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1. Develop a professional business trading plan describing your professional trading strategy. Begin your search for a professional trading strategy by visiting the website of the exchange at which your contract is traded. Include in your plan the amount of risk capital you need to carry out your trading business. Risk capital is the amount of money you need to place on deposit in a brokerage account that, if you were to lose as a result of your trading, will not result in severe financial hardship.
2. Research qualified registered futures brokers. Begin your search by going to the website of the exchange at which your currency futures contract trades. Browse through the financial publications such as the Wall Street Journal and Investor's Business Daily, both of which often have advertisements for major futures brokerages, sometimes referred to as a futures commission merchants.
3. Conduct a background check on your prospective futures broker by contacting the National Futures Association. The National Futures Association maintains a free online database you can access by visiting its website. You also can contact the National Futures Association by mail or by phone to inquire about the status of your prospective futures broker. Be sure your futures broker is in good standing.
4. Complete all the paperwork provided by your futures broker. Read carefully the 'Customer Agreement' and 'Terms and Conditions' documents, because they describe your rights and obligations as a customer.
5. Deposit your risk capital into your trading account. Your deposit usually can be made by mail or via wire transfer. Most brokers have an account minimum that must be met before you open your account. If you are not sure what the minimum is, contact your broker.
6. Commence trading your account according to the professional trading strategy you identified in your trading business plan.
7. Create business reports based on your weekly, monthly, quarterly and annual progress. At a minimum, your business reports should catalog every trade you made in your account.