Trading FOREX is exciting and possibly a great source of income (once you know what are you doing). The FOREX is also the largest market that ever existed (daily turnover 5 trillion dollars). You can get into forex trading today, but to become successful forex trader will take some practice.
Understand the basics In FOREX you sell one currency to buy another one at the same time. Exchange rate tells you at which rate. Long position means buying and short position means selling. You buy at the ask price and sell at the bid price. The difference is called spread. The basics of FOREX trading are best to be learnt on the run while you actually practice. No One ever got better in forex trading by only learning terminology. Learn it on the go,as you practice on demo account.
Get the DEMO account Demo account allows you to trade forex with virtual funds and without any risk. Trading conditions and platform should be identical to the live one. From the get go, open the demo account with the good broker (ECN/STP). This means that the broker is on your side and there is no conflict of interest for the future. The broker we use is DARWINEX. We also believe that this is currently the best place to trade both for beginners and advanced (pro) traders.
Pick the trading style that suits your and practice it on your demo account. Depending on your goals and character, pick the trading style that suits you. You can trade breakout strategies, aggressive strategies, scalping strategies or you can choose more conservative approach like swing trading. Make sure that while your practice, you continue to learn more about indicators and platform that you use.
Make sure you learn something new about forex trading every day. Continue to practice until you experience at least two profitable months row, while you didn't break any of you own trading rules. Once you can remain disciplined and profit on demo account, is time to move on to small live account.
You can also choose to master the expert advisor to trade for you , while you just manage it.
First Small LIVE account
This can be done with the broker you already have demo account with. Verify you trading credentials (name,address,...) and fund your first small live account. It is sufficient to fund it with 200 - 500 USD. Do not expect too much from your first live trading attempt. You will probably not be able to make money on your first trading account. However you should try your best and take it as business expenses. Small live account is necessary step to bridge demo trading and live trading. Adding money to the equation makes a big psychological difference.
Once you manage to create profit on your small live account, for at least 2 months in a row (while remaining disciplined) it is time to go live bigger.
First LIVE account Make sure you open the account only with the deposit that you are able to lose. Continue to trade like you did in your previous months, and continue to educate yourself about forex. If you did your homework, you should be able to do just ok in forex market. The journey to become professional trader will be a bit longer. It all depends on you ability to stick to the rules and remain disciplined. Believe it or not, trading is mostly about discipline (not so much about intelligence or accuracy).
Become professional forex trader and get investors
Focus on your performance and ability to manage the risk. Once you get some track record under your belt, you might be able to get some investors and share the profits you create for them. This is the true way to achieve wealth from forex trading.
You can list your strategy at DARWINEX to compete for investors.
Conclusion You can get into Forex trading today. It is exciting journey that can open whole new world of possibilities for you.
