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Starting Forex Trading

Some things needs to be learned before starting trading in Forex. A proper guide is provided below:

Choose a broker

The first step that is important to learn about forex trading is to choose a broker. My suggestion is that you avoid signing up with a Broker who has a "Dealing Desk" or is a "Market Maker". A useful website to check out Broker options is 100 Forex Brokers.Com. A "STP" (Straight Through Processing) Broker is a good option. I now use Pepperstone.Com

Opening a Demo Account

Once a final decision is made regarding a broker then the next step for the trader would be opening a demo account. Almost all the brokers would propose a trial period of 30 days at the least for their respective trading platforms. This provides a chance to the trader for trading on the provided trial platform by using play money instead of real money. Demo account would help the trader to decide whether it is comfortable to trade in the broker's trading platform by utilising the trading tools of the broker. It would not be wise for a trader to start trading with real money before determining the comfort level of the trading platform. With the help of a demo account a trader gets a grasp on the way of using the trading platform of the broker as well as gets to trade in the market in actual time.

Learning About Leverage

Then comes the step of learning about the leverage as trading in Forex is characteristically done by making use of leverage or margin trading. Margin is quite a helpful tool but can turn out to be quite dangerous as well if not used accurately. The brokers of Forex offer somewhere from leverage 50:1 till leverage 400:1. When the number is maximum then less money is needed while doing a huge trade. Using leverage should be carried out with great skill and care.

Exercise Reading of Charts

Before starting to trade the trader must become familiar with the charts, forex trading signals and the way they work. It would be wise and beneficial to get introduced to the varied time frames and the kinds of charts available. Time frames that are shorter would provide an idea regarding the movements of the market for each and every minute. Time frames that are longer would give a picture of the market movements in longer periods and would demonstrate the bigger trends. Most of the software of charting would provide charts in the form of candlesticks, lines or bars.

Making the first live trade

Finally comes the time when the first live trade is done or executed by the trader. Although the demo account prepares the trader regarding the aspects of technical trading but when the trader starts trading with actual money then emotions come into the picture.