How to Trade Forex Online 2011 – Your First Step
Your first Step is to decide which Forex Trading platform to use. For beginners let me say that by Forex Trading, means foreign currency exchange trading. This is nowadays on your home computer. Some people call it the Forex Factory. When I say a platform I mean how your computer screen looks when you will be trading – the current buy and sell prices of the various currency pairs, how the currency pair which you bought or sold is doing (is it gaining or losing), how to keep track of your funds, etc.
There are very many brokers in the Forex market. You can get a good idea of which brokers to use at www.bestonlineforexbrokers.com, or at this site. Each broker will tell you which platform to use with him. Usually each broker has his own platform, though some of the larger brokers give you a choice of which platform you can use. When choosing a broker its important to pick a big, regulated company, so that one morning you won’t wake up to find that your company has gone bankrupt, together with your money. Read the About tab on his main menu. It is preferable, but not a must to pick a broker who uses a “MetaTrader 4″ Platform. Since it has become popular lately, many robots are written for it. Some brokers offer FREE money, but that doesn’t mean too much, as you can’t redeem it, but it lets you enlarge your margin.
Pick a broker that gives a margin of at least 100:1 (not more than 400:1).
Since we’ll recommend later on working with intraday trades, therefore its important to pick a broker who uses tenths of pips (like FXCM.com). This decreases the spreads, which is meaningful in intraday trading.
Lastly, ALWAYS when starting to work with a new broker using his Demo platform. Mistakes made by unskilled fingers can cost a lot of money (I meant to buy not sell).
Building your Forex Factory may seem to be a bit complicated. If so, you might try using a Forex Robot.
There are very many brokers in the Forex market. You can get a good idea of which brokers to use at www.bestonlineforexbrokers.com, or at this site. Each broker will tell you which platform to use with him. Usually each broker has his own platform, though some of the larger brokers give you a choice of which platform you can use. When choosing a broker its important to pick a big, regulated company, so that one morning you won’t wake up to find that your company has gone bankrupt, together with your money. Read the About tab on his main menu. It is preferable, but not a must to pick a broker who uses a “MetaTrader 4″ Platform. Since it has become popular lately, many robots are written for it. Some brokers offer FREE money, but that doesn’t mean too much, as you can’t redeem it, but it lets you enlarge your margin.
Pick a broker that gives a margin of at least 100:1 (not more than 400:1).
Since we’ll recommend later on working with intraday trades, therefore its important to pick a broker who uses tenths of pips (like FXCM.com). This decreases the spreads, which is meaningful in intraday trading.
Lastly, ALWAYS when starting to work with a new broker using his Demo platform. Mistakes made by unskilled fingers can cost a lot of money (I meant to buy not sell).
Building your Forex Factory may seem to be a bit complicated. If so, you might try using a Forex Robot.
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