Posted by forex at 8:41 AM
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Start a Demo Account.The best way to get started with FOREX and trading currencies is to start a demo account. This has no monetary risk, can be fun, and can teach you money making strategies.To open a demo account go to the CMSFX link below or go to www.cmsfx.com. Click where it says 'open a free practice account'. Enter your information into the form on the right hand side of the screen. Keep in mind that you could make most of this info whatever you like but make sure your email address is correct because if you forget your demo account password you need to be able to receive email.The next page will give you your practice account password. Write it down for future reference. Then download the VT Trader software with the link under Step 2.VT Trader is your FOREX software interface. It allows you to see currency pair charting in real time, account balance information and market news. You can draw charting in different time frames like 1 minute, 5 minute, 1 hour, 1 day, etc. Or you can apply market tools like running averages. VT Trader makes it really easy to spot the FOREX trends and execute online trades.
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Going Live with your account.Once you feel you've mastered the practice account it's time to create a live account. Go to the CMSFX homepage and click the live account set up link. You're going to need a few things to set up a live account with CMSFX. First you must have a bank account set up in your name. Second you will need a Social Security number for tax purposes. The application itself is about 7 pages long with most of it being survey information about your investing ideas.Once you've completed the application, you need to print and sign it. Fax it or email it to CMSFX and within 24 to 48 hours your account will be live. Make a deposit from your bank account and you're ready to trade with real money.
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FOREX trading can be intimidating at first. I highly recommend starting a demo account first before doing any live trading online. CMSFX offers the best interface available, the VT Trader platform which is free to download(You can find the link below). Another advantage of CMSFX is their Universal accounts. With most other online forex brokerages you need to specify a mini or standard account. The values of your trades can become confusing when your account crosses over from a mini account(under $10K) to a standard account(over $10K). This crossover can cost you money. With CMSFX there is no threshold because the Universal account never changes over.I've turned $250 into $1600 on FOREX in one week. Unfortunately the next week I lost most of it. The trick with FOREX isn't making money, that's easy, the hard part is keeping it. Good money management is the key to profiting with currency trades.