Posted by forex at 8:56 AM
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1. Set aside an amount of money that can be used for investment purposes in the FOREX trading. You need to collect details on the scams that are found in this trading through the use of the FTC or Federal Trade Commission's online site.
2. Opt for a free demo account that will help you in understanding the basic rules and give you a picture of the latest trend in the trading procedures of FOREX money. Use their virtual currency exchangers and learn the style of identifying the best online FOREX features completely.
3. Join forums and blogs that discuss FOREX trading. Express your views and get opinions from the experts in the field. Learn all the tips and tricks provided by the experts through them, by discussing the exchange rates given in the virtual currency exchange of the demo account.
4. Calculate virtual currency trading ('paper trading') instead of using actual money, and check if the anticipated values are right. The idea is to be sure that your calculations are correct without risking any money. Gain experience by practice trading when there is no money at risk.
5. Search for reputable currency exchange traders and broker websites. Using the knowledge and practice experience you have gained, open an account with a broker, either online or a 'brick and mortar' broker, and fund your account with the money you have allocated for FOREX trading.