Posted by forex at 8:21 AM
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Find the Right Forex Training Program
1. Many different companies offer free training in Forex trading, which is typically coupled with paid brokerage services that facilitate trading in foreign currencies. Before transferring money to a Forex trading firm, make sure the firm is registered with the Commodities Futures Trading Commission (CFTC) or the National Futures Association (NFA). You can check on this status by calling the NFA (800-621-3570) or checking the NFA's website.
2. Sign up with a Forex broker or training program that will help you learn the market. Beware of programs that promise large profits with little or no risk. Forex trading is a highly volatile market that can experience large swings on a daily basis. Choose a firm and training program that best educates you on the risks of trading in this market. Some Forex trading programs offer training tools that do not require you to initially deposit money in a trading account. These types of programs are preferable to ones that promise a quick path to trading.
3. Understand the use of leverage in Forex trading. Many Forex brokers will entice you to borrow cash from them to trade foreign currencies. Be aware of how much your firm allows you to borrow and what interest rate they charge you for borrowing, or using leverage, to trade. Sign up with a firm that focuses on beginners in the Forex market but also has training tools for those interested in more complex trading strategies.