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The Forex markets can be a big and unforgiving place. At no time is this more so than when first
starting out. Even if you have had experience of the financial markets previously, be it trading
indices or shares, you will lead to learn to learn how to invest safely in the Forex market as the
leap in understanding required to trade Forex can prove immense.
Below we have answered five key questions that are often asked by Forex beginners to help you
to learn to invest safely in the Forex markets.
What are the requirements for starting out in Forex
There are no specific requirements to trade Forex other than having access to a Forex broker who
will place trades on your behalf. Most traders these days use online broker accounts so you will
need access to a pc and a reliable internet connection in order to utilise these accounts.
Trading platforms are provided by brokers for free.
What does it cost to trade Forex?
There is no real cost associated with Forex trading other than the inbuilt 'spread' between the
buying and selling price of a transaction. This is an unavoidable cost and represents the
commission paid to the broker for executing the trade on your behalf. The exact amount will be
dependant both upon the spread offered by your broker and the currency pair that you are dealing
on.
Other than this the only real cost is down to you and the level of capital you intend to trade with.
Mini and Micro accounts are now widely available with opening deposits on some Mirco accounts
being as low as $100 and in some instances just $1! Remember though that in reality these levels
are too small to follow any form of balanced trading strategy and realistically you should be looking
to start with a trading capital of at least a few hundred dollars. Most brokers are now regulated,
meaning you can now invest your capital safely in the Forex market.
Is it easy to open a Forex Brokerage Account?
Opening a Broker account is straightforward and can be carried out online via a simple registration
form. As with all financial accounts you will need to provide some form of identification to make
your account live. This is usually just a case of emailing or uploading proof of ID to the broker to
confirm your identity. Then it is simply a case of depositing funds in order to trade.
Can I try out Forex Trading before committing my 'real' funds?
2. Yes. One of the best ways to start Forex trading is by opening a demo account with a Forex
broker. This is the safest way to invest in the Forex market when you are starting out as it will help
to give you a feel for the trading platform while allowing you to test out some trading strategies.
You can open a demo account in minutes and begin trading with a pot of 'virtual trading capital'
which will allow you to track your profit and loss in the live markets.
Ok so is there anything else I need in order to trade safe?
It pays to have access to a good source of market news and analysis so try to find some good
news feeds and bookmark them to refer to later. Brokers themselves will often provide free news
updates but you can also find plenty of free news and analysis sites on the web. news feeds so
that you can keep up to date with the latest market news and trends. Big financial sites like Yahoo
Finance for example, provide a good round up of all economic and financial news.
And Remember...
Forex Trading can be both an exhilarating and potentially profitable occupation. However as with
any activity it takes both time and experience to master it. Make sure you familiarise yourself with
the risks involved and don't' be too keen to travel too far too soon. Remember the Forex Markets
will be around for a much longer time than your Trading Capital if you do not give them the respect
they deserve! Learning to invest safely in the Forex market takes time and patience. Always make
sure you have an understanding of what you are trying to achieve and importantly a greater
understanding of how you intend to achieve this.
Vernon Lees is a full time forex technical trader with over 10 years experience of profiting from the
Forex markets. Visit http://www.forextechnicalchartist.com for Forex Learning and how to invest
safely in the Forex Markets.
Article Source:
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