Let’s start by introducing what Forex trading is all about

What is FOREX?

Like you must have known, Forex is the acronym of Foreign Exchange. It is a global market where currency pairs are traded. The beauty of Forex trading is that it is internet based and could be done by any interested individual. Some of the currencies traded are:

USD (United States Dollar)

GBP (Great British Pound)

EUR (Euro)

JPY (Japanese Yen)

CAD (Canadian Dollar)

CHF (Swiss Franc)

AUD (Australian Dollar)

NZD (New Zealand Dollar)

These currencies are traded in pairs, as you shall learn later.

Basically, we shall not dwell too much on the introduction, but we shall be discussing various strategies which can help you tremendously in your currency trading business. I might assume that you know a lot of the basics; like the definition which I just gave above but I will try to introduce the subject properly before we go into the main thing.

To start with, we shall be talking about how to get started.

GETTING STARTED.

Now that you have made up your mind on currency trading, here are a few points to get you started.

1. Get training
2. Get a computer
3. Internet connection.

You will have some of the needed training here, so once you get your computer and internet connection you can get started immediately.

I will STRONGLY advise you demo trade for a couple of weeks before you fund your real account. This is very important to give you confidence in whatever strategy you want to employ in your trade. The demo platform works exactly like the real money mode, so you have nothing to worry about.

FUNDING OPTIONS

There are different funding options available depending on which broker you want to use. As a matter of fact, most brokers have more than one funding option. So find out with your broker. Some of those available funding options include;

Bank Wire

Moneybookers

Credit Card

Egold

Webmoney

Liberty Reserve

Pecunix

E-bullion

All you need do is find out which of these payment options they accept.

CHOOSING A BROKER

Before you choose a broker, I will advise you check the brokers review there you will be able to read peoples opinion about their brokers and learn from their experiences. This will enable you, to a large extent, to make an informed decision.

So to get started, let’s summarize what you have to do in these few words:

(i) Get Training

(ii) Get a computer with internet connection

(iii) Register with any broker of your choice and open a demo account. (Note that the money here is toy money and all trades placed and money made is virtual money. The essence is just to give you confidence and test your strategy before you fund your account with real money)

(iv) Once you are confident, go live. Fund your account with real money and please stick with your strategy. This is very important!!!