Posted by forex at 4:29 AM
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1. Educate yourself. Learn as much as you possibly can about the foreign exchange market and how to profit from currency moves. Read current books on the subject written by star foreign exchange traders and investors. Up-to-date information on the foreign exchange market can be accessed from business news agencies such as Bloomberg and Reuters. Financial publications like the Wall Street Journal and the Financial Times are also sources for information on foreign exchange markets.
2. Open a free demo trading account with an online forex brokerage firm. A demo account is just like the real account but the money is not real. Most online brokers offer demo accounts to test their trading platform.Learning by trial-and-error on a demo account is an effective way to test your knowledge of currency trading and to gain more experience without financial risk.
3. Open a live trading account. If you do well on your demo account, open a live trading account, deposit funds and start trading. Opening an account doesn't require much effort and can be done quickly online. You can deposit funds into your account using a bank wire transfer that takes a couple of business days to complete.Trade according to the strategies you used on your demo account. Be disciplined and good luck!