These guidelines may be helpful if you’re a novice at Forex trading. These are three tips to help currency trade novices, read next page.
Tip 1 Choose a reliable broker to provide trading platforms.
Finding the right Forex broker can be difficult. I prefer a broker that has a good reputation and provides maximum leverage. Forex.com offers minimum capital, with a live account that can be opened at USD250. Forex.com features many trading platforms such as Wireless Trading (MetaTrader4), Forex Trader (4 and Forex Trader 5) and Forex Trader 4 (4 and 5). Metatrader4 is the one I prefer because it is intuitive and stable.
Tip 2: Start currency trading by opening a Forex demo account
The demo account lets users practice live trading with real money. For forex traders, it is essential to be able trade live data without having to lose their real money. Beginners can open demo accounts to practice forex trading. Leverage is 1 to 200. Leverage refers to the percentage you can borrow money at a Forex brokerage. It should be equal in amount to your current live balance. With as little as USD250, you can demo trade.
After MetaTrader 4 has been downloaded to your computer you can click on “File” then “Open an Account”. The following information is required to create your account: In order for approval, your email address must be valid. After creating your demo, you will receive your login ID & password.
An absolute beginner will find it difficult to trade. Information on currency exchange rates can be found online. Many blogs and articles will be available on this topic.