Posted by forex at 3:53 AM
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1. Start with a virtual or practice account online. FX Solutions offers a free simulator practice account. Most Forex established traders recommend that new traders get accustomed to making trades and mistakes in a practice account before committing real money to transactions. Because Forex training typically uses high leverage, or money borrowed from the foreign exchange broker, learn to check account balances and account information.FX Solutions offers real-time quotes and news about the foreign exchange markets. Forex Capital Markets also offers a free trade simulator account and the ability to download the site's tools, charts and graphs. The simulator account is free for 30 days. Extensions may be possible on request.
2. Practice with a paper trade account until most of your transactions earn money. Use a spreadsheet to review your trades. Because many currencies may trade a few cents or less in a trading session, learn how Forex traders use borrowed money to enhance returns on money invested.For example, say a trader controls $100,000 USD-GBP. The trader believes the dollar will rise against the British pound. If the trade moves only a few cents in his favor, he earns several thousand dollars. Because he may borrow up to 50 times the amount of money in his account, the return on his money is high. Fifty times' equity is frequently offered to Forex investors. Leverage magnifies the profit or loss of a trade, and may not be suitable for all investors.
3. Take some classes and access training courses. BabyPips.com offers a class for beginners along with useful tools for traders. The class starts at pre-school level and progresses through graduation. Also obtain course books for free through your library's internet system. Use your library card to gain access to your local library system or extended library system. Visitors to New York Public Library may obtain a temporary pass to their online library.
4. Use online course books to implement trades in a virtual account. 'The FX Bootcamp Guide to Strategic and Tactical Forex Trading' and 'The Forex Trading Course' are partially available online.
5. Obtain free online training with a web instructor through Forex Day Trading. Training sessions are offered by geographic location. Prior registration is required.
6. Access the free training materials from Forex Peace Army, which also provides tutorials as well as a useful forum. Many of the members identify training and educational opportunities. Others, concerned with potential or known problem online trading sites, alert forum members.