Posted by forex at 1:32 AM
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1. Learn to trade. Don't underestimate how long this can take to master. Trading can be a very difficult profession and can take years to become good at. Expect to study and train in a simulator for at least six months to a year before being able to make any money consistently. A good place to start would be at BabyPips, which is a comprehensive free course. For paid training you can check out ForexMentor.com and the Forex500Club.com. As of 2010 these cost between $500 to $2500.
2. Open up a brokerage account. There are literally hundreds of online brokers that you can consider. One good way of narrowing them down is by looking at user experiences with them. You can do this by going to ForexPeaceArmy.com. This is one of the most popular online forums that specializes in forex trading and there are dozens of reviews of brokerage firms here. You can also look at the reviews at EliteTrader.com. Whatever the case make sure that the broker you choose is registered with the Commodity Futures Trading Commission ('CFTC') and is a member of the National Futures Association ('NFA').
3. Use Tradency and Zulu Trade to build a track record. The easiest way to start a currency trading business is to sign up with either of these two websites. They are free to register with. You will need to download their software and connect it to your trading program. This will allow Tradency or Zulu to record your trades. Once you have built up a consistent and winning track record other traders will see this and sign up as a subscriber. Once they have whenever you place a trade in your account the Tradency or Zulu software will place the exact same trade in theirs. In exchange you will be paid a monthly fee that you decide on.
4. Start your own website. The other alternative is to start your own trading service. To do this you will need to demonstrate a good track record and that you are a consistently successful trader. Once you have done this you can ask that your website be reviewed at Forex Peace Army. Getting good reviews at this site is essential for your success due to the popularity of the forum.
5. Open up a hedge fund. This is a much more complex process. You will first need to establish a consistent winning trading record that has been audited by a third party. Once you have done this you will need to complete the proper paperwork to establish the company as a legal entity. After that you will need to acquire capital to manage. All of these things can be done at TurnKeyHedgeFunds.com