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Start your own Forex

Forex trading means you will have control on your own money by directing which currencies you want to trade in and what time to trade etc. However, you could lose your money real fast if you don’t have the adequate knowledge to start trading. Here would be a few things that you should know.

1. Broker
You would need a broker to help you execute your orders and of course, to advise you in forex trading. However, you need to do some homework before you get a broker. One way is by looking at the track record and also sees the performance of each broker. It’s important to get a forex broker that you’re comfortable with or you’ll regret every trade made.

2. Having a demo account
Before you make your first life trade, you’ll need adequate experience and one way to do this is by opening a demo account to practice trading. Every broker would have their own trading platform and once you have your own broker, they would usually give you one month trial to use it using demo money. Again, you must be comfortable with the trading platform and how it works as you will use the same thing to trade in live market.

3. Charts
Next would be to understand how to read charts. Chart is different depending on the time frame and how it moves in the market. The shorter the time frame is, the easier it would be to see how the market is progressing every minute. Charting software would offer the progress as bars or lines. Take your own time figuring out each style and find one that you are most comfortable with.

4. Going live
Now that you’re ready to go into live trade, you have to remember that you’re using real money now. Trading live will make you feel excited, distressed when losing and pressured when risking your money. Try to keep a cool head and remember your practice using demo account. Even when you make a few losses, accept it as part of forex trading and it won’t be long now before you make your first profit. Learning is constant. So learn from your mistakes, gain more experience and become a successful forex trader.

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