So after demo trading on at least three broker platforms, you’ve narrowed down your choice to a single forex broker? This is forex Trading Broker repeating so it shall be repeated. Before trading a dime of your hard-earned money, open up two or three demos.
Now, that isn’t much of a problem since most brokers allow you to trade custom lots. This is great for newbie and inexperienced traders who only have a small account of capital. This provides you great flexibility, as you won’t have to trade bigger than you’re comfortable with. Also, always, always, always remember: Always read the fine print. If you want the broker to trade your account for you, you can pick this.
But is this what you really want? After all, you didn’t read through the whole School of Pipsology just to have someone else trade for you! Also, the manager will also take a cut out of any profits. Registration You will have to submit paperwork in order to open an account and the forms will vary from broker to broker.
They are usually provided in PDF format and can be viewed and printed using Adobe Acrobat Reader program. Also, make sure you know all the associated costs, like how much your banks charges for a bank wire transfer. You’d be surprised how much these actually costs, and they may actually take up a significant portion of your trading capital. Account Activation Once the broker has received all the necessary paperwork, you should receive an email with instructions on completing your account activation. After these steps have been completed, you will receive a final email with your username, password, and instructions on how to fund your account. So all that’s left is for you to login and start trading.
Time to log in, pop open those charts, and start trading! We strongly advise you DEMO trade first. If you have been demo trading for at LEAST six months, then maybe you can dip your feet into live trading. Even then, we suggest you go in the shallow end and consider how much you want to risk. Trading live is a different beast altogether. But no matter how successful you were in demo trading, nothing can replace the feeling of having real money on the line.