Posted by forex at 2:21 AM
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1. Find an online brokerage firm that allows clients to open mini Forex accounts. Check out what instruments it has and what are the differences between its mini and standard accounts. Typically, the instruments that brokers offer for holders of mini and standard accounts are similar, but the size of the lots differ. A lot is basically the minimum amount of currency you can trade.
2. Open a demo mini account and try your luck with virtual money. A demo account is just like a real trading account but the money is not real. Almost all good online brokers allow potential investors to open a demo account.When choosing a broker, make sure it is a well-established company with a lot of clients. Research the company over the Internet, paying attention to what bloggers and newspapers say about your broker.
3. When trading on the mini demo Forex account, regularly read foreign exchange market commentary and analysis. You can find reliable, up-to-date information about the FX market from business news agencies such as Bloomberg and Reuters. For greater detail and in-depth insight, read Forex stories in financial newspapers such as the Financial Times, The Economist or The Wall Street Journal.
4. If you manage to trade profitably on your demo account, it's likely time for you to open a mini Forex account. Opening a live trading account is easy and can be done online in under 10 minutes. You can transfer funds into your account via a bank wire transfer, PayPal or any other money transfer service supported by your broker.When trading, be cautious and don't bet recklessly. Always hold your nerves and don't give into panic or irrational exuberance