Posted by forex at 3:58 AM
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1. Understand the terms used by global currency traders so you can understand what is happening. For example, you need to know the names of the currencies that can be traded as well as the definition of a 'pip', which refers to price movement.
2. Determine a trading strategy. If you are going to become a good trader, you will need to perform research. Use charts of global currencies to determine how a potential trade has performed in the past, know the highest price levels that have been reached, and the way the trade has reacted in the past to various news events.
3. Set up a demo account. Remember that no trader is perfect, so hone your trading skills by setting up a free demo account at any Forex company. Trade global currency in your 'pretend money' account until you are ready to risk real money.
4. Choose a currency trading company. Do your due diligence when it comes to selecting a Forex company. Ask other traders you know whom they would recommend, and learn about the type of support each company provides.
5. Choose a company that allows you to start with a mini-account. This type of account requires a lower investment of approximately $250, as opposed to larger accounts that require thousand of dollars to begin trading.