide range of instruments such commodities and indices along with forex pairs.
Starting To Forex Trading
To start trading forex is the easy part relative to becoming a consistently profitable trader. This is the tough struggle and may take several years depending on your apetite to learn and ambition for forex trading.